Innovative Industrial Properties (IIPR) Company presentation summary

Portfolio and operating model

• $2.4B triple-net lease portfolio with 108 properties across 19 U.S. states, 35+ tenants and a 10.8-year weighted average lease term.

• Leases are generally 100% triple-net, with 15–20-year initial terms; tenants pay property expenses, including capital repairs, taxes and insurance.

• Annualized base rent and interest totaled $297M at Sep. 30, 2026: cannabis 79.0%, life sciences 20.8% and other 0.2%.

• Total invested capital was $2.9B; financial investment in life sciences was $545M, including an IQHQ mezzanine commitment with $134M yet to be funded at the stated date.

• More than $1.2B in dividends has been paid since 2016.

Life sciences investments

• IQHQ investment announced in Aug. 2025 totaled $270M: a $100M revolving credit facility at a 13.5% yield and $170M in preferred stock at a 15.0% yield; fully funded by June 2026.

• An additional $30M was invested in IQHQ preferred stock in Sep. 2026; the investment includes a right of first offer on certain future asset sales.

• Alewife Park mezzanine loan commitment totals $245M, with an expected 15.8% average interest rate and 14% floor; maturity is Feb. 2028 with a one-year extension option.

• Alewife Park Phase I totals 392,000 SF and is 78% leased to Lila Sciences; $111M was initially funded, with $134M expected through Q4 2027 and an option to expand investment to $400M.

• Full deployment of the Alewife investment is expected to raise life sciences exposure to 26% of income; actual income depends on the timing and amount of advances.

Balance sheet and returns

• Net debt was 19% of total gross assets and 2.1x annualized adjusted EBITDA; available liquidity was $142M as of Sep. 30, 2026.

• Gross debt totaled $711.6M, including $402.5M of 6.00% exchangeable senior notes due June 2029; capital raises in 2026 included $400M+ in exchangeable notes and $50M+ in preferred stock.

• Annualized Q3 2026 AFFO per share was $7.84 versus $5.01 in 2020, representing an 8% CAGR; annualized dividends per share were $7.60 versus $4.47, a 9% CAGR.

• Total return since 2016 inception was 416%, versus 88% for the MSCI US REIT Index and 310% for the S&P 500, as of Sep. 30, 2026.