Vanguard (IIPR) discloses 2.74M-share, 9.73% holding in IIPR

Rhea-AI Filing Summary

Innovative Industrial Properties Inc ownership filing shows Vanguard Portfolio Management reports beneficial ownership of 2,739,672 shares of Common Stock, representing 9.73% of the class as reported. The filing states Vanguard has sole voting power for 10,683 shares and sole dispositive power for 2,739,672 shares. The disclosure is signed on 04/29/2026 and references holdings as of 03/31/2026.

Insights

Institutional Ownership Analyst

Large passive manager reports a near-10% stake in IIPR.

Vanguard Portfolio Management reports beneficial ownership of 2,739,672 shares, equal to 9.73% of the class as of 03/31/2026. The filing identifies voting authority for 10,683 shares and dispositive authority over the full share count.

Institutional filings of this size can affect shareholder composition; subsequent filings may show changes if Vanguard reallocates fund sleeves or client accounts.

Securities Compliance Attorney

Schedule 13G indicates passive beneficial ownership disclosure under Section 13.

This Schedule 13G format and language (including the release citation) indicate a passive investor filing rather than an active acquisition statement. The disclosure notes holdings are held across Vanguard-managed funds and accounts.

Filing mechanics follow standard disclosure practice; any change in percent or voting/dispositive powers would require an amended filing per applicable rules.

Key Figures

Beneficial ownership: 2,739,672 shares Percent of class: 9.73% Sole voting power: 10,683 shares +1 more

4 metrics

Beneficial ownership 2,739,672 shares Amount beneficially owned reported in Item 4

Percent of class 9.73% Percent of class reported in Item 4

Sole voting power 10,683 shares Sole power to vote reported in Item 4

Sole dispositive power 2,739,672 shares Sole power to dispose reported in Item 4

Key Terms

Schedule 13G, beneficial ownership, sole dispositive power, CUSIP

4 terms

Schedule 13G regulatory

"Name of filing and structure reporting beneficial ownership"

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.

beneficial ownership financial

"Amount beneficially owned: 2739672 (Item 4)"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 2739672"

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.

CUSIP market

"CUSIP Number(s): 45781V101"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Innovative Industrial Properties Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

45781V101

(CUSIP Number)

03/31/2026

(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 10,683.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,739,672.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,739,672.00

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)

9.73 %

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 Number(s): 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: 2739672
(b)	Percent of class: 9.73 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 10683
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2739672
	(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:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

What stake does Vanguard hold in Innovative Industrial Properties (IIPR)?

Vanguard reports beneficial ownership of 2,739,672 shares, equal to 9.73% of the class as of 03/31/2026. The filing lists sole dispositive power over the full share amount and voting power over 10,683 shares.

Does Vanguard control voting for the IIPR shares it reports?

Vanguard reports sole voting power for 10,683 shares and sole dispositive power for 2,739,672 shares. The disclosure attributes dispositive authority to Vanguard Portfolio Management and affiliated divisions or funds.

What type of SEC filing is this for IIPR?

This is a Schedule 13G beneficial ownership filing reporting a passive investor's stake. It follows the cited SEC release language and lists the reporting person as Vanguard Portfolio Management.

When were the IIPR holdings reported by Vanguard?

The filing references holdings as of 03/31/2026 and the Schedule 13G is signed on 04/29/2026 by an authorized signatory at Vanguard Portfolio Management.

Are the Vanguard holdings held in a single account or across funds?

The filing states holdings include securities held by Vanguard funds and client accounts over which Vanguard Portfolio Management or affiliates exercise dispositive power. It describes aggregated holdings across managed sleeves and funds.