Form 8-K

8-K — INNOVATIVE INDUSTRIAL PROPERTIES INC

Accession: 0001104659-26-055008

Filed: 2026-05-04

Period: 2026-05-04

CIK: 0001677576

SIC: 6500 (REAL ESTATE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2613523d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2613523d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2613523d1_ex99-2.htm)

EX-99.3 — EXHIBIT 99.3 (tm2613523d1_ex99-3.htm)

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UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to

Section 13 or 15(d)

of the Securities

Exchange Act of 1934

Date of

Report (Date of earliest event reported): May 4, 2026

Innovative Industrial

Properties, Inc.

(Exact name

of registrant as specified in its charter)

Maryland

001-37949

81-2963381

(State or Other Jurisdiction

of Incorporation)

(Commission

File No.)

(I.R.S. Employer

Identification No.)

1389 Center

Drive, Suite 200

Park City, Utah

84098

(Address of

principal executive offices, including zip code)

Registrant’s

telephone number, including area code: (858) 997-3332

Check the appropriate box below if

the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

(see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant

to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company

If an emerging growth company, indicate by check mark if the

registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

IIPR

New York Stock Exchange

Series A Preferred Stock, par value $0.001 per share

IIPR-PA

New York Stock Exchange

Item 2.02

Results of Operations and Financial Condition.

On May 4, 2026, Innovative Industrial Properties,

Inc. (the “Company”) issued a press release regarding its financial results for the first quarter ended March 31, 2026. A

copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On May 4, 2026, the Company posted on its website,

www.innovativeindustrialproperties.com, certain supplemental financial information for the first quarter ended March 31, 2026, which

is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

Item 7.01

Regulation FD Disclosure.

On May 4, 2026, the Company posted an investor

presentation to its website located at http://investors.innovativeindustrialproperties.com. A copy of the investor presentation

is attached hereto as Exhibit 99.3 and is incorporated by reference herein.

The information contained in this Current Report,

including Exhibits 99.1, 99.2 and 99.3 referenced herein, is being furnished and shall not be deemed “filed” for purposes

of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such

information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless

of any general incorporation language in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number

Description

of Exhibit

99.1

Press

Release issued by Innovative Industrial Properties, Inc. on May 4, 2026.

99.2

Supplemental Financial Information for the quarter ended March 31, 2026.

99.3

Innovative Industrial Properties, Inc. Investor Presentation dated May 4, 2026.

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Date: May 4, 2026

INNOVATIVE

INDUSTRIAL PROPERTIES, INC.

By:

/s/

David Smith

Name:

David Smith

Title:

Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2613523d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Innovative Industrial Properties Reports First

Quarter 2026 Results

$128 Million

of Equity and Debt Capital Raised Year-To-Date

Executed Leases

for 389,000 Square Feet Year-To-Date

SAN DIEGO, CA – May 4, 2026 – Innovative Industrial

Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today results for the first quarter ended March 31,

2026.

Executive Chairman Remarks

“We are encouraged by the pace of leasing activity year-to-date,

including nearly 400,000 square feet of executed leases, which underscores the ongoing demand for our properties," said Alan Gold,

Executive Chairman of IIP. "At the same time, we have taken deliberate steps to fortify our balance sheet through equity and debt

capital raising activity, and have additional secured and unsecured debt financings underway totaling nearly $130 million, to be used

to address our upcoming bond maturity and position us for growth.”

First Quarter 2026 and Second Quarter to Date Highlights

Financial Results and Dividend

• Total revenues of $69.0 million and net income attributable to common stockholders of $30.2 million, or $1.02 per diluted share (all

per share amounts in this press release are reported on a diluted basis unless otherwise noted).

• Adjusted funds from operations ("AFFO") of $53.4 million, or $1.88 per share

• Declared dividends to common stockholders totaling $1.90 per share. Since its inception, IIP has paid over $1.1 billion in common

stock dividends to its stockholders.

Three Months Ended

March 31, 2026

March 31, 2025

(in thousands, except per share amounts)

Amount

Per Share

Amount

Per Share

Net income attributable to common stockholders

$ 30,155

$ 1.02

$ 30,296

$ 1.03

Normalized FFO

50,585

1.78

52,761

1.85

AFFO

53,434

1.88

55,332

1.94

__________________________________________________________________

Definitions of the above-mentioned non-GAAP financial measures,

together with reconciliations to net income in accordance with GAAP and other definitions of capitalized terms used herein, appear at

the end of this release.

