Innovative Industrial Properties, Inc. (NYSE IIPR) is an internally managed real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities and financial investments in the life science industry. As of March 31, 2026, we owned 110 properties comprising an aggregate of 8.9 million rentable square feet in 19 states and $2.5 billion of invested capital. In addition, we have committed $270 million to the life science industry through a financial investment.
The regulated cannabis industry has experienced tremendous momentum in the United States, with 41 states and Washington, D.C. having legalized cannabis for medical-use, and 24 states and Washington, D.C. having legalized cannabis for adult-use as of September 2025, according to Marijuana Business Daily. According to Whitney Economics, regulated cannabis sales is estimated to grow to over $43 billion by 2030, approximately 50% more than 2025 estimated regulated sales of $29.1 billion.
Our senior management team has proven experience in all aspects of the real estate industry, including acquisitions, dispositions, construction, development, management, finance and capital markets. Our executive chairman, Alan D. Gold, is a 35-year veteran of the real estate industry, including co-founding two NYSE-listed REITs: BioMed Realty Trust, Inc. (formerly NYSE: BMR), a real estate company focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry; and Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT focused on collaborative science and technology campuses. Mr. Gold served as chairman and chief executive officer of BioMed Realty from its initial public offering in 2004 through its sale to Blackstone in 2016 for $8 billion.