Investor Presentation 11-02-2026

INNOVATIVE INDUSTRIAL PROPERTIES

NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION - NOVEMBER 2026

1

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a diversified REIT with investments across cannabis and life sciences

Total Invested Capital(1)

Total Properties

U.S.

States

Weighted Average Lease Length(2)

$64.9M

Q3 2026

Total Revenue

$1.2B+

Dividends Paid Since Inception in '16

$545M

Financial Investment in Life Science(3)

Note: Data as of September 30, 2026, unless otherwise noted.

1. Total Invested Capital: Includes (1) total investments in properties (consisting of purchase price and construction funding and improvements reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburse certain tenants and sellers for completion of construction and improvements at the properties and (3) includes Loans and Securities.

2. Weighted average lease length calculated by weighting each remaining lease term by the Annualized Base Rent ("ABR"). ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the last month in the quarter, by twelve.

3. $134M relating to the IQHQ mezzanine loan commitment has not yet been funded.

DIVERSIFIED BUSINESS MODEL

• $2.4B triple-net lease portfolio

• Strong initial yields with annual escalators

• $545M financial investment in life science industry(1)

  NICHE EXPERTISE

• Experience working with tenants and borrowers in heavily regulated industries

• Diligent underwriting process focused on best-in-class operators

• Seasoned management team with significant REIT experience

STRONG BALANCE SHEET

• One of the lowest leveraged REITs at 2.1x net debt to adjusted EBITDA

• Demonstrated access to multiple capital markets: $400M+ exchangeable notes raise and $50M+ preferred stock raise in '26

  GROWING MARKETS

• 8% CAGR projected in cannabis industry from 2025-2030E(2)

• AI-enabled discovery is broadening the life sciences market opportunity, reinforcing the need for specialized lab infrastructure(3)

  DIVERSIFIED PORTFOLIO

  • Properties across 19 U.S. states

  • Leased to 35+ tenants

  • Mix of industrial and retail properties

1. $134M relating to the IQHQ mezzanine loan commitment has not yet been funded.

2. Whitney Economics Cannabis Market Forecast (March 2026).

3. Cushman & Wakefield Life Sciences Update (September 2026).

   STRONG TRACK RECORD

   • 8% CAGR in AFFO/share 2020 - Q3'26 (Ann)(4)

   • Total return since inception in 2016 of 416%(5)

   • $1.2B+ in dividends paid since inception in 2016

4. Adjusted funds from operations ("AFFO") is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to AFFO is included in the "AFFO Reconciliation" found at the end of this presentation.

5. Per S&P Capital IQ Pro as of 9/30/2026.

   OUR BUSINESS MODEL & BENEFITS

   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 years for traditional industrial leases)

   • Leases generally subject to parent company guarantees covering operations throughout the U.S.

     Life Science Investments

   • IQHQ strategic investment announced in Q3'25

   • Target investments are with assets or real estate companies in major life science markets

     • Attractive spread to cost of capital

     • Enhances scale and diversification by industry and tenant

     • Provides growth opportunities in a large and growing sector

Note: Data as of September 30, 2026, unless otherwise noted.

PORTFOLIO COMPOSITION

LIFE SCIENCES

20.8%

OTHER

0.2%

$297M

BASE RENT

/ INTEREST(1)

Shifting Revenue Mix More Towards Life Sciences

CANNABIS

79.0%

(1) Annualized Base Rent and Annualized Income from Loans and Securities ("Base Rent / Interest") is calculated by adding Annualized Base Rent ("ABR") and Annualized Income from Loans and Securities. ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the last month in the quarter, by twelve. Annualized Income from Loans and Securities is calculated by multiplying the principal balance as of the end of quarter, by the weighted average interest rate.

NNN PORTFOLIO OVERVIEW

IIPR has a geographically diversified triple net portfolio of cannabis real estate throughout the United States

State Diversification(1)

Property Type(1)

2%

Retail

88%

Industrial(2)

10%

Industrial

/ Retail

0-5% 5-10% 10-20% No Presence

Note: Data as of September 30, 2026, unless otherwise noted.

1. As a % of Annualized Base Rent ("ABR"). ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the last month in the quarter, by twelve.

2. "Industrial" reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which can consist of industrial and/or greenhouse space.

NNN PORTFOLIO TOP 10 TENANTS

Total Real Estate Invested Capital & Tenant Growth(2)

Invested Capital # of Tenants

32

35

26

29

18

20

$2.3B

$2.4B

$2.5B

$2.5B

$2.4B

$2.0B

8

1

4

$1.3B

$690.0M

$30.0M

$73.3M

$167.4M

38 37

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9/30/26

Tenant Composition(3)

Company Type

71% Public 29% Private

Operator Type(4)

85% MSO 15% SSO

Note: Data as of September 30, 2026, unless otherwise noted.