IQHQ Investment

• As of March 31, 2026, the Company had funded an aggregate of $150.0 million of its strategic investment in IQHQ, Inc., consisting

of a fully funded $100.0 million revolving credit facility and $50.0 million of Series G preferred equity. Subsequent to quarter end,

the Company funded an additional $25.0 million of Series G preferred equity. The Company remains committed to funding up to an additional

$95.0 million of preferred equity, in multiple tranches through the second quarter of 2027.

Portfolio - Leasing

• In January 2026, executed a 204,000 square foot full-building lease in Desert Hot Springs, California with Gramlin, a private California

operator.

• In March 2026, executed a 5,000 square foot lease in Palm Springs, California.

• In March 2026, executed a 56,000 square foot full-building lease in Palm Springs, California with Gramlin, a private California operator.

• In March 2026, executed a 66,000 square foot full-building lease in Dwight, Illinois with Grown Rogue, a public multi-state operator.

• In April 2026, executed a 58,000 square foot full-building lease in Buckeye Lake, Ohio with Curaleaf, a public multi-state operator.

Portfolio - Tenant Updates

• The following table summarizes payments received from certain defaulted tenants during the periods presented and the corresponding

per share impact (in thousands, except per share amounts):

Three Months Ended

December

31, 2025

Three Months Ended

March

31, 2026

Q2'26 To Date

Tenant

Total Payments

Per Share(1)

Total Payments

Per Share(1)

Total Payments

Per Share(1)

Gold Flora

$ 3,738

$ 0.13

$ 1,500

$ 0.05

$ —

PharmaCann

242

0.01

3,244

0.11

850

0.03

4Front

—

225

0.01

400

0.01

Total

$ 3,980

$ 0.14

$ 4,969

$ 0.17

$ 1,250

$ 0.04

___________________________________________________________________

(1) For the three months ended December 31, 2025, the weighted-average common stock outstanding was 28,303,530 shares. For the three months

ended March 31, 2026, the weighted-average common stock outstanding was 28,467,184 shares, which was also used to calculate the total

payments per share for the period Q2'26 To Date.

• PharmaCann

• During the first quarter of 2026, the Ohio and Pennsylvania courts released $1.7 million and $1.3 million, respectively, to the Company

comprised of the rent payments previously required to be escrowed with the court by PharmaCann.

• As previously disclosed, the Company has resolved all pending litigation with PharmaCann with respect to PharmaCann's prior lease

defaults. The settlement agreement that the Company has entered into with PharmaCann includes monetary judgments for amounts owed by PharmaCann

under the leases for New York, Ohio and Pennsylvania and mandates the turnover of these properties to the Company by May 20, 2026 for

the New York and Pennsylvania properties and by May 26, 2026 for the Ohio property.

• As noted above in "Portfolio - Leasing", the Company has executed new leases for its properties in Ohio and Illinois that

were previously leased to PharmaCann.

• Gold Flora

• During the first quarter of 2026, the Company received $1.5 million in settlement of all remaining unpaid administrative rents due

from the receivership.

• The Company has executed lease agreements for the three properties previously leased by Gold Flora, executing a lease agreement for

its 70,000 Palm Springs property in November 2025, executing a lease agreement for its 204,000 square foot Desert Hot Springs property

in January 2026, and executing a lease agreement for its 56,000 square foot Palm Springs property in March 2026.

• 4Front

• The Company has reached tentative arrangements with prospective new tenants for the four assets leased to 4Front, including a 250,000

square foot asset in Illinois, a 114,000 square foot asset in Washington, and two assets in Massachusetts totaling 124,000 square feet.

Each of these arrangements is subject to customary diligence and licensing processes and are expected to go into effect at the conclusion

of receivership proceedings, expected by year end 2026.

Balance Sheet Highlights (at March 31, 2026)

• 13% debt to total gross assets, with $2.8 billion in total gross assets.

• Total liquidity was $176.6 million, consisting of cash and cash equivalents (as reported in IIP’s consolidated balance sheet

as of March 31, 2026) and availability under IIP’s revolving credit facility.

• Debt service coverage ratio of 11.6x (calculated in accordance with IIP’s 5.50% Unsecured Senior Notes due 2026).

Financing Activity

• Preferred Stock

• In total, the Company has raised $70.9 million in net proceeds from preferred stock issuances year-to-date comprised of the following:

• During the quarter ended March 31, 2026, the Company issued 2,698,523 shares its of 9.00% Series A Preferred Stock under its

ATM Program for $60.3 million in net proceeds.

• Subsequent to March 31, 2026, the Company issued an additional 506,628 shares of its 9.00% Series A Preferred Stock under its

ATM Program for $10.6 million in net proceeds.

• Common Stock

• In total, the Company has raised $34.9 million in net proceeds from common stock issuances year-to-date comprised of the following:

• During the quarter ended March 31, 2026, the Company issued 178,655 shares of its common stock under its ATM Program for $9.3

million in net proceeds.

