EARNINGS SUPPLEMENTAL CONFIDENTIAL | Chicago Atlantic Advisers, LLC Important Disclosure Information For the fourth quarter and year ended December 31, 2025 REAL ESTATE FINANCE Forward Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), regarding future events and the future results of Chicago Atlantic Real Estate Financ ...

Core Viewpoint - Innovative Industrial Properties, Inc. (IIPR) is a leading real estate investment trust (REIT) focused on properties leased to state-licensed operators in the cannabis industry, facing significant competition and stock declines while maintaining a high dividend yield [1][6]. Financial Performance - IIPR is expected to report quarterly earnings on February 23, 2026, with an estimated earnings per share (EPS) of $1.81 and projected revenue of approximately $66.16 million [2]. - The company has experienced a stock decline of over 79% in the past five years and more than 37% in the last year, with a 15.4% year-over-year drop in Q3 revenue to $64.7 million and a 23% decrease in adjusted funds from operations (AFFO) to $1.60 per share [2]. - Anticipated fourth-quarter results are expected to show revenue of $66.1 million, down from $76.5 million in Q4 2024, with a consensus earnings prediction of $1.36 per share, matching the same quarter last year [3]. Future Outlook - Analysts project a return to revenue growth in 2026, with a consensus estimate of $269.7 million, reflecting a slight year-over-year increase of 1.5% compared to 2025 [4]. - Regulatory changes, such as the rescheduling of marijuana, could enhance the company's prospects, providing cautious optimism for IIPR's performance in 2026 [4]. Valuation Metrics - IIPR has a price-to-earnings (P/E) ratio of approximately 10.09, indicating the market's valuation of its earnings, and a price-to-sales ratio of about 4.64, reflecting the market's valuation of its revenue [5]. - The company maintains a relatively low debt-to-equity ratio of approximately 0.18, but the current ratio is around 0.91, suggesting potential challenges in covering short-term liabilities with short-term assets [5]. - Despite market challenges, IIPR offers a substantial dividend yield of 15.7%, which remains attractive to investors [4][6].