1. As a % of Annualized Base Rent and Annualized Income from Loans and Securities ("Base Rent / Interest"). Annualized Base Rent and Annualized Income from Loans and Securities is calculated by adding Annualized Base Rent ("ABR") and Annualized Income from Loans and Securities. ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the last month in the quarter, by twelve. Annualized Income from Loans and Securities is calculated by multiplying the principal balance as of the end of quarter, by the weighted average interest rate.

2. Each "Tenant" represents the parent company of the tenant, for which the parent company has provided a corporate guaranty. A parent company may have multiple tenant subsidiaries across IIPR's properties. Total Real Estate Invested Capital includes (1) total investments in properties (consisting of purchase price and construction funding and improvements reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburse certain tenants and sellers for completion of construction and improvements at the properties and (3) excludes Loans and Securities.

3. As a % of Annualized Base Rent ("ABR"). Excludes non-cannabis tenants that comprise less than 1% of ABR in the aggregate.

4. "MSO" stands for Multi-State Operator which means the tenant (or guarantor) conducts cannabis operations in more than one state. "SSO" stands for Single-State Operator which means the tenant (or guarantor) conducts cannabis operations in a single state.

5. These leases are in default, as disclosed in our 8-K filed on March 28, 2025.

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 a $270M total commitment, comprised of:

    • $100M investment in a 3-year revolving credit facility: 13.5% yield

    • $170M investment in preferred stock: 15.0% yield

  • IIPR has a right of first offer on certain future asset sales of IQHQ

  • Investment is fully funded as of June 2026

  • Invested an additional $30M in preferred stock in September 2026

• Diversification and Life Science Expertise

  • Improves sector diversification beyond cannabis-related assets

  • IIPR's management team has decades of combined experience in the life science real estate industry

392,000 SF

PHASE I

78%

LEASED

PREMIER CLASS A CAMPUS

• High-quality, purpose-built life science campus owned by IQHQ, Inc. and situated in one of the world's leading life science clusters with nearly $800M invested prior to IIPR's transaction(1)

• Phase I is comprised of 3 buildings, totals 392,000 SF and is 78% leased to Lila Sciences, a Cambridge, MA based AI-enabled next-generation scientific discovery company

STRATEGIC & ACCRETIVE INVESTMENT

• $245M mezzanine investment expected to yield an average interest rate of 15.8% over the term, subject to a floor of 14%

• Maturity of Feb. '28 with a one-year extension option

• Loan is secured by pledged equity interests in the entities that own the Alewife Park campus

• $111M initial funding and $134M expected to be funded through Q4'27; potential to expand total investment to $400M at IIPR's option on the same terms

• Further improves IIPR diversification and increases life science exposure to 26% of the Company's income(2)

• Total investment is expected to be funded with cash on hand and draws on the Company's revolving credit facilities, and is expected to be highly accretive to AFFO per share

Please refer to the Company's 8K filed on October 1, 2026 for a complete description of the terms and conditions of this investment.

1. Based on IQHQ, Inc.'s management information and estimates.

2. Based on the Company's annualized base rent and annualized income from loans and securities as of September 30, 2026, for the full deployment of the $245M investment. Actual income will depend on the timing and amount of future advances, which are subject to conditions precedent. This investment is a mezzanine debt position, and not a direct investment in life science real property.

%

Net Debt to Total Gross Assets(1)

$142M

Liquidity Available (3)

Net Debt to Ann. Adj. EBITDA Ratio (2)

Debt Overview

Revolving Credit Facilities:

• $187.5M total commitment,

  Term Loans:

• $121.6M total outstanding

  Exchangeable Senior Notes:

• $402.5M of 6.00% exchangeable senior notes, maturing June 2029

• Exchangeable for cash, common stock, or a combination (at IIPR's option)

Capital Structure(4)

Gross Debt, $711.6M

Common Equity Market Capitalization, $1.5B

Preferred Equity, $141.7M

Debt Maturity Schedule

$69.6M

$402.5M

2026

2027

2028

2029

2030

$52.0M

Thereafter

Exchangeable Senior Notes Term Loans

Credit Facilities

Note: As of September 30, 2026, unless otherwise noted. Debt maturities represent the principal balance.

