Innovative Industrial Properties, Inc. · NYSE:IIPR
Innovative Industrial Properties — Q3 2026 Earnings Presentation
21 slides from Innovative Industrial Properties's earnings presentation, Nov 3, 2026
Slide 1: Innovative Industrial Properties Company Presentation – November 2026
INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – NOVEMBER 2026 Innovative Industrial Properties 1
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS 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 1934, a
Slide 3: IIPR at a Glance
IIPR AT A GLANCE Innovative Industrial Properties, Inc. (NYSE: IIPR) is a diversified REIT with investments across cannabis and life sciences $2.9B 108 19 10.8 Years Total Total U.S. Weighted Invested Properties States Average Lease Capital(1) Length(2) $64.9M $1.2B+ $545M Q3 2026 Dividends Paid Fin
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS NICHE EXPERTISE DIVERSIFIED BUSINESS MODEL • Experience working with tenants and • $2.4B triple-net lease portfolio borrowers in heavily regulated industries • Strong initial yields with annual escalators • Diligent underwriting process focused on • $545M financial investment i
Slide 5: Our Business Model & Benefits
OUR BUSINESS MODEL & BENEFITS NNN Leases PORTFOLIO COMPOSITION • Leases are generally 100% triple-net ⚬ No recurring capital expenditures during lease term LIFE SCIENCES ⚬ All property expenses paid by the tenant, including 20.8% capital repairs, property taxes and property insurance OTHER 0.2% • Ty
Slide 6: NNN Portfolio Overview
NNN PORTFOLIO OVERVIEW IIPR has a geographically diversified triple net portfolio of cannabis real estate throughout the United States State ABR ($000s)(1) %(1) # of Properties Square Feet (000s) Illinois $41,261 18.5% 7 965 Massachusetts 36,107 16.2% 10 993 Pennsylvania 32,619 14.7% 10 1,361 Michig
Slide 7: NNN Portfolio Top Tenants
NNN PORTFOLIO TOP 10 TENANTS Tenant ABR ($000s) (%)(1) Square Feet (000s) # of Leases Total Real Estate Invested Capital & Tenant Growth(2) $32,184 10.8% 624 4 Invested Capital # of Tenants 38 37 35 32 29 23,247 7.8% 664 3 26 20 $2.4B $2.5B $2.5B 18 $2.3B $2.4B 23,101 7.8% 637 8 $2.0B 8 4 1 20,492 6
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: Alewife Park Investment
ALEWIFE PARK INVESTMENT $245M mezzanine loan commitment for Alewife Park, a master-planned life science campus in Cambridge, MA comprised of 3 existing buildings totaling 392,000 SF and 2 pad-ready sites with up to 364,000 SF of development potential PREMIER – High-quality, purpose-built life scienc
Slide 10: Strong, Low Leveraged Balance Sheet
STRONG, LOW LEVERAGED BALANCE SHEET % 19% 2.1x $142M Net Debt to Total Gross Assets(1) Net Debt to Ann. Adj. EBITDA Ratio (2) Liquidity Available (3) Debt Overview Capital Structure(4) Gross Debt, $711.6M Revolving Credit Facilities: • • $187.5M total commitment, $0.0M available Term Loans: • • $121
Slide 11: Strong, Long-Term AFFO and Dividend Track Record
STRONG, LONG-TERM AFFO AND DIVIDEND TRACK RECORD AFFO AND DIVIDEND TRACK RECORD Total Returns Since IIPR Inception(3) 416% Dividends Per Share AFFO Per Share(1) 310% IIPR (2) (2) G R AGR 4.7x CA C Greater 9% $7.60 8% Return than $7.84 RMZ S&P 500 $4.47 $5.01 88% RMZ 2020 Q3'26 (Ann) 2020 Q3'26 (Ann)
Slide 12: 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 reached $29.1 billion in 2025 vs. a • Stabilizing Fundamentals: Tenant demand has returned to pre-pandemic baseline 2% decline for the U.S. Spirits Market to $36.4
Slide 13: U.S. Cannabis Market Continues to Grow
U.S. CANNABIS MARKET CONTINUES TO GROW Long Term Growth Outlook Regulatory Developments & Rescheduling • FDA-approved cannabis products and state-licensed medical marijuana was reclassified to Schedule III in April 2026 • State-licensed medical operators may now be eligible for DEA registration, est
Slide 14: Life Sciences Market Opportunity
LIFE SCIENCES MARKET OPPORTUNITY Strong Life Science Rent Premiums vs Office Rents(1) Construction Pipeline Decelerating(1) Inventory Under Construction All U.S. Boston San Diego 40 20% 17% 16% 18% Millions of Square Feet 35 7% % 14% 16% +3 7 % 9 30 +5 12% +6 25 10% 14% 9% 9% 9% 12% 20 8% 8% 8% 8% 1
Slide 15: Underwriting & Monitoring
UNDERWRITING & MONITORING Diligent underwriting process with a focus on best-in-class operators Review of Ability to Financial Underwriting Ongoing Management Raise Capital Monitoring • Experienced • Evaluation of the macro • Evaluation of financial • Quarterly financial and management team environm
Slide 16: 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 17: Executive Management Team
EXECUTIVE MANAGEMENT TEAM Seasoned leadership team with extensive experience in real estate investment, asset management, and capital allocation. Paul Smithers David Smith Catherine Hastings Ben Regin President, CEO and Co-Founder CFO and Treasurer COO CIO • 35+ years of legal and regulatory • 20+ y
Slide 18: Why Invest in IIPR
WHY INVEST IN IIPR Powerful triple-net lease model with structured 1 long-term cash flows Strong balance sheet with access to growth 2 capital Diversified real estate portfolio across 19 states 3 with 35+ tenants Solid capital allocation track record enabling 4 robust earnings and dividend distribut
Slide 19: Appendix
APPENDIX Innovative Industrial Properties 19
Slide 20: AFFO Reconciliation
AFFO RECONCILIATION Q3 2026 FY 2020 (In thousands, except share and per share amounts) Actual Annualized Actual Net income attributable to common stockholders $28,708 $114,832 $64,378 Real estate depreciation and amortization 19,572 78,288 28,025 Impairment loss on real estate 567 2,268 — FFO attrib
Slide 21: EBITDA Reconciliation
EBITDA RECONCILIATION Q3 2026 (In thousands) Actual Annualized Net Income: $31,895 $127,580 Adjustments for EBITDA: Interest expense 11,820 47,280 Taxes (including corporate tax expense in G&A) 1 4 Depreciation and amortization expense 19,572 78,288 Above-market lease amortization 23 92 Non-cash acc
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