Innovative Industrial ProperIIPR

13F holders, Q4 2025 (December 31)
293holders −16
24new positions
43sold out
5famous investors
$47.54avg. 13F price*

At the end of Q4 2025, 293 institutions reported holding Innovative Industrial Proper (IIPR) in their 13F filings, down 16 from Q3 2025. 24 opened new positions and 43 sold out. The largest holders were BlackRock, Inc. ($224.3M), Vanguard Group Inc. ($202.2M) and State Street Corp. ($79.0M). 5 famous investors held it, including David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio), Steve Cohen (0.0% of Point72 Asset Management's portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).

Company
Innovative Industrial Proper
CUSIP
45781V101
Latest filing quarter
Q2 2026

History

Number of 13F holders

0100200300400500 Q1 2024: 376Q1 2024Q2 2024: 394Q2 2024Q3 2024: 415Q3 2024Q4 2024: 359Q4 2024Q1 2025: 327Q1 2025Q2 2025: 313Q2 2025Q3 2025: 309Q3 2025Q4 2025: 293Q4 2025Q1 2026: 300Q1 2026Q2 2026: 329Q2 2026

Total Exit/New Position Q3 2025 → Q4 2025

InstitutionsTotal Value
New Positions24$11.3M
Exits43$13.8M

All 13F filers, Q3 2025 → Q4 2025: 1,401,749 shares bought and 717,602 shares sold, net +684,147 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.