1. Net Debt to Total Gross Assets is calculated as Net Debt divided by Total Gross Assets. Net Debt is calculated as Gross Debt less total cash and cash equivalents. Gross Debt is calculated as the sum of the principal amount outstanding under the revolving credit facilities, term loans, and exchangeable senior notes. Total Gross Assets is calculated as total assets plus accumulated depreciation.

2. Net Debt to Annualized Adjusted EBITDA Ratio is calculated by dividing Net Debt by Annualized Quarterly Adjusted EBITDA. Annualized Quarterly Adjusted EBITDA is calculated by multiplying the most recently reported quarterly Adjusted EBITDA by four. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to Annualized Adjusted EBITDA is included in the "EBITDA Reconciliation" found at the end of this presentation.

3. Total liquidity consists of cash and cash equivalents (each as reported in IIPR's consolidated balance sheet as of quarter end) and availability under IIPR's revolving credit facilities.

4. Share price per S&P Capital IQ Pro as of 9/30/2026. Gross Debt is calculated as the sum of the principal amount outstanding under the revolving credit facilities, term loans, and exchangeable senior notes. Subsequent to the quarter end, the maturity was extended to January 2027 for Revolving Credit Facility I.

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)

9% CAGR

(2)

8% CAGR

(2)

310%

Greater Return than RMZ

$7.60

$4.47

$7.84

$5.01

88%

2020 Q3'26 (Ann) 2020 Q3'26 (Ann)

1. Adjusted funds from operations ("AFFO") is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to AFFO is included in the "AFFO Reconciliation" found at the end of this presentation.

2. "CAGR" represents compound annualized growth rate for the relevant metric.

3. Per S&P Capital IQ Pro as of 9/30/2026. RMZ represents the MSCI US REIT Index.

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 2% decline for the U.S. Spirits Market to $36.4 billion in the same period(1)

• Federal Rescheduling: April 2026 reclassification of medical cannabis to Schedule III may remove 280E tax burdens for qualifying operators and potentially improves cash flow, with additional industry benefits expected as rescheduling progresses

• Expansion of Legalization: Approximately 79% of Americans live in a county where marijuana is legal for either recreational or medical use and 53% of Americans live in a state where the recreational use of marijuana is legal(2)

• Stabilizing Fundamentals: Tenant demand has returned to pre-pandemic baseline levels, signaling a durable floor for leasing activity(3)

• AI & Drug Discovery Expansion: Adoption of AI and increased licensing activity are accelerating innovation cycles, creating new and expanding occupier demand(4)

• Limited New Supply: Limited future class A new build is expected to tighten leasing markets as companies continue to expand their U.S. operations(3)

Cannabis Industry Revenue Comparison(1)

Total U.S. & Life Sciences / Biotech Employment Growth(5)

$60B

$40B

$20B

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

$0B

2025 US

Spirits Market

2025 US

Beer Market

2025 US

Wine Market

Est. 2025 US Legal Cannabis Sales

$43B

$36B

$36B

$29B

$13B

Projected 2030 US Legal Cannabis Sales Forecast

1.25

1.20

1.15

Index

1.10

1.05

1.00

Jul-21

0.95

Total Nonfarm Physical, Engineering, & Life Science R&D Biotech R&D

1. Whitney Economics Cannabis Market Forecast (March 2026), Distilled Spirits Council of the United States, MJBiz Factbook Quarterly Update (Q1 2026).

2. Pew Research Center (May 2026).

3. CBRE 2026 U.S. Life Sciences Trends (March 2026).

4. Cushman & Wakefield Life Sciences Update (September 2026).

5. U.S. Bureau of Labor Statistics (June 2026). Indexed to 1.0 in July 2021.

U.S. CANNABIS MARKET CONTINUES TO GROW

Long Term Growth Outlook

Regulatory Developments & Rescheduling

8% CAGR

Estimated Legal Cannabis Sales by 2030(1)

U.S. Population in States with an IIPR Presence(2)

U.S. adults say marijuana should be legal at some

level(3)

• 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, establishing federal oversight and recognition

• 280E may no longer apply to qualified medical licensees, potentially driving meaningful cash flow improvement and potential retrospective tax relief

• DEA will evaluate broader changes to marijuana's federal status

Industry Revenue Projection(1)

Growing U.S. Legalization(4)

$43B

$29B

2025 2026E 2027E 2028E 2029E 2030E

1. Whitney Economics Cannabis Market Forecast (March 2026).

2. 2020 US Census Data.

3. Pew Research Center (May 2026).

4. National Conference of State Legislatures (https://www.ncsl.org), MJBizDaily (mjbizdaily.com).

Adult-Use Medical-Use Other, N/A

LIFE SCIENCES MARKET OPPORTUNITY

Strong Life Science Rent Premiums vs Office Rents(1)

Construction Pipeline Decelerating(1)

+37%

All U.S.

