HIGHBuilt-inProperty_type
cannabis cultivation and production facilities
“10-K Item 1A: 'our real estate investments consist of primarily industrial and greenhouse properties suitable for cultivation and production of cannabis'”
IIPR · Concentration risk · 10-K extracted
Innovative Industrial Propertie (IIPR) concentration risks
Updated
The most significant concentration Innovative Industrial Propertie discloses is cannabis cultivation and production facilities, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Innovative Industrial Propertie’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 6 disclosed concentrations
HIGH1
MEDIUM0
LOW5
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyTenant
12%
Ascend
“10-K Item 1A: 'Ascend (at four of our properties) ... represented 12%, 9%, 8%, 8% and 8%, respectively, of our rental revenues'”
LOWOutside partyTenant
9%
Green Thumb
“10-K Item 1A: 'Green Thumb (at three of our properties) ... represented 12%, 9%, 8%, 8% and 8%, respectively, of our rental revenues'”
LOWOutside partyTenant
8%
Curaleaf
“10-K Item 1A: 'Curaleaf (at eight of our properties) ... represented 12%, 9%, 8%, 8% and 8%, respectively, of our rental revenues'”
LOWOutside partyTenant
8%
Trulieve
“10-K Item 1A: 'Trulieve (at six of our properties) ... represented 12%, 9%, 8%, 8% and 8%, respectively, of our rental revenues'”
LOWOutside partyTenant
8%
The Cannabist Company
“10-K Item 1A: 'The Cannabist Company (at 21 of our properties) represented 12%, 9%, 8%, 8% and 8%, respectively, of our rental revenues'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Innovative Industrial Properties' real estate portfolio is structurally concentrated in a single property type: its investments consist primarily of industrial and greenhouse properties suitable for cultivation and production of cannabis, a high-scale exposure to that single end market. Layered on top of that structural concentration is a tenant base that is fragmented rather than dominated by any one operator — Ascend represents 12% of rental revenues across four properties, Green Thumb 9% across three properties, and Curaleaf, Trulieve, and The Cannabist Company each roughly 8%, spread across eight, six, and 21 properties respectively. The two layers of concentration net out differently. The property-type exposure is the one that would move the verdict most if the broader cannabis real estate market itself weakened, since it applies across the whole portfolio regardless of which tenant occupies a given building. The individual tenant exposures, by contrast, are each disclosed at a low share and spread the counterparty risk across five operators rather than concentrating it in one or two — meaning a single tenant's distress would be a manageable, idiosyncratic event rather than a portfolio-wide shock.
For the engine’s reasoning on IIPR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Industrial
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COLD | Americold Realty Trust, Inc. | 2 | 0 | 0 | 2 |
| FR | First Industrial Realty Trust, | 1 | 1 | 1 | 3 |
| IIPR● | Innovative Industrial Propertie | 1 | 0 | 5 | 6 |
| EGP | EastGroup Properties, Inc. | 0 | 1 | 2 | 3 |
| CUBE | CubeSmart | 0 | 0 | 4 | 4 |
| EXR | Extra Space Storage Inc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.