Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q1 2026 Earnings Presentation
19 slides from Innovative Industrial Properties's earnings presentation, May 5, 2026
Slide 1: Innovative Industrial Properties
INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – MAY 2026 Innovative Industrial Properties 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation and our associated comments 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, a
Slide 3: IIPR at a Glance
IIPR AT A GLANCE Innovative Industrial Properties, Inc. (NYSE: IIPR) is a diversified REIT with investments across cannabis and life sciences $2.5B 110 19 12.4 Years Total Total U.S. Weighted Invested Properties States Average Lease Capital(1) Length(2) $69.0M $1B+ $270M Q1 2026 Dividends Paid Commi
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS NICHE EXPERTISE DIVERSIFIED BUSINESS MODEL • Experience working with tenants and • $2.5B triple-net lease portfolio borrowers in heavily regulated industries • Strong initial yields with annual escalators • Diligent underwriting process focused on • $270M financial investment i
Slide 5: Our Business Model & Benefits
OUR BUSINESS MODEL & BENEFITS NNN Leases PORTFOLIO COMPOSITION • Leases are generally 100% triple-net ⚬ No recurring capital expenditures during lease term OTHER LIFE SCIENCES ⚬ All property expenses paid by the tenant, including 6.8% 0.2% capital repairs, property taxes and property insurance • Typ
Slide 6: NNN Portfolio Overview
NNN PORTFOLIO OVERVIEW IIPR has a geographically diversified triple net portfolio of cannabis real estate throughout the United States State ABR ($000s)(1) %(1) # of Properties Square Feet (000s) Pennsylvania $43,188 15.0% 10 1,361 Illinois 40,705 14.1% 7 965 Massachusetts 34,599 12.0% 10 993 New Yo
Slide 7: NNN Portfolio Top Tenants
NNN PORTFOLIO TOP 10 TENANTS Tenant ABR ($000s) (%)(1) Square Feet (000s) # of Leases Total Invested Capital & Tenant Growth(2) $31,767 10.1% 624 4 Invested Capital # of Tenants 38 38 35 32 (5) 29 29,723 9.4% 364 7 26 20 $2.4B $2.5B $2.5B $2.5B 18 $2.3B 23,211 7.4% 664 3 $2.0B 8 4 1 21,032 6.7% 579
Slide 8: Life Sciences Investment
LIFE SCIENCES INVESTMENT • IQHQ – A Premier Life Science Real Estate Platform • $5B+ in total investments • 5+ million square feet of properties in leading life science markets including Boston, San Francisco and San Diego • Strategic and Financially Accretive Transaction • In August 2025, announced
Slide 9: Strong, Low Leveraged Balance Sheet
STRONG, LOW LEVERAGED BALANCE SHEET % 13% 11.6x $176M+ Debt to Total Gross Assets(1) Debt Service Coverage Ratio (1) Liquidity Available (2) Gross Debt, $366.2M Debt Overview Capital Structure(3) Revolving Credit Facilities: Preferred Equity, $118.0M • -$187.5M total commitment, $87.5M available Uns
Slide 10: Strong, Long-Term AFFO and Dividend Track Record
STRONG, LONG-TERM AFFO AND DIVIDEND TRACK RECORD AFFO AND DIVIDEND TRACK RECORD Total Returns Since IIPR Inception(3) 360% Dividends Per Share AFFO Per Share(1) (2) (2) 248% GR IIPR 4.5x GR A CA C Greater 9% $7.60 7% $7.52 S&P Return than RMZ 500 $5.01 $4.47 79% RMZ 2020 Q1'26 (Ann) 2020 Q1'26 (Ann)
Slide 11: Serving Two Core Growth Markets
SERVING TWO CORE GROWTH MARKETS Cannabis Market Overview Life Sciences Market Overview • Market Growth: U.S. legal cannabis sales market reached $29.1 billion in 2025 vs. a • Stabilizing Fundamentals: Tenant demand has returned to pre-pandemic baseline 2% decline for the U.S. Spirits Market to $36.4
Slide 12: U.S. Cannabis Market Continues to Grow
U.S. CANNABIS MARKET CONTINUES TO GROW Long Term Growth Outlook Regulatory Developments & Rescheduling • FDA-approved cannabis products and state-licensed medical marijuana was reclassified to Schedule III in April 2026 • State-licensed medical operators are now eligible for DEA registration, establ
Slide 13: Life Sciences Market Opportunity
LIFE SCIENCES MARKET OPPORTUNITY Strong Life Science Rent Premiums vs Office Rents(1) Construction Pipeline Decelerating(1) Inventory Under Contruction All US Boston San Diego 40 20% 17% 16% 18% Millions of Square Feet 35 15% 0% % 16% +4 1 % 8 30 +6 12% +6 25 10% 11% 10% 14% 9% 9% 9% 9% 12% 20 8% 8%
Slide 14: Underwriting & Monitoring
UNDERWRITING & MONITORING Diligent underwriting process with a focus on best-in-class operators Review of Ability to Financial Underwriting Ongoing Management Raise Capital Monitoring • Experienced • Evaluation of the macro • Evaluation of financial • Quarterly financial and management team environm
Slide 15: Executive Chairman & Co-Founder
EXECUTIVE CHAIRMAN & CO-FOUNDER Alan Gold has experience founding and leading real estate companies focused on nuanced, regulated industries. Co-founded Alexandria Real Estate Equities (NYSE: ARE) in 1994 and served as President and a director until 1998 • Invests in office buildings and laboratorie
Slide 16: Senior Management Team
SENIOR MANAGEMENT TEAM Paul Smithers David Smith Catherine Hastings Ben Regin President, CEO and Co-Founder CFO and Treasurer COO CIO • 35+ years of legal and • 20+ years of finance and real • 25+ years of accounting and • 20+ years of real estate and regulatory experience estate experience real est
Slide 17: Why Invest in IIPR
WHY INVEST IN IIPR Powerful triple-net lease model with structured 1 long-term cash flows Strong balance sheet with access to growth 2 capital Diversified real estate portfolio across 19 states 3 with 35+ tenants Solid capital allocation track record enabling 4 robust earnings and dividend distribut
Slide 18: Appendix
APPENDIX Innovative Industrial Properties 18
Slide 19: AFFO Reconciliation
AFFO RECONCILIATION Q1 2026 FY 2020 Actual Annualized Actual Net income attributable to common stockholders $30,155 $120,620 $64,378 Real estate depreciation and amortization 18,584 74,336 28,025 Loss (gain) on sale of real estate (422) (1,688) — FFO attributable to common stockholders (basic and di
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