Ownership 293 holders

BlackRock, Inc. 0.00% Add +1.8% 4,736,302 $224.3M
Vanguard Group Inc. 0.00% Add +0.1% 4,269,947 $202.2M
State Street Corp. 0.00% Reduce -0.5% 1,605,155 $79.0M
Charles Schwab Investment Management Inc. 0.00% Add +4.6% 540,742 $25.6M
Goldman Sachs Group Inc. 0.00% Add +26.2% 509,124 $24.1M
Invesco Ltd. 0.00% Add +12.1% 493,507 $23.4M
D. E. Shaw & Co. 0.02% Add +21.9% 473,046 $22.4M
Northern Trust Corp. 0.00% Reduce -2.3% 353,313 $16.7M
Dimensional Fund Advisors LP 0.00% Add +4.9% 350,367 $16.6M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% Add +6.0% 322,678 $15.3M
Morgan Stanley 0.00% Reduce -17.1% 259,534 $12.3M
Millennium Management 0.01% Add +128.9% 250,053 $11.8M
AlphaCore Capital LLC 0.23% Add +1.4% 214,282 $10.1M
Bank of New York Mellon Corp 0.00% Reduce -43.3% 195,040 $9.2M
Legal & General Group Plc 0.00% Add +13.4% 193,926 $9.2M
Point72 Asset Management 0.01% Add +235.3% 184,617 $8.7M
Principal Financial Group Inc. 0.00% Add +10.3% 184,039 $8.7M
JPMorgan Chase & Co. 0.00% Add +10.4% 166,226 $7.9M
Thrivent Financial for Lutherans 0.01% Add +5.7% 142,325 $6.7M
Edgestream Partners, L.P. 0.17% Add +136.6% 126,158 $6.0M
Pacer Advisors, Inc. 0.01% Reduce -20.2% 115,965 $5.5M
LSV Asset Management 0.01% Reduce -1.3% 109,300 $5.2M
Public Sector Pension Investment Board 0.02% Reduce -11.2% 97,106 $4.6M
Norges Bank 0.00% — 94,400 $4.5M
Nuveen, LLC 0.00% Reduce -1.8% 92,361 $4.4M
Victory Capital Management Inc. 0.00% Add +42.7% 85,039 $4.0M
Rhumbline Advisers 0.00% Reduce -5.6% 84,819 $4.0M
First Trust Advisors LP 0.00% Add +17.4% 83,294 $3.9M
Geode Capital Management, LLC 0.00% Add +3.1% 76,932 $3.7M
VIRGINIA RETIREMENT SYSTEMS ET Al 0.02% New 72,550 $3.4M
TrueWealth Advisors, LLC 0.87% Reduce -2.0% 71,175 $3.4M
MML Investors Services, LLC 0.01% Add +35.5% 71,174 $3.4M
CANADA LIFE ASSURANCE Co 0.01% Add +2.6% 69,727 $3.3M
Quinn Opportunity Partners LLC 0.14% No change 66,500 $3.1M
Ameriprise Financial Inc. 0.00% Reduce -6.7% 67,014 $3.1M
Bessemer Group Inc. 0.00% Add +37968.3% 63,574 $3.0M
US Bancorp \de 0.00% Add +4.6% 59,315 $2.8M
AQR Capital Management 0.00% Reduce -6.7% 56,254 $2.7M
Swiss National Bank 0.00% Add +2.2% 55,300 $2.6M
Tidal Investments LLC 0.01% Reduce -7.0% 52,939 $2.5M
Prudential Financial Inc. 0.00% Add +32.1% 50,337 $2.4M
Engineers Gate Manager LP 0.03% Add +94.3% 49,446 $2.3M
Segall Bryant & Hamill, LLC 0.03% Add +0.1% 47,234 $2.2M
HSBC Holdings PLC 0.00% Add +22.2% 45,089 $2.1M
Barclays PLC 0.00% Add +10.1% 44,435 $2.1M
Wedge Capital Management L L P 0.04% Reduce -2.2% 43,022 $2.0M
Nomura Asset Management Co. Ltd. 0.01% Add +5.2% 42,320 $2.0M
Y-Intercept (Hong Kong) Ltd 0.04% Add +28.0% 41,873 $2.0M
New York State Teachers Retirement System 0.00% Reduce -1.3% 41,694 $2.0M
Asset Management One Co., Ltd. 0.01% Add +0.9% 39,425 $2.0M
Franklin Resources Inc. 0.00% Add +44.2% 39,514 $1.9M
Public Employees Retirement System of Ohio 0.01% Reduce -3.2% 38,614 $1.8M
Citigroup Inc. 0.00% Add +20.1% 37,310 $1.8M
CSM Advisors, LLC 0.05% New 36,718 $1.7M
Alliancebernstein L.P. 0.00% Reduce -2.6% 36,551 $1.7M
Macquarie Group Ltd. 0.01% Reduce -0.4% 36,036 $1.7M
Exchange Traded Concepts, LLC 0.01% Add +17.4% 34,582 $1.6M
Balyasny Asset Management L.P. 0.00% Reduce -49.2% 32,689 $1.5M
