Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Investor Presentation (February 2026)
19 slides from Innovative Industrial Properties's investor presentation, Feb 23, 2026
Slide 1: Innovative Industrial Properties Company Presentation February 2026
INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.CON COMPANY PRESENTATION - FEBRUARY 2026
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS | This presentation ad our associated comments includes “forward-looking statements" (within the meaning of the Private Secures Litigation Reform Act of 1995, Section 27Aof the Securities Act of 1933, a amended, and Section 21€ ofthe Securities Exchange Act of 1934, as ame
Slide 3: IIPR at a Glance
IIPR AT A GLANCE (P) Innovative Industrial Properties, Inc. (NYSE: IIPR) is a diversified REIT with investments across cannabis and life sciences © a © $2.5B 111 aD 12.8 Years Total Total US. Weighted Invested Properties States Average Lease Capital”) Length $66.7M Q4 2025 Total Revenue $1B+ Dividen
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS DIVERSIFIED BUSINESS MODEL + $2.58 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 + Demonstrated access to multiple capital markets + Oct’25
Slide 5: Our Business Model & Benefits
OUR BUSINESS MODEL & BENEFITS (4 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 ye
Slide 6: NNN Portfolio Overview
NNN PORTFOLIO OVERVIEW IPR has a geographically diversified triple net portfolio of cannabis real estate throughout the United States || Tinos 20.307 Ta. 7 365 Property Type”) \ IB... 90% 2% State Diversification" Industrial?) Retail Industrial / Retail HE 0.5 EN 510% BE 10-15% No Presence
Slide 7: NNN Portfolio: Top Tenants
NNN PORTFOLIO TOP 10 TENANTS Total Invested Capital & Tenant Growth(?) — H $31,393 10.7% o TBranwacann 212 99% 364 7 sxe $240 258 (reen © Thumb 22,998 78% 668 3 E 20,986 711% 582 8 aaa SEtruliove 19.958 68% 740 6 e700" “caNNipIeT 18581 63% 388 21 ssoom s7aam St674M So sven sas = " r ree ar ae er ae
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 + In August 2025, announced
Slide 9: Strong, Low Leveraged Balance Sheet
STRONG, LOW LEVERAGED BALANCE SHEET Le) \= 10.4x $105M+ Debt Service Coverage Ratio\”) Liquidity Available i i 0 Debt Overview Capital Structure! Revolving Credit Facil Gross Debt $393.7 nmitment, $60,0M available arte Coptateaton S138 Unsecured Senior Notes: ing BBB+ from Egan Jones, sir cured seni
Slide 10: Strong, Long-Term AFFO and Dividend Track Record
STRONG, LONG-TERM AFFO AND DIVIDEND TRACK RECORD ( EEO ANDIDIVIDENDITRACKIRECORD ) Total Returns Since IIPR Inception 319% AFFO Per Share") 264% a oe" ao 4.5x Greater Sap Return than a RMZ sear 71% 2020 (04°25 (Ann) 2020 (04°25 (Ann)
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 US. Life Science Market continues to see strong growth in vvs. a 1% decline for the U.S. Spirits Mark
Slide 12: U.S. Cannabis Market Continues to Grow
U.S. CANNABIS MARKET CONTINUES TO GROW ( Long Term Growth Outlook ) ( Increased Banking Services | + Increasing trend in FDIC banks offering services to marijuana-related @ e business ("MRBs") (from 2014 to 2024) reaching an all-time high of ~139% of the total number of banks in 2024 $44B 68% 87% +
Slide 13: Life Sciences Market Opportunity
LIFE SCIENCES MARKET OPPORTUNITY ( Strong Life Science Rent Premiums vs Office Rents\") ) ( Construction Pipeline Decelerating" | ailus Boston San Diege Inventory Under Construction | rly | 7 F iil lit ( Companies Ramping Investment?) } ( Strong Pipeline of Potential New Approvals) ] U.S. Life Scien
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 MiExperienced preVeltaton(otthalmacro + Evaluation of financial + Quarterly financial and management team environmen
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-Foun CFO and Treasurer cox cic + 35+ years of legal and + 20+ years of finance and real + 25+ years of accounting and + 20+ years of realestate and regulatory experience estate experience real est
Slide 17: Why Invest in IIPR
WHY INVEST IN IIPR 000000 lone vative industil Propenes 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 ea
Slide 18: Appendix
APPENDIX
Slide 19: AFFO Reconciliation
AFFO RECONCILIATION Net income attributable to common stockholders $30,705 $122,820 $64,378 Real estate depreciation and amortization 18,538 74,152 28,025 Loss on sale of real estate 326 11304 FFO attributable to common stockholders $49,569 $198,276 $92,403 Financing expense : 21 Acquisition-related
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