Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q2 2025 Earnings Presentation
23 slides from Innovative Industrial Properties's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Supplemental Financial Information
Innovative Industrial Properties Second Quarter 2025 Supplemental Financial Information
Slide 2: Table of Contents
Innovative Industrial Properties 2 Overview 3 Forward - Looking Statements 4 Company Overview Financial Information 5 Quarterly Performance Summary 6 Balance Sheet 7 Net Income 8 Statements of Cash Flows 9 FFO, Normalized FFO, and AFFO Reconciliation 10 Historical Net Income 11 Historical FFO, Norma
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 27 A of the Securities Act of 1933 , as amended, and Section 2
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 t he acquisition, ownership and management of specialized properties leased to experienced, state - licens
Slide 5: Quarterly Performance Summary
Innovative Industrial Properties 5 Delta 2025 2024 QoQ 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 Total Revenues $62,891 $71,722 $76,744 $76,526 $79,793 General and administrative expense $8,626 $8,461 $8,891 $9,330 $9,661 General and administrative expense / total revenues 14% 12% 12% 12% 12% Net income at
Slide 6: Balance Sheet
Innovative Industrial Properties 6 June 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 2,249,408 2,230,807 Construction in progress 57,487 62,393 Total real estate, at cost 2,453,364 2,439,9
Slide 7: Net Income
Innovative Industrial Properties 7 For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Revenues: Rental (including tenant reimbursements) $62,866 $79,253 $134,563 $154,167 Other 25 540 50 1,080 Total revenues 62
Slide 8: Statements of Cash Flows
Innovative Industrial Properties 8 For the Six Months Ended June 30, (In thousands) 2025 2024 Cash flows from operating activities Net income $57,101 $81,421 Adjustments to reconcile net income to net cash provided by (used in) operating Depreciation and amortization 36,891 34,623 Impairment loss on
Slide 9: FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties 9 For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Net income attributable to common stockholders $25,146 $41,655 $55,442 $80,745 Real estate depreciation and amortization 18,
Slide 10: Historical Net Income
Innovative Industrial Properties 10 2025 2024 (In thousands, except share and per share amounts) 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 Revenues: Rental (including tenant reimbursements) $62,866 $71,697 $76,717 $76,052 $79,253 Other 25 25 27 474 540 Total revenues 62,891 71,722 76,744 76,526 79,793 Expe
Slide 11: Historical FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties 11 2025 2024 (In thousands, except share and per share amounts) 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 Net income attributable to common stockholders $25,146 $30,296 $39,461 $39,651 $41,655 Real estate depreciation and amortization 18,500 18,391 18,240 17,944 17,473 Impa
Slide 12: Portfolio Overview
Innovative Industrial Properties 12 Portfolio Overview Note : As of June 30 , 2025 , values in thousands except for property count, $ /PSF, or otherwise noted . Refer to “Definitions” for additional details . 1) Based on “Annualized Base Rent” . 2) Includes 588 , 000 square feet under development or
Slide 13: Portfolio Overview: Tenant Information
Innovative Industrial Properties 13 IIP Portfolio First Quarter 2025 (3) Tenant Information Annualized Base Rent (ABR) (1) ABR # of Adjusted Market MSO #Tenant $ % Square Feet (2) / Square Foot Leases Revenue EBITDA (4) Capitalization (5) / SSO (6) 1 PharmaCann (7) $33,939 11.5% 492 $69 10 Private C
Slide 14: Capital Commitments
Innovative Industrial Properties 14 Total Sale Rentable Sale / PSF Price (1) Square Feet Closing / Execution State Dispositions $200 $9,000 45 Apr - 25 Michigan 77 1,850 24 Jun - 25 California $157 $10,850 69 Total / Wtd. Avg. Capital Commitments Note : Values in thousands . Capital commitments cons
Slide 15: Leasing Summary
Innovative Industrial Properties 15 # 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) The
Slide 16: Property List
Innovative Industrial Properties 16 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 14Front Ventures Illinois Matteson 8/3/2021 100.0% 250
Slide 17: Property List (continued)
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 51TILT Holdings Pennsylvania White Haven 2/15/2023 100.0% 58 - 58 $15,000 - $15,000 $25
Slide 18: Property List (continued)
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 Operating: Cannabis - Industrial / Retail 954Front Ventures Massachusetts Georgetown 12
Slide 19: Loans
Innovative Industrial Properties 19 Principal Date Maturity / Wtd. Amount Loan #City State Loan Type Executed Avg. Maturity Outstanding Commitment 1Coachella California Senior Secured 6/25/2021 0.5 Years $22,800 $23,000 2 Needles (1) California Senior Secured 3/3/2023 2.7 Years 16,100 16,100 3 Harri
Slide 20: Capital and Debt Summary
Innovative Industrial Properties 20 Interest Rate / Preferred Rate / Maturity / Wtd. As of (In thousands, except share and per share amounts) Wtd. Avg. Rate Avg. Maturity June 30, 2025 Unsecured debt: Notes due 2026 5.50% 0.9 Years 291,215 Total Unsecured Debt 5.50% 0.9 Years $291,215 Gross Debt 5.5
Slide 21: Definitions
Innovative Industrial Properties 21 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 22: Definitions (Continued)
Innovative Industrial Properties 22 Definitions (Continued) • Normalized Funds From Operations (“Normalized FFO”): We compute normalized funds from operations (“Normalized FFO”) by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and expense amounts that we believe are infrequent
Slide 23: Analyst Coverage
Innovative Industrial Properties 23 Analyst Coverage Contact Information Research Firms Analyst Email: agrey@allianceg.com Phone: 888 - 543 - 4448 Alliance Global Partners Aaron Grey Email: tcatherwood@btig.com Phone: 212 - 738 - 6140 BTIG Tom Catherwood Email: mross@compasspointllc.com Phone: 202 -
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