Cresset Asset Management, LLC 0.01% Add +0.7% 31,320 $1.5M
Wells Fargo & Company 0.00% Add +46.2% 31,161 $1.5M
Sumitomo Mitsui Trust Group, Inc. 0.00% Reduce -1.4% 31,062 $1.5M
Deutsche Bank AG 0.00% Add +4.5% 30,531 $1.4M
Martingale Asset Management L P 0.04% Add +30.0% 29,524 $1.4M
State of Alaska, Department of Revenue 0.01% Add +1.4% 29,483 $1.4M
T. Rowe Price Associates Inc. 0.00% Reduce -0.6% 29,035 $1.4M
Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% Reduce -0.0% 27,954 $1.3M
LPL Financial LLC 0.00% Reduce -16.2% 27,705 $1.3M
Capital Fund Management S.A. 0.01% Add +5.6% 27,406 $1.3M
Mackenzie Financial Corp. 0.00% Reduce -1.2% 25,827 $1.3M
Dark Forest Capital Management LP 0.06% Add +294.3% 26,679 $1.3M
Allianz Asset Management GmbH 0.00% Reduce -0.7% 26,674 $1.3M
California State Teachers Retirement System 0.00% Reduce -0.1% 26,129 $1.2M
Sunbelt Securities, Inc. 0.08% Add +25.6% 25,760 $1.2M
Marshall Wace, LLP 0.00% New 25,431 $1.2M
SG Americas Securities, LLC 0.00% Add +110.4% 24,928 $1.2M
Commonwealth Equity Services, LLC 0.00% Add +2.3% 24,013 $1.1M
Penserra Capital Management LLC 0.01% Add +24.4% 23,780 $1.1M
Mitsubishi UFJ Asset Management Co., Ltd. 0.00% No change 21,410 $1.1M
Manufacturers Life Insurance Company, The 0.00% Reduce -3.5% 22,146 $1.0M
Cetera Investment Advisers 0.00% Reduce -12.5% 22,126 $1.0M
Summit Global Investments 0.06% Reduce -2.9% 21,349 $1.0M
TrueMark Investments, LLC 0.19% New 20,743 $982K
Susquehanna International Group, LLP 0.00% Add +155.3% 20,275 $960K
American Century Companies Inc. 0.00% Add +51.5% 20,121 $953K
Nomura Asset Management International Inc. 0.00% — 20,071 $951K
Nisa Investment Advisors, LLC 0.00% Reduce -46.9% 18,417 $909K
Jane Street Group, LLC 0.00% Reduce -33.6% 18,601 $881K
OMERS ADMINISTRATION Corp 0.01% No change 16,700 $791K
Bank of America Corp. 0.00% Add +26.5% 16,693 $791K
Intech Investment Management LLC 0.01% Reduce -41.1% 16,627 $787K
MetLife Investment Management, LLC 0.00% Reduce -5.8% 16,421 $778K
Brookwood Investment Group LLC 0.09% New 16,385 $776K
Amundi 0.00% Add +15.2% 16,330 $773K
BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% Add +3330.1% 16,087 $762K
Commonwealth of Pennsylvania Public School Empls Retrmt SYS 0.00% Reduce -1.2% 15,957 $756K
Arrowstreet Capital, Limited Partnership 0.00% New 15,316 $725K
Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% No change 14,851 $703K
DekaBank Deutsche Girozentrale 0.00% No change 6,473 $700K
UBS Group AG 0.00% Reduce -31.9% 14,775 $700K
Illinois Municipal Retirement Fund 0.01% Reduce -2.5% 14,359 $680K
Centaurus Financial, Inc. 0.03% Add +1.8% 13,860 $656K
Osaic Holdings, Inc. 0.00% Reduce -38.6% 13,429 $638K
Janus Henderson Group PLC 0.00% No change 12,925 $613K
Louisiana State Employees Retirement System 0.01% Reduce -0.8% 12,800 $606K
Freestone Grove Partners LP 0.00% Add +2.0% 12,467 $590K
Resona Asset Management Co.,Ltd. 0.00% Reduce -5.6% 11,672 $579K
KLP Kapitalforvaltning As 0.00% Add +3.6% 11,500 $563K
Black Swift Group, LLC 0.09% Add +5.8% 18,835 $561K
Advisors Asset Management, Inc. 0.01% Add +4.7% 11,550 $547K
Guggenheim Capital LLC 0.00% New 11,445 $542K
Citadel Advisors 0.00% Reduce -53.3% 11,101 $526K
Cambridge Investment Research Advisors, Inc. 0.00% Add +24.7% 11,043 $523K
