Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q1 2026 Earnings Presentation
27 slides from Innovative Industrial Properties's earnings presentation, May 4, 2026
Slide 1: First Quarter 2026 Supplemental Financial Information
Innovative Industrial Properties First Quarter 2026 Supplemental Financial Information
Slide 2: Table of Contents
Innovative Industrial Properties 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 EBITDA Reconciliation 10 Historical Net Income 11 His
Slide 3: Forward-Looking Statements
Innovative Industrial Properties 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 the
Slide 4: Company Overview
Innovative Industrial Properties 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 in
Slide 5: Quarterly Performance Summary
Innovative Industrial Properties Note: Dollars in thousands except for $/share or otherwise noted. All per share amounts are shown on a diluted basis. 1) Refer to “FFO, Normalized FFO, and AFFO Reconciliation” for additional details. 2) Reflects quarterly common stock dividend declared in the quarte
Slide 6: Balance Sheet
Innovative Industrial Properties , March 31, December 31, (In thousands, except share and per share amounts) 2026 2025 Assets Real estate, at cost: Land $145,104 $146,320 Buildings and improvements 2,269,439 2,269,597 Construction in progress 40,311 40,593 Total real estate, at cost 2,454,854 2,456,
Slide 7: Net Income
Innovative Industrial Properties For the Three Months Ended , March 31, (In thousands, except share and per share amounts) 2026 2025 Revenues: Rental (including tenant reimbursements) $68,920 $71,697 $68,920 $71,697 Other 76 25 76 25 Total revenues 68,996 71,722 68,996 71,722 Expenses: Property expe
Slide 8: Statements of Cash Flows
Innovative Industrial Properties For the Three Months Ended March 31, (In thousands) 2026 2025 Cash flows from operating activities Net income $32,809 $31,077 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 18,584 18,391 Impair
Slide 9: FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties For the Three Months Ended , March 31, (In thousands, except share and per share amounts) 2026 2025 Net income attributable to common stockholders $30,155 $30,296 $30,155 $30,296 Real estate depreciation and amortization 18,584 18,391 18,584 18,391 Impairment loss on
Slide 10: EBITDA Reconciliation
Innovative Industrial Properties For the Three Months Ended , March 31, (In thousands) 2026 2025 Net Income: $32,809 $31,077 $32,809 $31,077 Adjustments for EBITDA: Interest expense 6,431 4,500 6,431 4,500 Taxes (including corporate tax expense in G&A) 142 121 142 121 Depreciation and amortization e
Slide 11: Historical Net Income
Innovative Industrial Properties Historical Quarterly Results (In thousands, except share and per share amounts) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Revenues: Rental (including tenant reimbursements) $68,920 $66,631 $64,292 $62,866 $71,697 Other 76 26 393 25 25 Total revenues 68,996 66,657 64,68
Slide 12: Historical FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties 1) Amounts represent non-refundable cash payments received pursuant to two seller-financed notes issued by IIPR in connection with IIPR's disposition of certain properties. As the transactions did not qualify for recognition as completed sales under GAAP, the payment
Slide 13: Historical EBITDA Reconciliation
Innovative Industrial Properties Historical Quarterly Results (In thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Net Income $32,809 $31,841 $29,305 $26,024 $31,077 Adjustments for EBITDA: Interest expense 6,431 6,726 4,525 4,444 4,500 Taxes (including corporate tax expense in G&A) 142 1 (2) 88 1
Slide 14: Portfolio Data Highlights
Innovative Industrial Properties CANNABIS 93.0% LIFE SCIENCES 6.8% $315M BASE RENT / INTEREST(1) PORTFOLIO COMPOSITION 98% Leased Operating Portfolio $270M Financial Commitment to Life Science(3) PORTFOLIO HIGHLIGHTS 38 Tenants 12.4 Years Weighted Average Lease Length 8.9M Total Square Feet(4) 110 P
Slide 15: Geographic Concentration – Real Estate Portfolio
Innovative Industrial Properties Geographic Concentration – Real Estate Portfolio Note: As of March 31, 2026, values in thousands except for property count, $/PSF, or otherwise noted. Refer to “Definitions” for additional details. 1) Includes 303,000 square feet under development or redevelopment. 2
Slide 16: Annualized Base Rent and Income From Loans and Securities
Innovative Industrial Properties 67.0% 8.5% 24.5% Top 10 Tenants Income from Loans and Securities Other Annualized Base Rent and Income From Loans and Securities 1) Dollars in thousands. Refer to “Annualized Base Rent (“ABR”)” for additional details. 2) Based on “Annualized Base Rent and Income from
Slide 17: Capital Commitments and Dispositions
Innovative Industrial Properties Rentable Sale Total State Closing / Execution Square Feet Price(1) Sale / PSF Dispositions Arizona Feb - 26 2 $2,700 $1,350 Total / Wtd. Avg. 2 $2,700 $1,350 $49,100 $0 $5,570 $7,750 $270,000 Real Estate Loans and Securities Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3
Slide 18: Leasing Summary
Innovative Industrial Properties 0% 0% 1% 1% 3% 1% 0% 2% 9% 9% 73% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter # of Rentable Square Feet Tenant State Closing / Execution Leases # % of Total Portfolio Gramlin California Jan-26 1 204 2% Non-Cannabis Tenant California Jan-26 1 5 0% Gra
Slide 19: Property List
Innovative Industrial Properties Square Feet Invested 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 — 46 $10,100 $
Slide 20: Property List (Continued)
Innovative Industrial Properties Note: Subtotals and Totals include fractional amounts. Square footage and dollars in thousands except for $/PSF. “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which
Slide 21: Property List (Continued)
Innovative Industrial Properties Property List (Continued) Note: Subtotals and Totals include fractional amounts. Square footage and dollars in thousands except for $/PSF. “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distr
Slide 22: Loans and Securities
Innovative Industrial Properties 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 0.8 Years $22,800 $23,000 2 Harris Township Seller Financing(1
Slide 23: Capitalization Capital and Key Metrics
Innovative Industrial Properties As of As of Capitalization March 31, 2026 Investment Grade Bond Covenants(1) Thresholds March 31, 2026 Common Shares Outstanding 28,314,520 Total Debt to Adjusted Total Assets 60 % 13 % Share Price $50.16 Secured Debt to Adjusted Total Assets 40 % 3 % Debt Service Co
Slide 24: Debt Detail
Innovative Industrial Properties Maturity / Wtd. As of March 31, 2026 Investment Maturity Date Avg. Maturity Coupon Rate Effective Rate Commitment Principal Senior Secured Debt Revolving Credit Facility I(1) Oct-26 0.6 Years Prime + Spread 9.00 % $87,500 $— Revolving Credit Facility II(2) Oct-28 2.5
Slide 25: Analyst Coverage
Innovative Industrial Properties 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: m
Slide 26: Definitions
Innovative Industrial Properties 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 per
Slide 27: Definitions (Continued)
Innovative Industrial Properties 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 borrowings on the Revolving Credit Facilities. • Liquidity: Total liquidit
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