Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Investor Presentation (October 2026)
21 slides from Innovative Industrial Properties's investor presentation, Oct 1, 2026
Slide 1: Company Presentation – October 2026
Innovative Industrial Properties 1 INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – OCTOBER 2026
Slide 2: Forward-looking statements
Innovative Industrial Properties 2 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
Slide 3: IIPR at a Glance
Innovative Industrial Properties 3 Note: Data as of June 30, 2026, unless otherwise noted. (1) Total Invested Capital: Includes (1) total investments in properties (consisting of purchase price and construction funding and improvements reimbursed to tenants, if any, but excluding transaction costs)
Slide 4: Investment Highlights
Innovative Industrial Properties 4 INVESTMENT HIGHLIGHTS DIVERSIFIED BUSINESS MODEL • $2.4B triple-net lease portfolio • Strong initial yields with annual escalators • $270M financial investment in life science industry STRONG BALANCE SHEET • One of the lowest leveraged REITs at 1.7x net debt to adj
Slide 5: Our Business Model & Benefits
Innovative Industrial Properties 5 NNN Leases • Leases are generally 100% triple-net ⚬ No recurring capital expenditures during lease term ⚬ All property expenses paid by the tenant, including capital repairs, property taxes and property insurance • Typically, 15-20 year initial lease terms (vs. ~5
Slide 6: NNN Portfolio Overview
Innovative Industrial Properties 6 NNN PORTFOLIO OVERVIEW IIPR has a geographically diversified triple net portfolio of cannabis real estate throughout the United States Note: Data as of June 30, 2026, unless otherwise noted. (1) As a % of Annualized Base Rent (“ABR”). ABR is calculated by multiplyi
Slide 7: NNN Portfolio Top 10 Tenants
Innovative Industrial Properties 7 Tenant ABR ($000s) (%)(1) Square Feet (000s) # of Leases $32,067 9.9% 624 4 26,574 8.2% 306 6 23,247 7.2% 664 3 22,502 6.9% 637 8 20,151 6.2% 740 6 18,335 5.6% 488 4 17,517 5.4% 298 4 17,294 5.3% 379 5 16,588 5.1% 593 2 10,173 3.1% 238 3 Total $204,448 62.9% 4,967
Slide 8: Life Sciences Investment
Innovative Industrial Properties 8 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 Tran
Slide 9: Alewife Park Investment
Innovative Industrial Properties 9ALEWIFE PARK INVESTMENTPlease refer to the Company’s 8K filed on October 1, 2026 for a complete description of the terms and conditions of this investment. (1) Based on IQHQ, Inc.’s management information and estimates. (2) Based on the Company’s annualized base ren
Slide 10: Strong, Low Leveraged Balance Sheet
Innovative Industrial Properties 10 STRONG, LOW LEVERAGED BALANCE SHEET Debt Overview Revolving Credit Facilities: • • $187.5M total commitment, $95.0M available Term Loans: • • $128.6M total outstanding Exchangeable Senior Notes: • • $402.5M of 6.00% exchangeable senior notes, maturing June 2029 •
Slide 11: Strong, Long-Term AFFO and Dividend Track Record
Innovative Industrial Properties 11 STRONG, LONG-TERM AFFO AND DIVIDEND TRACK RECORD (1) Adjusted funds from operations (“AFFO”) is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconci
Slide 12: Serving Two Core Growth Markets
Innovative Industrial Properties 12 Cannabis Market Overview SERVING TWO CORE GROWTH MARKETS Life Sciences Market Overview Cannabis Industry Revenue Comparison(1) Total U.S. & Life Sciences / Biotech Employment Growth(5) • Market Growth: U.S. legal cannabis sales market reached $29.1 billion in 2025
Slide 13: Long Term Growth Outlook
Innovative Industrial Properties 13 Long Term Growth Outlook U.S. CANNABIS MARKET CONTINUES TO GROW Regulatory Developments & Rescheduling Industry Revenue Projection(1) Growing U.S. Legalization(4) (1) Whitney Economics Cannabis Market Forecast (March 2026). (2) 2020 US Census Data. (3) Pew Researc
Slide 14: Life Sciences Market Opportunity
Innovative Industrial Properties 14 Strong Life Science Rent Premiums vs Office Rents(1) LIFE SCIENCES MARKET OPPORTUNITY Construction Pipeline Decelerating(1) U.S. Life Sciences Research Funding Stabilizes(1) Drug Approvals (2) (1) Cushman & Wakefield Life Sciences Update (February 2026). (2) U.S.
Slide 15: Underwriting & Monitoring
Innovative Industrial Properties 15 UNDERWRITING & MONITORING Diligent underwriting process with a focus on best-in-class operators Review of Management • Experienced management team • Alignment of management within ownership of the business Ability to Raise Capital • Evaluation of the macro environ
Slide 16: Alan Gold, Executive Chairman & Co-Founder
Innovative Industrial Properties 16 Alan Gold Executive Chairman & Co-Founder Co-founder of BioMed Realty Trust (formerly NYSE: BMR); served as Chairman and CEO from inception of its predecessor in 1998 through BMR’s sale in 2016 • Owner and operator of high-quality life science real estate • Previo
Slide 17: Management Team
Innovative Industrial Properties 17 David Smith • 20+ years of finance and real estate experience • Former CFO of Aventine Property Group and New Senior Investment Group (NYSE: SNR) CFO and Treasurer • 35+ years of legal and regulatory experience • Previously co-founded Iso Nano International, LLC P
Slide 18: Why Invest in IIPR
Innovative Industrial Properties 18 WHY INVEST IN IIPR Powerful triple -net lease model with structured long -term cash flows Strong balance sheet with access to growth capital Diversified real estate portfolio across 19 states with 35+ tenants Solid capital allocation track record enabling robust e
Slide 19: Appendix
Innovative Industrial Properties 19 APPENDIX
Slide 20: FFO and AFFO Reconciliation
Innovative Industrial Properties 20 Q2 2026 FY 2020 Actual Annualized Actual Net income attributable to common stockholders $40,665 $162,660 $64,378 Real estate depreciation and amortization 18,799 75,196 28,025 Loss (gain) on sale of real estate, net (11,847) (47,388) — FFO attributable to common s
Slide 21: EBITDA Reconciliation
Innovative Industrial Properties 21 EBITDA RECONCILIATION (1) Amounts represent non-refundable cash payments received pursuant to a seller-financed note issued by us in connection with our disposition of a certain property. As the transaction did not qualify for recognition as completed sales under
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