Innovative Industrial Properties, Inc.

IIPR • NYSE

Innovative Industrial Properties, Inc. is a reit - industrial company in the real estate sector on NYSE, with a market cap of $1.6B. As of Q3 2025, 67% of shares are held by 297 institutional investors, with BlackRock, Inc. as the largest holder at 16.6%.

Market Cap$1.6B

REIT - Industrial

Real Estate

Employees21.0

Websiteinnovativeindustrialproperties.com

Country

United States of America

Overview

Overview of institutional ownership in IIPR as of Q3 2025 with a market cap of $1.5B

All Institutions

Institutions: 297
Value Held: $999.9M
Shares Held: 18.6M
Avg Position: $3.4M
Median Position: $295.6K

Hedge Funds

Hedge Funds: 22
Value Held: $32.7M
Shares Held: 611.1K
Avg Position: $1.5M
Median Position: $726.0K

Ownership Breakdown

Institutional (non-HF)

64.41%

$967.1M

Hedge Funds

2.18%

$32.7M

Retail & Other

33.41%

$501.6M

Based on market cap of $1.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in IIPR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$249.2M 0.00% of portfolio	16.60% 4.7M shares	Q1 2017 Held for 8y 8m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$228.6M 0.00% of portfolio	15.22% 4.3M shares	Q1 2017 Held for 8y 8m	$6.69T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$89.4M 0.00% of portfolio	5.75% 1.6M shares	Q2 2018 Held for 7y 5m	$2.88T
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$27.7M 0.00% of portfolio	1.84% 516.8K shares	Q2 2018 Held for 7y 5m	$620.51B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$23.6M 0.00% of portfolio	1.57% 440.4K shares	Q4 2018 Held for 6y 11m	$633.08B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$21.6M 0.00% of portfolio	1.44% 403.6K shares	Q4 2018 Held for 6y 11m	$691.34B
D D. E. Shaw & Co., Inc. Institution	-	$20.8M 0.02% of portfolio	1.39% 388.1K shares	Q2 2019 Held for 6y 5m	$115.81B
NORTHERN TRUST CORP Institution	Michael G. O'Grady CEO	$19.4M 0.00% of portfolio	1.29% 361.5K shares	Q1 2018 Held for 7y 8m	$782.01B
Bank of New York Mellon Corp Institution	Robin Vince CEO	$18.4M 0.00% of portfolio	1.23% 343.8K shares	Q2 2018 Held for 7y 5m	$556.34B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$17.9M 0.00% of portfolio	1.19% 333.9K shares	Q2 2023 Held for 2y 5m	$466.32B

Net Capital Flow

Institutional buying and selling activity for IIPR in Q3 2025

Traded: −$33.9M
Buyers: 146
Sellers: 148
Total Bought: +$53.1M
Total Sold: −$87.0M
Avg Position: $2.9M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$10.7M +200.2K shares	$21.6M 403.6K shares
D D. E. Shaw & Co., Inc. Institution	+$4.4M +83.0K shares	$20.8M 388.1K shares
L LMR Partners LLP Institution	+$3.9M +72.8K shares	$3.9M 72.8K shares
Invesco Ltd. ETF Provider	+$3.1M +58.2K shares	$23.6M 440.4K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$3.0M +55.1K shares	$3.0M 55.1K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$2.5M +47.4K shares	$3.2M 59.6K shares
SEGALL BRYANT & HAMILL Long Only Manager	+$2.5M +47.2K shares	$2.5M 47.2K shares
Quinn Opportunity Partners LLC Hedge Fund•Event Driven	+$1.4M +25.5K shares	$3.6M 66.5K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$1.4M +25.2K shares	$3.4M 64.4K shares
Summit Global Investments Long Only Manager	+$1.2M +22.0K shares	$1.2M 22.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$7.1M −131.6K shares	$5.9M 109.2K shares
VANGUARD GROUP INC Institution	−$6.5M −121.2K shares	$228.6M 4.3M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$5.7M −107.1K shares	$1.5M 28.1K shares
Edgestream Partners, L.P. Hedge Fund•Quant Macro	−$5.0M −93.3K shares	$2.9M 53.3K shares
Koa Wealth Management, LLC RIA/Wealth	−$3.8M −68.2K shares	Sold Off 0 shares
A AXA Institution	−$3.2M −58.4K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$2.8M −52.3K shares	$249.2M 4.7M shares
T TEXAS PERMANENT SCHOOL FUND Institution	−$2.7M −48.4K shares	Sold Off 0 shares
NORTHERN TRUST CORP Institution	−$2.7M −49.7K shares	$19.4M 361.5K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	−$2.5M −45.3K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited IIPR in Q3 2025