RD Lewis Holdings, Inc. 0.44% Reduce -43.5% 10,717 $519K
Quantinno Capital Management LP 0.00% Add +13.8% 10,832 $513K
Campbell & CO Investment Adviser LLC 0.02% Add +64.3% 10,832 $513K
Daiwa Securities Group Inc. 0.00% Add +3.9% 10,577 $501K
IMC-Chicago, LLC 0.01% New 10,572 $501K
Two Sigma Advisers, LP 0.00% No change 10,500 $497K
Cambria Investment Management, L.P. 0.03% Add +0.0% 10,364 $491K
Brevan Howard Capital Management LP 0.01% Add +87.0% 10,081 $477K
Verition Fund Management LLC 0.00% Reduce -32.6% 10,026 $475K
Vident Advisory, LLC 0.00% Reduce -14.3% 9,964 $472K
Ethos Financial Group, LLC 0.03% Reduce -6.5% 9,756 $462K
New York State Common Retirement Fund 0.00% No change 9,736 $461K
Sterling Capital Management LLC 0.01% Add +399.6% 9,612 $455K
Sigma Planning Corp 0.01% Add +10.1% 8,737 $414K
Versor Investments LP 0.06% Add +71.0% 8,428 $399K
Pensionfund PDN 0.26% No change 8,400 $398K
AlphaQuest LLC 0.02% Add +1.0% 8,274 $392K
Aberdeen Group plc 0.00% Add +32.5% 8,204 $389K
Amalgamated Bank 0.00% Reduce -1.6% 8,135 $385K
BNP Paribas Financial Markets 0.00% Reduce -69.9% 8,056 $382K
Roberts Glore & Co. Inc. 0.10% Add +109.2% 7,950 $377K
Arizona State Retirement System 0.00% Reduce -5.9% 7,799 $369K
Royal Bank of Canada 0.00% Reduce -2.4% 7,749 $366K
Cerity Partners LLC 0.00% Add +37.5% 7,584 $359K
Sumitomo Mitsui DS Asset Management Company, Ltd 0.00% Add +41.8% 7,535 $357K
Van Eck Associates Corp. 0.00% Add +9.8% 7,436 $352K
PFG Investments, LLC 0.02% Reduce -8.1% 7,069 $335K
Teachers Retirement System of the State of Kentucky 0.00% Reduce -11.6% 7,032 $333K
Police & Firemen's Retirement System of New Jersey 0.00% Reduce -8.8% 7,019 $332K
PEAK6 LLC 0.01% Reduce -59.6% 6,894 $327K
Metis Global Partners, LLC 0.01% Add +5.0% 6,630 $314K
Oregon Public Employees Retirement Fund 0.00% Add +1.6% 6,412 $304K
Nomura Holdings Inc. 0.00% New 6,308 $299K
Sei Investments Co. 0.00% Reduce -0.2% 5,945 $282K
Mystic Asset Management, Inc. 0.06% Add +7.6% 5,919 $280K
First Citizens Bank & Trust Co. 0.01% Reduce -0.6% 5,739 $272K
Envestnet Portfolio Solutions, Inc. 0.00% Reduce -0.6% 5,738 $272K
Pinebridge Investments LLC 0.00% — 5,716 $271K
Russell Investments Group, Ltd. 0.00% Reduce -54.5% 5,605 $265K
UniSuper Management Pty Ltd 0.00% Reduce -29.1% 5,600 $265K
Oppenheimer & Co. Inc. 0.00% Add +0.5% 5,563 $263K
Baader Bank Aktiengesellschaft 0.02% Reduce -15.5% 5,597 $263K
Raymond James Financial Inc. 0.00% Reduce -12.4% 5,542 $262K
Corient Private Wealth LP 0.00% Add +18.9% 5,358 $260K
ProShare Advisors LLC 0.00% Add +3.2% 5,408 $256K
Janney Montgomery Scott LLC 0.00% Add +33.6% 5,386 $255K
Massar Capital Management, LP 0.05% New 5,015 $238K
STRS Ohio 0.00% No change 5,000 $237K
Voya Investment Management LLC 0.00% Reduce -2.2% 4,989 $236K
SMH Capital Advisors Inc. 0.47% No change 4,890 $232K
Catalyst Capital Advisors LLC 0.00% No change 4,890 $232K
Quantbot Technologies LP 0.01% Reduce -4.3% 4,809 $228K
Cwm, LLC 0.00% Reduce -14.5% 4,746 $225K
Allworth Financial LP 0.00% Add +4.6% 4,714 $223K
Nissay Asset Management Corp. /Japan 0.00% Add +3.9% 4,696 $222K
Jones Financial Companies LLLP 0.00% Add +10.1% 4,542 $215K
Yousif Capital Management, LLC 0.00% Reduce -1.7% 4,260 $212K
