Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q3 2026 Earnings Presentation
27 slides from Innovative Industrial Properties's earnings presentation, Nov 2, 2026
Slide 1: Third Quarter 2026 Supplemental Financial Information
Innovative Industrial Properties Third 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 3 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 t
Slide 4: Company Overview
Innovative Industrial Properties Alan Gold Executive Chairman Paul Smithers President, Chief Executive Officer & Director David Smith Chief Financial Officer & Treasurer Catherine Hastings Chief Operating Officer Ben Regin Chief Investment Officer Executive Management Company Overview Innovative Ind
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 , September 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 2,191,688 2,269,597 Construction in progress 35,041 40,593 Total real estate, at cost 2,368,018 2,4
Slide 7: Net Income
Innovative Industrial Properties For the Three Months Ended For the Nine Months Ended September 30, September 30, (In thousands, except share and per share amounts) 2026 2025 2026 2025 Revenues: Rental (including tenant reimbursements) $64,743 $64,292 $196,553 $198,855 Other 177 393 678 443 Total re
Slide 8: Statements of Cash Flows
Innovative Industrial Properties For the Nine Months Ended September 30, (In thousands) 2026 2025 Cash flows from operating activities Net income $108,556 $86,406 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 56,955 55,530 Im
Slide 9: FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties For the Three Months Ended For the Nine Months Ended September 30, September 30, (In thousands, except share and per share amounts) 2026 2025 2026 2025 Net income attributable to common stockholders $28,708 $28,288 $99,528 $83,730 Real estate depreciation and amortiz
Slide 10: EBITDA Reconciliation
Innovative Industrial Properties For the Three Months Ended For the Nine Months Ended September 30, September 30, (In thousands) 2026 2025 2026 2025 Net Income: $31,895 $29,305 $108,556 $86,406 Adjustments for EBITDA: Interest expense 11,820 4,525 26,599 13,469 Taxes (including corporate tax expense
Slide 11: Historical Net Income
Innovative Industrial Properties Historical Quarterly Results (In thousands, except share and per share amounts) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Revenues: Rental (including tenant reimbursements) $64,743 $62,890 $68,920 $66,631 $64,292 Other 177 425 76 26 393 Total revenues 64,920 63,315 68,
Slide 12: Historical FFO, Normalized FFO, and AFFO Reconciliation
Innovative Industrial Properties 1) Positive amounts reflect non-refundable cash payments received pursuant to seller-financed notes issued by us in connection with our disposition of certain properties. As the transactions did not qualify for recognition as completed sales under GAAP, the payments
Slide 13: Historical EBITDA Reconciliation
Innovative Industrial Properties Historical Quarterly Results (In thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Net Income $31,895 $43,852 $32,809 $31,841 $29,305 Adjustments for EBITDA: Interest expense 11,820 8,348 6,431 6,726 4,525 Taxes (including corporate tax expense in G&A) 1 66 142 1 (2
Slide 14: Portfolio Data Highlights
Innovative Industrial Properties Highlights CANNABIS 79.0% LIFE SCIENCES 20.8% $297M BASE RENT / INTEREST(1) PORTFOLIO COMPOSIT ION 90% Leased Operating Portfolio $545M Financial Investment in Life Science(3) PORTFOLIO HIGHLIGHTS 37 Tenants 10.8 Years Weighted Average Lease Length 8.4M Total Square
Slide 15: Geographic Concentration – Real Estate Portfolio
Innovative Industrial Properties Geographic Concentration – Real Estate Portfolio Note: As of September 30, 2026, values in thousands except for property count, $/PSF, or otherwise noted. Refer to “Definitions” for additional details. 1) Includes 202,000 square feet under development or redevelopmen
Slide 16: Annualized Base Rent and Annualized Income From Loans and Securities
Innovative Industrial Properties 58.6%25.0% 16.4% Top 10 Tenants Income from Loans and Securities Other Annualized Base Rent and Annualized Income From Loans and Securities Note: As of September 30, 2026, unless otherwise noted. 1) Dollars in thousands. Refer to “Annualized Base Rent (“ABR”)” for ad
Slide 17: Capital Commitments
Innovative Industrial Properties $5,570 $7,750 $270,000 $275,000 Real Estate Loans and Securities Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Capital Commitments Note: Values in thousands. For real estate, capital commitments consist of purchase prices of acquisitions and commitm
Slide 18: Leasing Summary
Innovative Industrial Properties 0% 0% 2% 1% 7% 2% 0% 1% 10% 10% 65% 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% G
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 4Front Ventures Illinois Matteson 8/3/2021 100.0 % 250 — 250 $71,684
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 0.3 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 September 30, 2026 Q3 2026 Net Debt to Annualized Adjusted EBITDA September 30, 2026 Common Shares Outstanding 27,570,861 Q3 2026 Adjusted EBITDA $67,479 Share Price $52.68 Annualized Q3 2026 Adjusted EBITDA(1) $269,916 Net Debt $569,209 Eq
Slide 24: Debt Detail
Innovative Industrial Properties Maturity / Wtd. As of September 30, 2026 Investment Maturity Date Avg. Maturity Coupon Rate Effective Rate Commitment Principal Senior Secured Debt Revolving Credit Facility I(1) Oct-26 0.1 Years Prime + Spread 9.00 % $87,500 $87,500 Revolving Credit Facility II(2) O
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) For the purposes of calculating FFO, Normalized FFO and AFFO per diluted share, the dilutive impact of the Exchangeable Notes under the if-converted method are excluded as management believes the evaluation of operating performance based on ac
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