Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q3 2025 Earnings Presentation
19 slides from Innovative Industrial Properties's earnings presentation, Nov 4, 2025
Slide 1: Innovative Industrial Properties
INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – NOVEMBER 2025 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 Total 12.9 Years Committed / 112 19 Weighted Invested Total U.S. States Average Lease Capital (1) Properties Length (2) $1B+ $64.7M Dividends Paid $270M
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 • Target leases are generally 100% triple-net ⚬ No recurring capital expenditures during lease term OTHER LIFE SCIENCES ⚬ All property expenses paid by the tenant, including 4.5% 0.2% capital repairs, property taxes and property insuranc
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) % of ABR(1) # of Properties Square Feet (000s) Illinois $44,814 15.1% 7 965 Pennsylvania 42,602 14.4% 10 1,361 Massachusetts 34,456 11.6% 10 989
Slide 7: NNN Portfolio Top Tenants
NNN PORTFOLIO TOP 10 TENANTS Tenant ABR ($000s) ABR (%)(1) Square Feet (000s) ABR/SF Total Committed / Invested Capital & Tenant Growth(2) (5) 35 36 29 32 $33,880 11.4% 430 $79 26 18 20 8 31,278 10.6% 624 50 1 4 $2.4B $2.5B $2.5B $2.3B 22,570 7.6% 664 34 Invested Capital $2.0B 20,885 7.1% 578 36 # o
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 • $270M total investment, c
Slide 9: Strong, Low Leveraged Balance Sheet
STRONG, LOW LEVERAGED BALANCE SHEET % 13% 11.7x $79M+ Debt to Total Gross Assets(1) Debt Service Coverage Ratio (1) Liquidity Available (2) Capital Structure(3) Debt Overview Revolving Credit Facility: Gross Debt $341.2M • -$87.5M total commitment, $37.5M available Common Equity Market Capitalizatio
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) 356% Dividends Per Share AFFO Per Share(1) 255% IIPR $7.60 4.9x Greater $6.84 S&P Return than RMZ 500 $5.01 $4.47 S&P 500 255% 73% RMZ RMZ 73% 2020 Q3'25 (Ann) 2020 Q3'25 (Ann) (1) A
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 grew 6% to $31.4 billion in 2024 • Market Growth: The U.S. Life Science Market continues to see strong growth in vs. a 1% decline for the U.S. Spirits Market to $3
Slide 12: U.S. Cannabis Market Continues to Grow
U.S. CANNABIS MARKET CONTINUES TO GROW Long Term Growth Outlook Increased Banking Services(4) • Increasing trend in FDIC banks offering services to marijuana-related business (“MRBs”) (from 2014 to 2024) reaching an all-time high of ~13% of the total number of banks in 2024 $44B 68% 87% • Steady gro
Slide 13: Life Sciences Market Opportunity
LIFE SCIENCES MARKET OPPORTUNITY Strong Life Science Rent Premiums vs Office Rents(1) Construction Pipeline Decelerating(1) All US Boston San Diego Inventory Under Construction 17% 17% 40 18% Millions of Square Feet 15% 35 16% 13% 30 14% 11% 25 10% 10% 10% 12% 9% 9% 9% 9% 20 8% 8% 8% 8% 10% 7% 15 8%
Slide 14: Underwriting & Monitoring
UNDERWRITING & MONITORING Diligent underwriting process with a focus on best-in-class operators Review of Ability to Financial Ongoing Management Raise Capital Underwriting 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 1 structured long-term cash flows Strong balance sheet with access to growth 2 capital Diversified real estate portfolio across 19 3 states 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 3Q 2025 FY 2020 Actual Annualized Actual Net income attributable to common stockholders $28,288 $113,152 $64,378 Real estate depreciation and amortization 18,639 74,556 28,025 FFO attributable to common stockholders (basic) $46,927 $187,708 $92,403 FFO attributable to common stoc
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