Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q4 2025 Earnings Presentation
27 slides from Innovative Industrial Properties's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter 2025 Supplemental Financial Information
Fourth Quarter 2025 Supplemental Financial Information Innovative Industrial Properties
Slide 2: Table of Contents
Table of Contents Overview Forward-Looking Statements 3 Company Overview 4 Financial Information Quarterly Performance Summary 5 Balance Sheet 6 Net Income 7 Statements of Cash Flows 8 FFO, Normalized FFO, and AFFO Reconciliation 9 EBITDA Reconciliation 10 Historical Net Income 11 Historical FFO, No
Slide 3: Forward-Looking Statements
Forward-Looking Statements This Supplemental Financial Information Package includes "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
Slide 4: Company Overview
Company Overview Innovative Industrial Properties, Inc. (NYSE: IIPR) is an internally managed real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry. As of December 31, 2025,
Slide 5: Quarterly Performance Summary
Quarterly Performance Summary 2025 2024 4Q2025 3Q2025 2Q2025 1Q2025 4Q2024 Total Revenues $66,657 $64,685 $62,891 $71,722 $76,744 General and administrative expense $7,967 $8,681 $8,626 $8,461 $8,891 General and administrative expense / total revenues 12% 13% 14% 12% 12% Net income attributable to c
Slide 6: Balance Sheet
Balance Sheet December 31, December 31, (In thousands, except share and per share amounts) 2025 2024 Assets Real estate, at cost: Land $146,320 $146,772 Buildings and improvements 2,269,597 2,230,807 Construction in progress 40,593 62,393 Total real estate, at cost 2,456,510 2,439,972 Less accumulat
Slide 7: Net Income
Net Income For the Three Months Ended For the Years Ended December 31, December 31, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Revenues: Rental (including tenant reimbursements) $66,631 $76,717 $265,486 $306,936 Other 26 27 469 1,581 Total revenues 66,657 76,744 265,955 3
Slide 8: Statements of Cash Flows
Statements of Cash Flows For the Years Ended December 31, (In thousands) 2025 2024 Cash flows from operating activities Net income $118,247 $161,661 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 74,068 70,807 Impairment loss
Slide 9: FFO, Normalized FFO, and AFFO Reconciliation
FFO, Normalized FFO, and AFFO Reconciliation For the Three Months Ended For the Years Ended December 31, December 31, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Net income attributable to common stockholders $30,705 $39,461 $114,435 $159,857 Real estate depreciation and a
Slide 10: EBITDA Reconciliation
EBITDA Reconciliation For the Three Months Ended For the Years Ended December 31, December 31, (In thousands) 2025 2024 2025 2024 Net Income: $31,841 $40,025 $118,247 $161,661 Adjustments for EBITDA: Interest Expense 6,726 4,536 20,195 17,672 Taxes (including corporate tax expense in G&A) 1 - 208 16
Slide 11: Historical Net Income
Historical Net Income 2025 2024 (In thousands, except share and per share amounts) 4Q2025 3Q2025 2Q2025 1Q2025 4Q2024 Revenues: Rental (including tenant reimbursements) $66,631 $64,292 $62,866 $71,697 $76,717 Other 26 393 25 25 27 Total revenues 66,657 64,685 62,891 71,722 76,744 Expenses: Property
Slide 12: Historical FFO, Normalized FFO, and AFFO Reconciliation
Historical FFO, Normalized FFO, and AFFO Reconciliation 2025 2024 (In thousands, except share and per share amounts) 4Q2025 3Q2025 2Q2025 1Q2025 4Q2024 Net income attributable to common stockholders $30,705 $28,288 $25,146 $30,296 $39,461 Real estate depreciation and amortization 18,538 18,639 18,50
Slide 13: Historical EBITDA Reconciliation
Historical EBITDA Reconciliation 2025 2024 (In thousands) 4Q2025 3Q2025 2Q2025 1Q2025 4Q2024 Net Income $31,841 $29,305 $26,024 $31,077 $40,025 Adjustments for EBITDA: Interest Expense 6,726 4,525 4,444 4,500 4,536 Taxes (including corporate tax expense in G&A) 1 (2) 88 121 - Depreciation and amorti
Slide 14: Highlights
Highlights PORTFOLIO COMPOSITION OTHER LIFE SCIENCES 0.2% 6.6% $2.5B $320M Real Estate(2) Base Rent / Interest(1) $320M BASE RENT / INTEREST(1) 97% $270M CANNABIS Leased Financial Commitment 93.2% Operating Portfolio to Life Science(3) PORTFOLIO HIGHLIGHTS 111 38 12.8 Years 8.9M Properties Tenants W
Slide 15: Geographic Concentration – Real Estate Portfolio
