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. The regulated cannabis industry has experienced tremendous momentum in the United States, with 40 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 August 2024, according to Marijuana Business Daily. According to BDSA, regulated cannabis sales is estimated to grow to $46 billion by 2028, over 50% more than 2023 estimated regulated sales of $30 billion.
As of September 30, 2024, we owned 108 properties comprising an aggregate of approximately 9.0 million rentable square feet in 19 states.
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.