Innovative Industrial Properties FORWARD LOOKING STATEMENTS INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – AUGUST 2025 1 This presentation and our associated comments includes "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) that are subject to risks and uncertainties. In part ...

Company Overview - Innovative Industrial Properties (IIPR) is a NYSE-listed REIT providing real estate capital to the regulated cannabis industry, founded in 2016[10] - The company has a diversified portfolio of over $2.4 billion in cannabis real estate[19] - IIPR's portfolio includes 108 properties (103 operating) across 19 states, with 82 million rentable square feet[24] Financial Performance - The company's Q4 2023 annualized dividend was $728 per share[24] - IIPR's Q4 2023 total revenue was $792 million[24] - The company's debt to total gross assets is 12%[53] Market and Portfolio - The regulated cannabis sales are estimated to grow to $43 billion by 2027[10] - The company's portfolio is diversified across 19 states, with a focus on industrial properties (92% of annualized base rent)[31] - The top ten tenants represent approximately 76% of the company's annualized base rent[48]