INNOVATIVE INDL PPTYS INC IIPR
COM · REIT · CUSIP 45781V101 · ISIN US45781V1017
- SectorReal estate
- IndustryReal Estate
- HeadquartersPark City, UT
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($800.9k this quarter). Holder counts are more reliable. Shares outstanding: 28.2m as of 2024-02-27, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $103.54. Options: 15 managers hold calls ($56.4m notional), 17 hold puts ($61.6m).
Trends to Q1 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 338 |
| Q4 2022 | 363 |
| Q1 2023 | 348 |
| Q2 2023 | 331 |
| Q3 2023 | 336 |
| Q4 2023 | 369 |
| Q1 2024 | 377 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 170 | 155 |
| Q1 2023 | 167 | 170 |
| Q2 2023 | 156 | 166 |
| Q3 2023 | 151 | 145 |
| Q4 2023 | 163 | 160 |
| Q1 2024 | 173 | 157 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2023 | $28.5m | $43.8m | 1.54 |
| Q3 2023 | $44.6m | $47.2m | 1.06 |
| Q4 2023 | $50.7m | $55.6m | 1.10 |
| Q1 2024 | $56.4m | $61.6m | 1.09 |
Biggest buyers
| MORGAN STANLEY | Added | +400.6k |
| Tidal Investments LLC | Added | +221.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | New | +140.0k |
| DIMENSIONAL FUND ADVISORS LP | Added | +79.9k |
| ExodusPoint Capital Management, LP | New | +78.3k |
| LSV ASSET MANAGEMENT | Added | +56.2k |
| MILLENNIUM MANAGEMENT LLC | New | +43.8k |
| Russell Investments Group, Ltd. | Added | +31.6k |
| Mirae Asset Global Investments Co., Ltd. | Added | +31.3k |
| VANGUARD GROUP INC | Added | +28.1k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -205.0k |
| Zimmer Partners, LP | Reduced | -175.6k |
| STATE STREET CORP | Reduced | -131.9k |
| BlackRock Inc. | Reduced | -78.3k |
| CITADEL ADVISORS LLC | Reduced | -67.1k |
| Sheaff Brock Investment Advisors, LLC | Sold out | -53.3k |
| TUDOR INVESTMENT CORP ET AL | Reduced | -41.2k |
| Thrivent Financial for Lutherans | Reduced | -34.2k |
| CREDIT SUISSE AG/ | Reduced | -28.9k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Sold out | -23.4k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $18.6m179.7k shares |
| PEAK6 Investments LLC | Added | $14.3m137.7k shares |
| CITADEL ADVISORS LLC | Added | $7.0m67.2k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $3.4m32.7k shares |
| JANE STREET GROUP, LLC | Reduced | $2.7m26.0k shares |
| Squarepoint Ops LLC | Reduced | $2.3m22.3k shares |
| SIMPLEX TRADING, LLC | Added | $2.3m21.8k shares |
| Walleye Trading LLC | Added | $2.1m20.6k shares |
| WOLVERINE TRADING, LLC | Reduced | $1.7m16.3k shares |
| GROUP ONE TRADING LLC | Added | $766.2k7.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $22.4m216.7k shares |
| WOLVERINE ASSET MANAGEMENT LLC | Unchanged | $7.2m69.8k shares |
| JANE STREET GROUP, LLC | Added | $4.9m47.5k shares |
| CITADEL ADVISORS LLC | Reduced | $4.6m44.5k shares |
| SIMPLEX TRADING, LLC | Added | $4.4m42.3k shares |
| Walleye Capital LLC | Unchanged | $3.7m35.9k shares |
| Caption Management, LLC | Unchanged | $3.6m35.2k shares |
| WOLVERINE TRADING, LLC | Added | $2.8m27.4k shares |
| Squarepoint Ops LLC | Reduced | $2.8m27.2k shares |
| PEAK6 Investments LLC | Added | $1.8m17.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +1.0 pts · filed 2026-10-27 | 17.7% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution +0.7 pts · filed 2026-09-04 | 10.4% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q1 2024
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 1 | $192.0k | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 0 | — | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 1 | $201.9k | — |
| Q1 2024 | 0 | — | 0 | — | — |
None reported in Q1 2024.
