Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q2 2026 Earnings Presentation
27 slides from Innovative Industrial Properties's earnings presentation, Aug 3, 2026
Slide 1: Second Quarter 2026 Supplemental Financial Information
Innovative Industrial Properties Second 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 , June 30, December 31, (In thousands, except share and per share amounts) 2026 2025 Assets Real estate, at cost: Land $141,289 $146,320 Buildings and improvements 2,189,885 2,269,597 Construction in progress 34,769 40,593 Total real estate, at cost 2,365,943 2,456,5
Slide 7: Net Income
Innovative Industrial Properties For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2026 2025 2026 2025 Revenues: Rental (including tenant reimbursements) $62,890 $62,866 $131,810 $134,563 Other 425 25 501 50 Total revenues 63,315
Slide 8: Statements of Cash Flows
Innovative Industrial Properties For the Six Months Ended June 30, (In thousands) 2026 2025 Cash flows from operating activities Net income $76,661 $57,101 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 37,383 36,891 Impairmen
Slide 9: FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2026 2025 2026 2025 Net income attributable to common stockholders $40,665 $25,146 $70,820 $55,442 Real estate depreciation and amortization 18,79
Slide 10: EBITDA Reconciliation
Innovative Industrial Properties For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands) 2026 2025 2026 2025 Net Income: $43,852 $26,024 $76,661 $57,101 Adjustments for EBITDA: Interest expense 8,348 4,444 14,779 8,944 Taxes (including corporate tax expense in G&A) 66 88
Slide 11: Historical Net Income
Innovative Industrial Properties Historical Quarterly Results (In thousands, except share and per share amounts) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Revenues: Rental (including tenant reimbursements) $62,890 $68,920 $66,631 $64,292 $62,866 Other 425 76 26 393 25 Total revenues 63,315 68,996 66,6
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) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net Income $43,852 $32,809 $31,841 $29,305 $26,024 Adjustments for EBITDA: Interest expense 8,348 6,431 6,726 4,525 4,444 Taxes (including corporate tax expense in G&A) 66 142 1 (2) 8
Slide 14: Portfolio Data Highlights
Innovative Industrial Properties Highlights CANNABIS 87.6% LIFE SCIENCES 12.2% $325M BASE RENT / INTEREST(1) PORTFOLIO COMPOSIT ION 96% Leased Operating Portfolio $270M Financial Investment in Life Science PORTFOLIO HIGHLIGHTS 37 Tenants 11.9 Years Weighted Average Lease Length 8.4M Total Square Fee
Slide 15: Geographic Concentration – Real Estate Portfolio
Innovative Industrial Properties Geographic Concentration – Real Estate Portfolio Note: As of June 30, 2026, values in thousands except for property count, $/PSF, or otherwise noted. Refer to “Definitions” for additional details. 1) Includes 240,000 square feet under development or redevelopment. 2)
Slide 16: Annualized Base Rent and Annualized Income From Loans and Securities
Innovative Industrial Properties 62.9% 16.1% 21.0% Top 10 Tenants Income from Loans and Securities Other Annualized Base Rent and Annualized Income From Loans and Securities Note: As of June 30, 2026, unless otherwise noted. 1) Dollars in thousands. Refer to “Annualized Base Rent (“ABR”)” for additi
Slide 17: Capital Commitments and Dispositions
Innovative Industrial Properties Rentable Sale Total State Closing / Execution Square Feet Price(1) Sale / PSF Dispositions Texas May-26 63 $3,267 $52 New York May-26 389 88,500 228 Total / Wtd. Avg. 452 $91,767 $203 $5,570 $7,750 $270,000 Real Estate Loans and Securities Q3 2024 Q4 2024 Q1 2025 Q2
Slide 18: Leasing Summary
Innovative Industrial Properties 0% 0% 2% 1% 4% 2% 0% 2% 8% 10% 71% 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% Gr
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 Secured Notes 6/25/2021 0.5 Years $22,800 $23,000 2 Harrison Township Seller Financing(1) Sec
Slide 23: Capital and Key Metrics
Innovative Industrial Properties As of As of Capitalization June 30, 2026 Q2 2026 Net Leverage June 30, 2026 Common Shares Outstanding 27,571,349 Q2 2026 Adjusted EBITDA $62,041 Share Price $61.98 Annualized Q2 2026 Adjusted EBITDA(1) $248,164 Net Debt $418,867 Equity Market Capitalization $1,708,87
Slide 24: Debt Detail
Innovative Industrial Properties Maturity / Wtd. As of June 30, 2026 Investment Maturity Date Avg. Maturity Coupon Rate Effective Rate Commitment Principal Senior Secured Debt Revolving Credit Facility I(1) Oct-26 0.3 Years Prime + Spread 9.00 % $87,500 $— Revolving Credit Facility II(2) Oct-28 2.3
Slide 25: Analyst Coverage
Innovative Industrial Properties Analyst Coverage Analyst Research Firm 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: mr
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) The Exchangeable Notes were dilutive for purposes of calculating earnings per diluted share for the three and six months ended June 30, 2026 as GAAP requires convertible notes that can be settled in cash and/or shares at our discretion to be e
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