Innovative Industrial Properties

  • Ticker:NYSE:IIPR
  • Sector:Real Estate
  • Industry:REIT
  • CEO:Paul Smithers
  • Founded:2016
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About Us

Innovative Industrial Properties is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialised industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities.

Innovative Industrial Properties is taxed as a real estate investment trust, and targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers. Leases with growers are typically structured as long-term triple-net leases, where the tenant is responsible for all aspects and costs of the property and its operation during the lease.

Innovative Industrial Properties was the first marijuana REIT listed on the NYSE — and one of the only cannabis-based companies that has been allowed such a prestigious listing. REITs, by law, have to pay at least 90% of their pre-tax income as dividends to their shareholders. That can lead to some really great returns for long-term investors.

In fact, today, the only real way to invest in the marijuana industry and receive a decent dividend pay-out is to invest in a REIT. Right now there is really only one serious option in the space.

More From Innovative Industrial Properties...
Innovative Industrial Properties Offers 1,250,000 Common Stock Shares
Innovative Industrial Properties Expands Real Estate Partnership with AWH
June 2019 – Cannabis Stocks still Under Pressure from the Bears
Ready, Set, Grow – MediPharm Keeps Pace with Australian Cannabis License
Spaced Out: Innovative Industrial Properties to Gain 266,000 sq ft of Industrial Space
The Monthly Report Rolled by Stake – April 2019
US Pot Stocks March 2019 – Rolled by Stake
Pot Stocks – Bulls and Bears Week 12
IIPR invests $25 million in Illinois Cannabis Cultivation Project
IIPR Reports $3.9m in Revenue in Q3
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Management
Paul Smithers
CEO
Paul E. Smithers has served as the president and chief executive officer since the formation, and is one of the directors. From August 2013 to July 2015, Paul Smithers served as co-founder and chief legal officer of Iso Nano International, LLC, a designer and manufacturer of advanced materials for use in the aerospace, consumer goods, electronics, and safety industries. Prior to his time at Iso Nano, Mr. Smithers was the managing partner of Smithers & Player, Attorneys at Law from September 1989 to July 2013, and was with the law firm of Ropers, Majeski in San Francisco from 1982 through 1988. Much of his 33 years of legal experience has involved both commercial and residential real estate transactions and disputes.
Alan Gold
Executive Chairman
Alan D. Gold has served as executive chairman of the board of directors since the company's formation. He previously served as chairman, chief executive officer, and president of BioMed Realty Trust, Inc, before its eventual saleto affiliates of Blackstone Real Estate Partners VIII L.P. in January 2016. Gold received his Bachelor of Science Degree in Business Administration and his Master of Business Administration from San Diego State University.
Catherine Hastings
Chief Financial Officer
Catherine Hastings has served as the Chief Financial Officer of Innovative Industrial Properties since June 2017, and has been the Chief Accounting Officer and Treasurer since January 2017. Hastings previously served as vice president of BioMed Realty Trust, Inc, and received her Master of Science in Accountancy from San Diego State University, as well as completing a Bachelor of Arts in Economics and minor in Management from the University of California, Irvine.