Geographic Concentration – Real Estate Portfolio 111 8.9M $2.5B 19 Properties Square Feet(1) Invested Capital(2) States % of State ABR(3) PA 14.7% IL 13.7% MA 11.7% NY 11.3% FL 10.6% MI 7.6% OH 6.1% NJ 4.7% MD 4.7% % ABR CA 4.3% 0-5% Other 10.6% 5-10% 10-15% Total 100.0% Note: As of December 31, 202
Slide 16: Annualized Base Rent and Income From Loans and Securities
Annualized Base Rent and Income From Loans and Securities Annualized Base Rent Income Composition(5) IIP Portfolio First Quarter 2025(3) (1) Annualized Base Rent (ABR) # of 8.2% # Tenant $ % Square Feet(2) Leases 1 Ascend Wellness Holdings $31,393 10.7% 624 4 2 PharmaCann(3) 29,112 9.9% 364 7 3 Gree
Slide 17: Capital Commitments and Dispositions
Capital Commitments and Dispositions Fourth Quarter Dispositions Rentable Sale Total State Closing / Execution Square Feet Price(1) Sale / PSF Dispositions Colorado Dec-25 4 522 130 Total / Wtd. Avg. 4 $522 $130 Two Year Capital Commitment History(2) $270,000 Real Estate Loans and Securities $49,100
Slide 18: Leasing Summary
Leasing Summary 2025 Leasing Activity as of December 31, 2025 # of Rentable Square Feet Ren Tenant State Execution Leases # % of Total Portfolio Non-Cannabis Tenant California Jan-25 1 6 0% Berry Green Michigan Apr-25 1 205 2% North Palm Springs CA (Undisclosed Tenant) California Nov-25 1 70 1% Perp
Slide 19: Property List
Property List Square Feet Invested / Committed Capital $ Date % Under Dev. Total $ / # Tenant State City Acquired Leased In Place(1) / Redev.(2) Total Invested Committed Total $ Square Feet Operating: Cannabis - Industrial 1 3241-3247 Needles California Needles 9/11/2019 - 46 - 46 $10,100 - $10,100
Slide 20: Property List (Continued)
Property List (Continued) Square Feet Invested / Committed Capital $ Date % Under Dev. Total $ / # Tenant State City Acquired Leased In Place(1) / Redev.(2) Total Invested Committed Total $ Square Feet 52 The Pharm Arizona Willcox 12/15/2017 100.0% 358 - 358 $20,000 - $20,000 $56 53 TILT Holdings Pe
Slide 21: Property List (Continued)
Property List (Continued) Square Feet Invested / Committed Capital $ Date % Under Dev. Total $ / # Tenant State City Acquired Leased In Place(1) / Redev.(2) Total Invested Committed Total $ Square Feet Operating: Cannabis - Industrial / Retail 98 4Front Ventures Massachusetts Georgetown 12/17/2020 1
Slide 22: Loans and Securities
Loans and Securities Maturity Principal Loans / Origination / Wtd. Avg. Amount Securities # Investment Loan/ Security Type Date Maturity Outstanding Commitment 1 Coachella Construction Financing Senior Secured Notes 6/25/2021 1.0 Years $22,800 $23,000 (1) 2 Harris Township Seller Financing Senior Se
Slide 23: Capital and Key Metrics
Capital and Key Metrics Capitalization As of December 31, 2025 Investment Grade Bond Covenants(1) Thresholds As of December 31, 2025 Common Shares Outstanding 28,022,975 Total Debt to Adjusted Total Assets < 60% 14% Share Price $47.36 Secured Debt to Adjusted Total Assets < 40% 4% Debt Service Cover
Slide 24: Debt Detail
Debt Detail Maturity / Wtd. As of Investment Maturity Date Avg. Maturity Coupon Rate Effective Rate December 31, 2025 Senior Secured Debt Revolving Credit Facility 1(1) Oct-26 0.8 Years Prime + Spread 9.00% $27,500 Revolving Credit Facility 2(2) Oct-28 2.8 Years SOFR + 2.00% 6.10% $75,000 Total Seni
Slide 25: Analyst Coverage
Analyst Coverage Analyst Research Firms Contact Information Email: agrey@allianceg.com Aaron Grey Alliance Global Partners Phone: 888-543-4448 Email: tcatherwood@btig.com Tom Catherwood BTIG Phone: 212-738-6140 Email: mross@compasspointllc.com Merrill Ross Compass Point Research and Trading Phone: 2
Slide 26: Definitions
Definitions Definitions listed hereafter apply throughout the Supplemental unless otherwise specifically noted. • Adjusted Funds From Operations (“AFFO”): Management believes that AFFO and AFFO per share are appropriate supplemental measures of a REIT’s operating performance. We calculate AFFO by ad
Slide 27: Definitions (Continued)
Definitions (Continued) • GAAP: Accounting principles generally accepted in the United States. • Gross Debt: Calculated as the sum of the principal amount outstanding of the Notes due 2026 and borrowings on the Revolving Credit Facilities. • Liquidity: Total liquidity consists of cash and cash equiv
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