Innovative Industrial: Vanguard holds 10.38% stake

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) is reported to have 2,862,469 shares of its common stock beneficially owned by Vanguard Portfolio Management and certain affiliates, representing 10.38% of the class as of August 31, 2026.

Rhea-AI Filing Summary

INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) is reported to have 2,862,469 shares of its common stock beneficially owned by Vanguard Portfolio Management and certain affiliates, representing 10.38% of the class as of August 31, 2026. Vanguard reports sole voting power over 12,092 shares and sole dispositive power over all 2,862,469 shares, with no shared voting or dispositive power.

The position reflects securities held by Vanguard Portfolio Management LLC, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and related Vanguard funds and managed accounts, and no other single person's interest in the reported securities exceeds 5%.

Key Figures

Beneficially owned shares: 2,862,469 shares Percent of class: 10.38% Sole voting power: 12,092 shares +4 more

7 metrics

Beneficially owned shares 2,862,469 shares Common stock of Innovative Industrial Properties Inc beneficially owned by Vanguard Portfolio Management as of August 31, 2026

Percent of class 10.38% Portion of Innovative Industrial Properties Inc common stock class beneficially owned by Vanguard Portfolio Management

Sole voting power 12,092 shares Shares of Innovative Industrial Properties Inc over which Vanguard Portfolio Management has sole voting power

Shared voting power 0 shares Shares of Innovative Industrial Properties Inc over which Vanguard Portfolio Management has shared voting power

Sole dispositive power 2,862,469 shares Shares of Innovative Industrial Properties Inc over which Vanguard Portfolio Management has sole power to dispose or direct disposition

Shared dispositive power 0 shares Shares of Innovative Industrial Properties Inc over which Vanguard Portfolio Management has shared power to dispose

Maximum interest of any other person Less than 5% of the class No one other person's interest in the reported securities exceeds 5% of the class

Key Terms

beneficially owned, dispositive power, sole voting power, sole dispositive power, +2 more

6 terms

beneficially owned financial

"this reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

dispositive power financial

"over which Vanguard Portfolio Management LLC exercises dispositive power"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

sole voting power financial

"Sole Voting Power 12,092.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 2,862,469.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Investment Company Act of 1940 regulatory

"investment companies registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

Schedule 13G regulatory

"In accordance with SEC Release No. 34-39538 (January 12, 1998), this reflects the securities"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

What percentage of INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR) does Vanguard Portfolio Management own?

Vanguard Portfolio Management and certain affiliates report beneficial ownership of 10.38% of Innovative Industrial Properties Inc common stock, based on 2,862,469 shares as stated in the Schedule 13G/A amendment.

How many IIPR shares does Vanguard Portfolio Management beneficially own?

Vanguard Portfolio Management reports beneficial ownership of 2,862,469 shares of Innovative Industrial Properties Inc common stock, with this entire amount subject to Vanguard’s sole dispositive power.

What voting power does Vanguard Portfolio Management have over IIPR shares?

Vanguard Portfolio Management has sole voting power over 12,092 shares of Innovative Industrial Properties Inc and no shared voting power. It has no reported voting power over the remaining shares for which it has dispositive power.

Does Vanguard share dispositive power over IIPR shares with any other party?

No. Vanguard Portfolio Management reports sole dispositive power over 2,862,469 shares of Innovative Industrial Properties Inc common stock and 0 shares with shared dispositive power.

Who benefits from Vanguard’s IIPR holdings according to the Schedule 13G/A?

Vanguard states that Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, has the right to receive or direct dividends and sale proceeds, and that no other single person’s interest in the reported securities exceeds 5%.

When is Vanguard’s ownership in IIPR measured in this Schedule 13G/A?

The ownership figures for Innovative Industrial Properties Inc reported by Vanguard Portfolio Management, including the 2,862,469 shares and 10.38% stake, are stated as of August 31, 2026.

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Available on EDGAR 09/04/2026 - 02:09 PM Accepted by SEC EDGAR 09/04/2026 - 02:09 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Innovative Industrial Properties Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

45781V101

(CUSIP Number)

08/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 45781V101

1

Names of Reporting Persons

Vanguard Portfolio Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,092.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,862,469.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,862,469.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.38 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Innovative Industrial Properties Inc
(b)	Address of issuer's principal executive offices: 17190 Bernardo Center Drive, San Diego, CA, 92128
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 45781V101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2862469
(b)	Percent of class: 10.38 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12092
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2862469
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Portfolio Management

Signature:	My Trieu-Gatt
Name/Title:	Authorized Signatory, Head of Global Fund Administration
Date:	09/04/2026