Innovative Industrial Properties (IIPR) Investor presentation summary

Business overview and portfolio

• Diversified REIT with $2.5B invested capital, 110 properties across 19 states, and $69M Q1 2026 revenue.

• Portfolio is 93% cannabis, 6.8% life sciences, and 0.2% other, with a weighted average lease length of 12.4 years.

• Over $1B in dividends paid since 2016 inception; $270M committed to life sciences.

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

Investment highlights and strategy

• Triple-net lease model with long-term, parent-guaranteed leases and no recurring capex.

• Strong initial yields, annual escalators, and diligent underwriting focused on best-in-class operators.

• $270M investment in IQHQ for life sciences, with 13.5%–15% yields and right of first offer on asset sales.

• 8% CAGR projected for cannabis industry (2025–2030); AI-driven growth in life sciences.

Financial performance and balance sheet

• 7% CAGR in AFFO/share and 9% CAGR in dividends/share from 2020 to Q1 2026.

• Total return since inception exceeds 360%, outperforming RMZ and S&P 500.

• Debt to total gross assets at 13%, with $176M+ liquidity and investment grade BBB+ rating.

• $291.2M unsecured senior notes due May 2026 and $187.5M revolving credit facility.