Innovative Industrial Properties (IIPR) Company presentation summary

Business overview and strategy

• Diversified REIT with $2.5B invested capital, focusing on cannabis and life sciences real estate across 19 U.S. states and 111 properties.

• Triple-net lease model with long-term, 15–20 year leases, minimizing recurring capital expenditures.

• Strategic $270M investment in life sciences via IQHQ, enhancing sector diversification and growth opportunities.

• Portfolio leased to 35+ tenants, with 90% industrial and 2% retail property mix.

• Management team with deep experience in regulated industries and real estate.

Financial performance and capital structure

• Q4 2025 revenue reached $66.7M, with over $1B in dividends paid since inception in 2016.

• AFFO per share grew at an 8% CAGR from 2020 to Q4 2025; dividends per share grew at 11% CAGR.

• Maintains a low-leverage balance sheet: 14% debt to total gross assets, $393.7M gross debt, and $105M+ liquidity.

• Investment grade BBB+ rating on $291.2M unsecured senior notes due 2026.

• Total return since inception exceeds 300%, outperforming major REIT and S&P 500 indices.

Portfolio composition and tenant base

• Top 10 states account for 89.4% of annualized base rent, with Pennsylvania, Illinois, and Massachusetts leading.

• Largest tenants include AWH, PharmaCann, Green Thumb, and Curaleaf; 66% of rent from public companies, 87% from multi-state operators.

• Cannabis properties comprise 93.2% of base rent, with life sciences at 6.6%, shifting toward greater diversification.

• Right of first offer on certain IQHQ asset sales and potential for warrants upon funding milestones.

• Diligent underwriting and ongoing monitoring processes focus on best-in-class operators and financial health.