Pensionfund Sabic 0.06% No change 4,404 $209K
1620 Investment Advisors, Inc. 0.14% Reduce -10.4% 4,318 $205K
Arrow Investment Advisors, LLC 0.23% New 4,314 $204K
Flagship Harbor Advisors, LLC 0.01% New 3,366 $159K
Covestor Ltd 0.08% Reduce -14.1% 3,223 $153K
Public Employees Retirement Association of Colorado 0.00% No change 3,149 $149K
Kestra Advisory Services, LLC 0.00% New 3,119 $148K
PNC Financial Services Group, Inc. 0.00% Add +9.6% 2,991 $142K
Virtus Advisers, LLC 0.07% New 2,852 $135K
Investors Research Corp 0.02% Reduce -1.5% 2,700 $128K
Ameritas Investment Partners, Inc. 0.00% No change 2,322 $110K
Federation des caisses Desjardins du Quebec 0.00% Add +21.5% 2,314 $110K
NewEdge Advisors, LLC 0.00% Add +1551.2% 2,130 $101K
Bollard Group LLC 0.00% Add +3.6% 1,702 $81K
Canada Pension Plan Investment Board 0.00% New 1,600 $76K
Anfield Capital Management, LLC 0.02% No change 1,420 $67K
Farther Finance Advisors, LLC 0.00% Add +0.9% 1,402 $66K
Rockefeller Capital Management L.P. 0.00% Add +2.8% 1,396 $66K
Tower Research Capital LLC (TRC) 0.00% Add +86.0% 1,356 $64K
Hantz Financial Services, Inc. 0.00% Add +51.0% 1,336 $63K
KBC Group NV 0.00% No change 1,301 $62K
NFSG Corp 0.01% No change 947 $45K
Mirae Asset Global Investments Co., Ltd. 0.00% Add +33.4% 819 $39K
Signaturefd, LLC 0.00% Add +6.9% 809 $38K
Los Angeles Capital Management LLC 0.00% New 691 $35K
Huntington National Bank 0.00% No change 697 $33K
AdvisorNet Financial, Inc 0.00% Add +3.0% 594 $28K
GAMMA Investing LLC 0.00% Reduce -26.8% 586 $28K
Bokf, NA 0.00% No change 582 $28K
Caitlin John, LLC 0.02% Reduce -31.3% 566 $27K
Larson Financial Group LLC 0.00% Add +42.8% 554 $26K
Triumph Capital Management 0.01% New 533 $25K
International Assets Investment Management, LLC 0.00% New 522 $25K
CENTRAL TRUST Co 0.00% No change 500 $24K
GF Fund Management Co. LTD. 0.00% Add +0.4% 464 $22K
Advisory Services Network, LLC 0.00% Reduce -28.5% 460 $22K
Bogart Wealth, LLC 0.00% No change 400 $19K
SageView Advisory Group, LLC 0.00% New 399 $19K
Pinnacle Wealth Planning Services, Inc. 0.00% New 392 $19K
Arax Advisory Partners 0.00% Reduce -30.6% 375 $18K
Aster Capital Management (DIFC) Ltd 0.01% New 352 $17K
Capital Analysts, LLC 0.00% Add +2.2% 327 $15K
Sound Income Strategies, LLC 0.00% Add +3.3% 286 $14K
Harbour Investments, Inc. 0.00% Add +196.9% 291 $14K
WealthCollab, LLC 0.01% Add +74.0% 275 $13K
Horrell Capital Management, Inc. 0.01% No change 250 $12K
Salomon & Ludwin, LLC 0.00% Add +14.2% 217 $11K
Versant Capital Management, Inc 0.00% Reduce -12.6% 215 $10K
Geneos Wealth Management Inc. 0.00% No change 215 $10K
Spire Wealth Management 0.00% Reduce -32.3% 210 $10K
Fifth Third Bancorp 0.00% Add +48.9% 207 $10K
Aspect Partners, LLC 0.00% Add +100.0% 200 $9K
Hilltop National Bank 0.00% No change 200 $9K
Compass Financial Services Inc 0.00% Reduce -62.4% 192 $9K
Steward Partners Investment Advisory, LLC 0.00% Add +183.6% 173 $8K
CKW Financial Group 0.00% No change 173 $8K
Optiver Holding B.V. 0.00% Reduce -35.2% 166 $8K
Root Financial Partners, LLC 0.00% No change 164 $8K
Smartleaf Asset Management LLC 0.00% Reduce -62.7% 154 $8K
Global X Japan Co., Ltd. 0.00% No change 151 $7K
Harbor Capital Advisors, Inc. 0.00% Reduce -1.9% 154 $7K
MAI Capital Management 0.00% Add +3.3% 124 $6K
