Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q3 2025 Earnings Presentation
25 slides from Innovative Industrial Properties's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Supplemental Financial Information
Innovative Industrial Properties Third Quarter 2025 Supplemental Financial Information
Slide 2: Table of Contents
Innovative Industrial Properties 2 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 Historical Net Income 10 Historical FFO, Normalized
Slide 3: Forward-Looking Statements
Innovative Industrial Properties 3 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 t
Slide 4: Company Overview
Innovative Industrial Properties 4 Senior Management 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 i
Slide 5: Quarterly Performance Summary
Innovative Industrial Properties 5 Delta 2025 2024 QoQ 3Q2025 2Q2025 1Q2025 4Q2024 3Q2024 Total Revenues $64,685 $62,891 $71,722 $76,744 $76,526 General and administrative expense $8,681 $8,626 $8,461 $8,891 $9,330 General and administrative expense / total revenues 13% 14% 12% 12% 12% Net income at
Slide 6: Balance Sheet
Innovative Industrial Properties 6 September 30, December 31, (In thousands, except share and per share amounts) 2025 2024 Assets Real estate, at cost: Land $146,469 $146,772 Buildings and improvements 2,252,137 2,230,807 Construction in progress 57,713 62,393 Total real estate, at cost 2,456,319 2,
Slide 7: Net Income
Innovative Industrial Properties 7 For the Three Months Ended For the Nine Months Ended September 30, September 30, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Revenues: Rental (including tenant reimbursements) $64,292 $76,052 $198,855 $230,219 Other 393 474 443 1,554 Tota
Slide 8: Statements of Cash Flows
Innovative Industrial Properties 8 For the Nine Months Ended September 30, (In thousands) 2025 2024 Cash flows from operating activities Net income $86,406 $121,636 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 55,530 52,567
Slide 9: FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties 9 For the Three Months Ended For the Nine Months Ended September 30, September 30, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Net income attributable to common stockholders $28,288 $39,651 $83,730 $120,396 Real estate depreciation and amor
Slide 10: Historical Net Income
Innovative Industrial Properties 10 2025 2024 (In thousands, except share and per share amounts) 3Q2025 2Q2025 1Q2025 4Q2024 3Q2024 Revenues: Rental (including tenant reimbursements) $64,292 $62,866 $71,697 $76,717 $76,052 Other 393 25 25 27 474 Total revenues 64,685 62,891 71,722 76,744 76,526 Expe
Slide 11: Historical FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties 11 2025 2024 (In thousands, except share and per share amounts) 3Q2025 2Q2025 1Q2025 4Q2024 3Q2024 Net income attributable to common stockholders $28,288 $25,146 $30,296 $39,461 $39,651 Real estate depreciation and amortization 18,639 18,500 18,391 18,240 17,944 Impa
Slide 12: Portfolio Data Highlights
Innovative Industrial Properties 12 CANNABIS 95.3% LIFE SCIENCES 4.5% $315M TOTAL ANNUAL INCOME(1) P O RT F O LI O CO M P O S I T I O N 96% Leased Operating Portfolio $270M(3) Financial Commitment to Life Science P O RT F O LI O HI G HL I G HT S 36 Tenants 12.9 Years Weighted Average Lease Length 9.
Slide 13: Geographic Concentration – Real Estate Portfolio
Innovative Industrial Properties 13 Geographic Concentration – Real Estate Portfolio Note: As of September 30, 2025, values in thousands except for property count, $/PSF, or otherwise noted. Refer to “Definitions”for additional details. 1) Includes 483,000 square feet under development or redevelopm
Slide 14: Annualized Base Rent and Income From Loans
Innovative Industrial Properties 14 Total Principal Maturity Commitments Amount / Wtd. Avg. Blended Annualized As of 09/30/2025 Outstanding Maturity Interest Rate Income Annualized Income from Loans and Securities Senior Secured Notes $31,500 $31,300 0.9 Years 16.2% $5,057 Revolving Credit Facility
Slide 15: Capital Commitments
Innovative Industrial Properties 15 Total Blended Closing Commitments Interest Rate Loans and Securities Revolving Credit Facility Sep-25 $100,000 13.5% Preferred Equity Sep-25 170,000 15.0% Total / Wtd. Avg. $270,000 14.4% Capital Commitments Note: Values in thousands. Forreal estate, capital commi
Slide 16: Leasing Summary
Innovative Industrial Properties 16 # of Rentable Square Feet Rentable Square Feet Tenant State Closing / Execution Leases # % of Total Portfolio Non-Cannabis Tenant California Jan-25 1 6 0% Berry Green Michigan Apr-25 1 205 2% Total 2 211 2% Note: Rentable square feet values in thousands. 1) As a %
Slide 17: Property List
Innovative Industrial Properties 17 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 -
Slide 18: Property List
Innovative Industrial Properties 18 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 H
Slide 19: Property List
Innovative Industrial Properties 19 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
Slide 20: Loans and Securities
Innovative Industrial Properties 20 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 0.3 Years $22,800 $23,000 2 Harris Township Seller Financin
Slide 21: Capital and Debt Summary
Innovative Industrial Properties 21 Interest Rate / Preferred Rate / Maturity / Wtd. As of (In thousands, except share and per share amounts) Wtd. Avg. Rate(1) Avg. Maturity September 30, 2025 Secured debt: Revolving Credit Facility I 9.00% 1.1 Years $50,000 Total Secured Debt 9.00% 1.1 Years $50,00
Slide 22: Analyst Coverage
Innovative Industrial Properties 22 Analyst Coverage Analyst Research Firms Contact Information Aaron Grey Alliance Global Partners Email: agrey@allianceg.com Phone: 888-543-4448 Tom Catherwood BTIG Email: tcatherwood@btig.com Phone: 212-738-6140 Merrill Ross Compass Point Research and Trading Email
Slide 23: Definitions
Innovative Industrial Properties 23 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
Slide 24: Definitions (Continued)
Innovative Industrial Properties 24 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 borrowing on the Revolving Credit Facility. • Liquidity: Total liquidit
Slide 25: EBITDA and Adjusted EBITDA Reconciliation
Innovative Industrial Properties 25 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2025 9/30/2024 Net income $29,305 $26,024 $31,077 $40,025 $86,406 $121,636 Adjustments for EBITDA: Interest expense 4,525 4,444 4,500 4,536 13,469 13,136 Taxes (including corporate tax expense in G&A) (2) 88 121 - 206
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