Holders, Q1 2024
| Manager | Shares | Change |
|---|---|---|
| BlackRock Inc. 0.01% of their portfolio | 5.0m $519.0m | Reduced -78.3k |
| VANGUARD GROUP INC 0.01% of their portfolio | 4.4m $456.7m | Added +28.1k |
| STATE STREET CORP 0.01% of their portfolio | 1.7m $174.7m | Reduced -131.9k |
| MORGAN STANLEY 0.00% of their portfolio | 1.1m $112.6m | Added +400.6k |
| Zimmer Partners, LP 1.75% of their portfolio | 775.0k $80.2m | Reduced -175.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 541.8k $56.1m | Reduced -205.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 405.2k $42.0m | Added +26.2k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 361.0k $37.4m | Reduced -20.3k |
| NORGES BANK 0.01% of their portfolio | 326.6k $33.8m | Added +18.0k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 326.1k $33.8m | Reduced -16.9k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 282.6k $29.3m | Added +79.9k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 269.6k $27.9m | Reduced -67.1k |
| Legal & General Group Plc 0.01% of their portfolio | 259.8k $26.9m | Reduced -4.2k |
| Tidal Investments LLC 0.42% of their portfolio | 236.9k $24.5m | Added +221.8k |
| Mirae Asset Global Investments Co., Ltd. 0.04% of their portfolio | 205.2k $18.1m | Added +31.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 161.1k $16.7m | Reduced -11.6k |
| Invesco Ltd. 0.00% of their portfolio | 151.2k $15.7m | Reduced -16.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 140.0k $14.5m | New |
| T. Rowe Price Investment Management, Inc. 0.01% of their portfolio | 110.0k $11.4m | Reduced -10.4k |
| American Assets Capital Advisers, LLC 3.07% of their portfolio | 104.0k $10.8m | Reduced -3.1k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 102.5k $10.6m | Reduced -5.7k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 101.9k $10.6m | Reduced -1.2k |
| LSV ASSET MANAGEMENT 0.02% of their portfolio | 101.4k $10.5m | Added +56.2k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 97.5k $10.1m | Reduced -1.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 93.3k $9.7m | Added +26.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 90.0k $9.3m | Added +921 |
| ExodusPoint Capital Management, LP 0.10% of their portfolio | 78.3k $8.1m | New |
| OPPENHEIMER & CO INC 0.13% of their portfolio | 75.2k $7.8m | Added +3.2k |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.21% of their portfolio | 71.3k $7.4m | Reduced -18.1k |
| WEDGE CAPITAL MANAGEMENT L L P/NC 0.10% of their portfolio | 59.4k $6.2m | Added +6.9k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 57.8k $6.0m | Added +2.5k |
| Public Sector Pension Investment Board 0.04% of their portfolio | 57.5k $6.0m | Reduced -710 |
| California Public Employees Retirement System 0.00% of their portfolio | 57.1k $5.9m | Added +1.1k |
| Swiss National Bank 0.00% of their portfolio | 55.3k $5.7m | Unchanged |
| STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio | 54.8k $5.7m | Reduced -16.6k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 51.1k $5.3m | Reduced -4.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 50.0k $5.2m | Reduced -1.8k |
| KENNEDY CAPITAL MANAGEMENT LLC 0.10% of their portfolio | 48.2k $5.0m | Reduced -23.4k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 44.0k $4.6m | Added +31.6k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 43.8k $4.5m | New |
| Asset Management One Co., Ltd. 0.02% of their portfolio | 42.0k $4.4m | Reduced -1.1k |
| Koa Wealth Management, LLC 3.83% of their portfolio | 41.1k $4.3m | Added +2.9k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 40.9k $4.2m | Reduced -3.0k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio | 40.1k $4.1m | Reduced -196 |
| UBS Group AG 0.00% of their portfolio | 38.3k $4.0m | Reduced -3.5k |
| BECK CAPITAL MANAGEMENT, LLC 1.14% of their portfolio | 38.3k $4.0m | Added +11.9k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 37.4k $3.9m | Reduced -1.9k |
| MML INVESTORS SERVICES, LLC 0.02% of their portfolio | 35.9k $3.7m | Added +4.5k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.07% of their portfolio | 35.0k $3.6m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 33.8k $3.5m | Added +8.3k |