TD Waterhouse Canada Inc. 0.00% No change 112 $5K
Clearstead Advisors, LLC 0.00% Add +1.9% 107 $5K
HHM Wealth Advisors, LLC 0.00% No change 100 $5K
DV Trading LLC 0.00% — 100 $5K
CIBC Private Wealth Group LLC 0.00% Add +6.6% 97 $5K
DHJJ Financial Advisors, Ltd. 0.00% No change 93 $4K
Ancora Advisors LLC 0.00% No change 80 $4K
Clean Yield Group 0.00% Reduce -56.3% 77 $4K
Cullen/Frost Bankers, Inc. 0.00% No change 72 $3K
Parallel Advisors, LLC 0.00% No change 70 $3K
Essential Partners LLC 0.00% Reduce -68.3% 64 $3K
Assetmark, Inc. 0.00% Reduce -16.4% 61 $3K
National Bank of Canada 0.00% Add +21.3% 57 $3K
Brown, Lisle/Cummings, Inc. 0.00% No change 50 $2K
Hughes Financial Services, LLC 0.00% No change 50 $2K
Morton Brown Family Wealth, LLC 0.00% No change 49 $2K
North Star Investment Management Corp. 0.00% Reduce -81.6% 45 $2K
Navalign, LLC 0.00% New 41 $2K
Heritage Wealth Advisors 0.00% Add +2.6% 40 $2K
Quadrant Capital Group LLC 0.00% No change 39 $2K
Measured Wealth Private Client Group, LLC 0.00% Reduce -45.8% 32 $2K
UMB Bank, n.a. 0.00% Reduce -70.1% 32 $2K
Clark Wealth Partners 0.00% No change 31 $1K
Cornerstone Financial Management LLC 0.00% — 30 $1K
CoreCap Advisors, LLC 0.00% No change 30 $1K
Private Wealth Management Group, LLC 0.00% Reduce -52.5% 28 $1K
IMA Advisory Services, Inc. 0.00% New 23 $1K
Medallion Wealth Advisors, LLC 0.00% No change 22 $1K
Scarborough Advisors, LLC 0.00% No change 21 $995
IFS Advisors, LLC 0.00% No change 20 $947
Farmers & Merchants Investments Inc. 0.00% No change 20 $947
Tidemark, LLC 0.00% No change 19 $900
Rothschild Investment LLC 0.00% Reduce -40.0% 18 $852
EverSource Wealth Advisors, LLC 0.00% Reduce -81.3% 18 $852
Global Retirement Partners, LLC 0.00% Add +20.0% 18 $831
Blue Trust, Inc. 0.00% Reduce -20.0% 16 $758
MRP Capital Investments, LLC 0.00% Reduce -97.1% 15 $711
IFP Advisors, Inc 0.00% Add +160.0% 13 $616
SHP Wealth Management 0.00% — 13 $616
Entrust Financial LLC 0.00% — 11 $521
Gunpowder Capital Management, LLC dba Oliver Wealth Management 0.00% — 11 $521
MassMutual Private Wealth & Trust, FSB 0.00% Reduce -50.0% 10 $474
Parkside Financial Bank & Trust 0.00% Reduce -54.5% 10 $474
Bell Investment Advisors, Inc 0.00% Reduce -25.0% 9 $427
Picton Mahoney Asset Management 0.00% No change 9 $426
Transamerica Financial Advisors, LLC 0.00% No change 8 $394
Retirement Wealth Solutions LLC 0.00% Add +60.0% 8 $379
MV Capital Management, Inc. 0.00% No change 6 $285
Quarry LP 0.00% Reduce -82.9% 6 $284
Prestige Wealth Management Group LLC 0.00% No change 5 $247
Ankerstar Wealth, LLC 0.00% — 5 $246
Godfrey Financial Associates, Inc. 0.00% — 4 $189
Smallwood Wealth Investment Management, LLC 0.00% No change 4 $189
True Wealth Design, LLC 0.00% Reduce -90.6% 3 $143
Gilpin Wealth Management, LLC 0.00% — 2 $95
Abound Wealth Management 0.00% No change 2 $95
Dunhill Financial, LLC 0.00% New 2 $72
Albion Financial Group 0.00% No change 1 $69
Strategic Investment Solutions, Inc. 0.00% Reduce -98.7% 1 $61
Quattro Advisors LLC 0.00% — 1 $51
Kozak & Associates, Inc. 0.00% No change 1 $47
Capital Advisors, Ltd. LLC 0.00% No change 5 $0

"% of holder's portfolio" is IIPR's weight in each manager's 13F, not the share of Innovative Industrial Proper the manager owns.