New Positions: 14
New Value: $4.9M
Exited Positions: 45
Exited Value: $24.5M

New Positions

Institution	Position Value
L LMR Partners LLP Institution	$3.9M 72.8K shares
S Standard Life Aberdeen plc Institution	$327.4K 6.2K shares
FourThought Financial Partners, LLC RIA/Wealth	$309.9K 5.8K shares
IEQ CAPITAL, LLC RIA/Wealth	$308.5K 5.8K shares
O Optiver Holding B.V. Institution	$13.7K 256.0 shares
H Hilltop National Bank Institution	$10.7K 200.0 shares
Westfuller Advisors, LLC RIA/Wealth	$10.6K 191.0 shares
R Root Financial Partners, LLC RIA/Wealth	$8.8K 164.0 shares
HHM Wealth Advisors, LLC RIA/Wealth	$5.4K 100.0 shares
Point72 Europe LLP Digital Asset Manager	$1.6K 29.0 shares

Exited Positions

Institution	Previous Position
Koa Wealth Management, LLC RIA/Wealth	$3.8M 68.2K shares
A AXA Institution	$3.2M 58.4K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$2.7M 48.4K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$2.5M 45.3K shares
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	$1.9M 35.0K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$1.5M 27.9K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$1.2M 21.6K shares
H HRT FINANCIAL LLC Institution	$1.1M 20.3K shares
CAMBIAR INVESTORS LLC Long Only Manager	$1.0M 18.8K shares
Caption Management, LLC Hedge Fund•Long/Short	$730.8K 13.2K shares

Options Activity

Institutions with the largest Call and Put options positions in IIPR as of Q3 2025

Call Positions: 9
Call Value: $10.3M
Put Positions: 12
Put Value: $26.6M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.3M 612.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.2M 600.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.5M 264.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$1.0M 193.0 contracts
J JANE STREET GROUP, LLC Institution	$825.1K 154.0 contracts
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$294.7K 55.0 contracts
P PEAK6 LLC Institution	$139.3K 26.0 contracts
Walleye Trading LLC RIA/Wealth	$107.2K 20.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	- - contracts

Put Positions

Institution	Position Value
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$11.6M 2.1K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.3M 808.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.0M 558.0 contracts
N NOMURA HOLDINGS INC Institution	$2.7M 500.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.8M 322.0 contracts
P PEAK6 LLC Institution	$1.1M 210.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$969.8K 181.0 contracts
D D. E. Shaw & Co., Inc. Institution	$643.0K 120.0 contracts
Walleye Trading LLC RIA/Wealth	$476.9K 89.0 contracts
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$42.9K 8.0 contracts

Most Committed Institutions

Institutions with IIPR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
TrueWealth Advisors, LLC RIA/Wealth	Larry Jason Sims Managing Partner	1.16% $3.9M	0.26% 72.7K shares	Q4 2020 Held for 4y 11m	$336.6M
SMH CAPITAL ADVISORS INC RIA/Wealth	Dwayne Alan Moyers President	0.98% $245.2K	0.02% 4.9K shares	Q3 2025 Held for 2 months	$25.1M
R RD Lewis Holdings, Inc. Institution	-	0.90% $958.0K	0.07% 19.0K shares	Q4 2024 Held for 11 months	$106.7M
KLEIN PAVLIS & PEASLEY FINANCIAL, INC. RIA/Wealth	Justin Alan Klein CEO	0.49% $791.4K	0.05% 14.8K shares	Q4 2023 Held for 1y 11m	$162.9M
Eschler Asset Management LLP Hedge Fund•Long/Short	John Pryce-Robertson Member	0.43% $544.6K	0.04% 10.2K shares	Q3 2025 Held for 2 months	$126.7M
AlphaCore Capital LLC Real Assets	Richard Gerard Pfister CEO	0.40% $11.7M	0.75% 211.4K shares	Q2 2025 Held for 5 months	$3.0B
FCG Investment Co RIA/Wealth	Andrew David Lindner Managing Partner	0.37% $797.3K	0.05% 14.9K shares	Q2 2025 Held for 5 months	$213.6M
Quinn Opportunity Partners LLC Hedge Fund•Event Driven	Patrick Farley Quinn CCO	0.26% $3.6M	0.24% 66.5K shares	Q4 2024 Held for 11 months	$1.4B
1 1620 INVESTMENT ADVISORS, INC. RIA/Wealth	Todd Adams Johnston President	0.18% $258.2K	0.02% 4.8K shares	Q4 2021 Held for 3y 11m	$146.8M
B Black Swift Group, LLC RIA/Wealth	Gregory Joel Casals CIO	0.17% $953.5K	0.06% 17.8K shares	Q3 2025 Held for 2 months	$556.8M

Hedge Fund Spotlight

Discover hedge funds investing in IIPR

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in Innovative Industrial Properties, Inc.

Market Value: $1.3M
Shares Held: 23.8K
Portfolio Weight: 0.00%
Owned Since: 2019-Q1

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