InP is considered as the most promising material for millimeter-wave laser-diode applications owing to its superior noise performance and wide operating frequency range of 75-110 GHz. In this study, we demonstrate the fabrication of InP Gunn diodes with a current-limiting structure using rapid thermal annealing to modulate the potential height formed between an n-type InP active layer and a cathode contact. We also explore the reverse current characteristics of the InP Gunn diodes. Experimental results indicate a maximum anode current and an oscillation frequency of 200 mA and 93.53 GHz, respectively. The current-voltage characteristics are modeled by considering the Schottky and ohmic contacts, work function variations, negative differential resistance (NDR), and tunneling effect. Although no direct indication of the NDR is observed, the simulation results match the measured data well. The modeling results show that the NDR effect is always present but is masked because of electron emission across the shallow Schottky barrier.