| NOMURA ASSET MANAGEMENT CO LTD 0.01% of their portfolio | 32.5k $3.4m | Added +900 |
| MONECO ADVISORS, LLC 0.53% of their portfolio | 32.1k $3.3m | Added +331 |
| Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio | 31.7k $3.3m | Reduced -1.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 31.0k $3.2m | Added +10.1k |
| State of Alaska, Department of Revenue 0.04% of their portfolio | 30.3k $3.1m | Reduced -101 |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 29.7k $3.1m | Reduced -1.0k |
| CITIGROUP INC 0.00% of their portfolio | 29.6k $3.1m | Added +2.1k |
| Callan Capital, LLC 0.13% of their portfolio | 29.2k $3.0m | Added +14.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 28.0k $2.9m | Reduced -1.6k |
| McGowan Group Asset Management, Inc. 0.41% of their portfolio | 27.6k $2.9m | Reduced -408 |
| SEI INVESTMENTS CO 0.00% of their portfolio | 27.3k $2.8m | Reduced -5.0k |
| Pathstone Holdings, LLC 0.01% of their portfolio | 27.3k $2.8m | Added +453 |
| LPL Financial LLC 0.00% of their portfolio | 26.9k $2.8m | Added +7.0k |
| TrueWealth Advisors, LLC 1.07% of their portfolio | 26.8k $2.8m | Added +977 |
| Penserra Capital Management LLC 0.03% of their portfolio | 26.8k $2.8m | Added +3.5k |
| BARCLAYS PLC 0.00% of their portfolio | 26.3k $2.7m | Reduced -18.8k |
| Schonfeld Strategic Advisors LLC 0.02% of their portfolio | 24.9k $2.6m | Reduced -8.7k |
| WOLVERINE ASSET MANAGEMENT LLC 0.05% of their portfolio | 24.8k $2.6m | Reduced -3.1k |
| TEXAS PERMANENT SCHOOL FUND CORP 0.02% of their portfolio | 24.5k $2.5m | Added +328 |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 24.3k $2.5m | Reduced -34.2k |
| EXCHANGE TRADED CONCEPTS, LLC 0.06% of their portfolio | 23.7k $2.5m | Reduced -6.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 23.6k $2.4m | Added +7.9k |
| CAMBIAR INVESTORS LLC 0.09% of their portfolio | 23.1k $2.4m | Reduced -9.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 22.2k $2.3m | Added +1.2k |
| Amundi 0.00% of their portfolio | 22.2k $2.1m | Added +28 |
| PFG Investments, LLC 0.14% of their portfolio | 21.9k $2.3m | Added +7.0k |
| SIMPLEX TRADING, LLC 0.07% of their portfolio | 21.8k $2.3m | Added +14.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 21.5k $2.2m | Added +1.0k |
| Vident Advisory, LLC 0.04% of their portfolio | 20.6k $2.1m | Reduced -2.1k |
| Arden Trust Co 0.29% of their portfolio | 20.1k $2.1m | Added +377 |
| PREVAIL INNOVATIVE WEALTH ADVISORS, LLC 0.76% of their portfolio | 19.8k $2.0m | New |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 19.7k $2.0m | Added +4.5k |
| SG Americas Securities, LLC 0.01% of their portfolio | 19.6k $2.0m | Added +8.4k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.00% of their portfolio | 19.3k $2.0m | New |
| NISA INVESTMENT ADVISORS, LLC 0.01% of their portfolio | 18.9k $2.0m | Added +821 |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 18.1k $1.9m | Reduced -794 |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 17.7k $1.8m | Unchanged |
| Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio | 17.5k $1.8m | Added +438 |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 17.2k $1.8m | Reduced -180 |
| IMA Advisory Services, Inc. 0.83% of their portfolio | 16.9k $1.8m | Reduced -136 |
| TRUIST FINANCIAL CORP 0.00% of their portfolio | 16.6k $1.7m | Reduced -193 |
| MARTINGALE ASSET MANAGEMENT L P 0.03% of their portfolio | 16.3k $1.7m | Added +1.1k |
| Illinois Municipal Retirement Fund 0.03% of their portfolio | 16.2k $1.7m | Added +366 |
| WOLVERINE TRADING, LLC 0.02% of their portfolio | 16.1k $1.7m | Added +3.7k |
| Private Advisor Group, LLC 0.01% of their portfolio | 15.8k $1.6m | Added +259 |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 15.7k $1.6m | Added +1.8k |
| INDEPENDENT FINANCIAL GROUP, LLC 0.07% of their portfolio | 15.4k $1.6m | Reduced -871 |
| UniSuper Management Pty Ltd 0.01% of their portfolio | 15.1k $1.6m | Added +7.1k |
| AMERICAN INTERNATIONAL GROUP, INC. 0.01% of their portfolio | 15.1k $1.6m | Reduced -136 |
| Convergence Investment Partners, LLC 0.59% of their portfolio | 14.8k $1.5m | Added +2.4k |