Office Life Science

Boston

+67%

Office Life Science

San Diego

+59%

Office Life Science

40

Millions of Square Feet

35

30

25

20

15

10

5

Q1'21

Q2'21

Q3'21

Q1'25

Q2'25

0

Inventory Under Construction

16% 17%

14%

12%

10%

8% 8%

7% 7%

8% 8%

9% 9%

9%

7%

6%

4%

3%

4%

3%

2% 2%

Q4'21

Q1'22

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Q4'24

Under Construction % of Total Inventory

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

Q3'25

Q4'25

Q1'26

Q2'26

-%

U.S. Life Sciences Research Funding Stabilizes(1)(2)

Drug Approvals(3)

$250

Funding (in $Billions)

$200

$150

$100

$50

$-

Funding by Source

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026 YTD

FDA Novel Drug Approvals

2010 2012 2014 2016 2018 2020 2022 2024 2026 0 5 10 15 20 25 30 35 40 45 50 55 60 65

U.S. VC Funding NIH Pharma R&D (Domestic)

1. Cushman & Wakefield Life Sciences Update (September 2026).

2. 2026 is an estimated full year of funding.

3. U.S. Food and Drug Administration.

H1 H2

UNDERWRITING & MONITORING

Diligent underwriting process with a focus on best-in-class operators

Ability to

Raise Capital

• Experienced management team

• Alignment of management within ownership of the business

• Evaluation of the macro environment surrounding strategic capital raising in the tenants' and borrowers' prospective markets

• History of successful capital raising and a cash balance on hand today

• Evaluation of financial projections utilizing existing knowledge of industry dynamics

• Detailed review of financial statements, strategic initiatives, and growth plans

• Quarterly financial and operational review of all properties

• Meetings with tenants to talk through operations and financials

EXECUTIVE CHAIRMAN & CO-FOUNDER

Alan Gold

Executive Chairman & Co-Founder

Co-founded Alexandria Real Estate Equities (NYSE: ARE) in 1994 and served as President and a director until 1998

• Invests in office buildings and laboratories leased to life science and technology companies

Co-founder of BioMed Realty Trust (formerly NYSE: BMR); served as Chairman and CEO from inception of its predecessor in 1998 through BMR's sale in 2016

• Owner and operator of high-quality life science real estate

• Previously publicly traded investment grade REIT

Co-founder of IQHQ, Inc.; served as Executive Chairman from December 2018 until December 2024

• Privately-held life science real estate company with over $5B of total assets

EXECUTIVE MANAGEMENT TEAM

Paul Smithers

President, CEO and Co-Founder

• 35+ years of legal and regulatory experience

• Previously co-founded Iso Nano International, LLC

David Smith

CFO and Treasurer

• 20+ years of finance and real estate experience

• Former CFO of Aventine Property Group and New Senior Investment Group (NYSE: SNR)

Catherine Hastings

COO

• 25+ years of accounting and real estate experience

• Former VP, Internal Audit of BioMed Realty

Ben Regin

CIO

• 20+ years of real estate and accounting experience

• Former Senior Associate, Investments and Asset Management at BioMed Realty

1

2

3

Diversified real estate portfolio across 19 states with 35+ tenants

4

5

6

Innovative Industrial Properties 18

Innovative Industrial Properties 19

AFFO RECONCILIATION

Note: During the year ended December 31, 2025, IIPR revised its presentation of Normalized FFO to include two adjustments related to income on seller-financed notes and deferred lease payments received on sales-type leases that were previously reflected in adjusted funds from operations ("AFFO"), which has been reflected for all periods presented. Management believes this change better aligns the Company's presentation with its assessment of core operating performance and improves comparability with industry peers. Items included in calculating FFO that may be excluded in calculating Normalized FFO include certain transaction-related gains, losses, income or expense or other non-core amounts as they occur.

1. Amounts reflect non-refundable cash payments received pursuant to a seller-financed note issued by us in connection with our disposition of a property. As the transaction did not qualify for recognition as completed sales under GAAP, the payments received are recorded as a deposit liability and included in other liabilities on our consolidated balance sheet.

2. Amounts reflects the non-refundable lease payments received on two sales-type leases which are recognized as a deposit liability and is included in other liabilities in our consolidated balance sheets as the transaction did not qualify for recognition as a completed sale.

3. Amounts reflects other items that are considered to be infrequent and unusual in nature and/or not related to our core real estate operations.

Innovative Industrial Properties

20