Innovative Industrial Properties (IIPR) Investor presentation summary

Business overview and strategy

• Operates as a diversified REIT with investments in cannabis and life sciences, holding 108 properties across 19 U.S. states and $2.4B in total invested capital as of June 2026.

• Business model centers on long-term, triple-net leases, minimizing recurring capital expenditures and shifting revenue mix toward life sciences.

• Strategic $270M investment in IQHQ expands exposure to life sciences, with fully funded commitments and rights to future asset sales.

• Portfolio is diversified by geography, tenant, and property type, with 35+ tenants and a mix of industrial and retail assets.

• Focus on serving two high-growth markets: cannabis (projected 8% CAGR through 2030) and life sciences, both benefiting from regulatory and innovation tailwinds.

Financial performance and capital structure

• Q2 2026 total revenue reached $63.3M, with over $1.2B in dividends paid since inception and a 7% CAGR in AFFO/share from 2020 to Q2 2026.

• Maintains a strong balance sheet with 1.7x net debt to adjusted EBITDA and $300M in available liquidity.

• Raised $400M+ in exchangeable notes in June, with gross debt of $623.6M and common equity market capitalization of $1.7B.

• Dividend per share grew at a 9% CAGR from 2020 to Q2 2026, and total return since inception is 486%, outperforming major indices.

• AFFO and EBITDA reconciliations provided, highlighting adjustments for non-core and non-cash items.

Portfolio and market positioning

• Top 10 states account for 89% of annualized base rent, with Illinois, Pennsylvania, and Massachusetts leading.

• 90% of properties are industrial, primarily supporting regulated cannabis cultivation, processing, and distribution.

• Top tenants include AWH, PharmaCann, Green Thumb, and Curaleaf, with 62% public and 87% multi-state operators.

• Life sciences investments now represent 12.2% of base rent, with strong rent premiums and stabilizing market fundamentals.

• Underwriting emphasizes best-in-class operators, ongoing monitoring, and financial diligence.