Corporate Governance and Business Practices

Ethics and Integrity

IIP conducts business with an unwavering commitment to the highest level of ethics. It is the bedrock of our company, built upon our management team’s decades of experience in institutional commercial real estate. Our Code of Business Ethics embodies that commitment. While the highest level of professionalism and ethics is at the core of all of our interactions, we also have numerous internal control systems in place, and our Board of Directors provides strong, independent oversight of our overall operations, with two-thirds of our Board comprised of independent directors. We are also committed to a harassment-free workplace, and require every employee to conduct themselves professionally and respectfully. Our employees have access to members of our Board to report, anonymously if desired, any suspicion of misconduct by any member of our senior management or executive team. IIP does not tolerate any form of retaliation against a team member for engaging in a complaint made in good faith. Our people are the heart of everything we do, and we strive to bring out the best in everyone at IIP.

Stockholder Engagement

We engage with our stockholders throughout the year through a multi-pronged program whereby we seek input, address questions and concerns, and provide perspective on IIP’s policies and practices. We seek to be as transparent as possible with our stockholders regarding our business and execution on our corporate strategy, providing frequent, broadly disseminated updates via news releases and our filings with the SEC.
Our Board also welcomes communications from our stockholders. Any stockholder or other interested party who wishes to communicate with the Board or one or more members of the Board can do so in writing in care of the General Counsel of Innovative Industrial Properties, Inc., at our corporate office, 11440 West Bernardo Court, Suite 100, San Diego, California 92127. The General Counsel is directed to forward each communication to the appropriate director or directors for whom it is intended.


In relation to technology and cybersecurity, we consider information security, including the protection of our systems and data and the information of our tenants and other partners, a top priority. Our policies and procedures are aligned with recognized cybersecurity frameworks and regulatory requirements.

Quality of Tenant Relationships

We are focused on establishing enduring, long-term relationships with our tenant partners. We measure the quality of our relationships with our tenants in part by our follow-on transactions with them, as they seek to grow their business both within a particular state and into other states. As an example, we acquired our first property in New York and executed a lease for the entire property with PharmaCann LLC in 2016. Since that time, we have teamed with our long-term tenant, PharmaCann for other properties in Illinois, Massachusetts, Ohio and Pennsylvania, in addition to follow-on transactions with PharmaCann to facilitate expansion of their facilities as they continue to grow operations in that state.
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