• Subsequent to March 31, 2026, the Company issued an additional 514,950 shares of its common stock under its ATM Program for $25.6

million in net proceeds.

• Note Repurchase

• Subsequent to March 31, 2026, the Company repurchased $9.1 million of the Company’s 5.50% Unsecured Notes at a discount

to par.

• Secured Debt

• Subsequent to March 31, 2026, the Company closed on a $20.0 million, three-year secured term loan which bears interest at a fixed

rate of 9.0%.

Financial Results

For the three months ended March 31, 2026, IIP generated total revenues

of $69.0 million, compared to $71.7 million for the same period in 2025, a decrease of 3.8%. The decline was primarily driven by a $6.9

million decrease related to tenant defaults, partially offset by increases due to annual contractual rent escalations, rental revenue

related to the property acquired in February 2025 and new leases executed on existing properties.

For the three months ended March 31, 2026, the Company applied $1.2

million of security deposits for payment of rent on properties leased to Battle Green and The Cannabist Company. For the three months

ended March 31, 2025, we applied $5.8 million of security deposits for payment of rent on properties leased to PharmaCann, Gold Flora,

TILT and Sozo.

For the three months ended March 31, 2026, interest and other income

increased by $4.6 million to $6.3 million compared to $1.6 million for the three months ended March 31, 2025. The increase was primarily

driven by the recognition of $5.5 million of interest and dividend income related to our financial investments in IQHQ. The increase was

partially offset by lower income from interest-bearing investments as a result of lower invested balances and lower interest rates earned

on those balances.

Dividend

On March 13, 2026, the Board of Directors declared a first quarter

2026 dividend of $1.90 per common share, representing an annualized dividend of $7.60 per common share. The dividend was paid on April 15,

2026 to stockholders of record as of March 31, 2026.

Supplemental Information

Supplemental financial information is available in the Investor Relations

section of IIP’s website at www.innovativeindustrialproperties.com.

Teleconference and Webcast

Innovative Industrial Properties, Inc. will conduct a conference call

and webcast at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) on Tuesday, May 5, 2026 to discuss IIP’s financial results

and operations for the first quarter ended March 31, 2026. The call will be open to all interested investors through a live audio

webcast at the Investor Relations section of IIP’s website at www.innovativeindustrialproperties.com, or live by calling 1-800-715-9871

(domestic) or 1-646-307-1963 (international) and asking to be joined to the Innovative Industrial Properties, Inc. conference call. The

complete webcast will be archived for one year on IIP’s website. A telephone playback of the conference call will also be available

from 12:00 p.m. Pacific Time on Tuesday, May 5, 2026 until 8:59 p.m. Pacific Time on Tuesday, May 12, 2026, by calling 1-800-770-2030

(domestic), or 1-609-800-9909 (international) and using access code 5072512. The website replay will be posted in the Investor Relations

section of innovativeindustrialproperties.com.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a real estate investment

trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Additional

information is available at www.innovativeindustrialproperties.com.

This press release contains statements that IIP believes to be “forward-looking

statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements

other than historical facts are forward-looking statements. When used in this press release, words such as IIP “expects,”

“intends,” “plans,” “estimates,” “anticipates,” “believes” or “should”

or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Forward-looking statements

in this press release include, but are not limited to, statements regarding potential transactions, including proposed leases of our properties

and potential debt financings, the consummation of which remains subject to the negotiation and execution of definitive documentation,

satisfaction of customary closing conditions and other contingencies, including those relating to receivership sale processes. Such forward-looking

statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied

by, such statements. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other

factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements.

Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors

discussed in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company’s

subsequent reports filed with the Securities and Exchange Commission. Accordingly, there is no assurance that the Company's expectations

will be realized. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information,

future events or otherwise, except as required by federal securities laws.

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands,

except share and per share amounts)

March 31,

December 31,

Assets

2026

2025

Real estate, at cost:

Land

$ 145,104

$ 146,320

Buildings and improvements

2,269,439

2,269,597

Construction in progress

40,311

40,593

Total real estate, at cost

2,454,854

2,456,510

Less accumulated depreciation

(361,093 )

(343,062 )

Net real estate held for investment

2,093,761

2,113,448

Life science investments

153,980

152,665

Construction loan receivable

22,800

Cash and cash equivalents

89,117

47,597

In-place lease intangible assets, net

6,155

6,366

Other assets, net

28,167

27,982

Total assets

$ 2,393,980

$ 2,370,858

Liabilities and stockholders’ equity

Liabilities:

Notes due 2026, net

$ 290,981

$ 290,602

Revolving credit facilities

75,000

102,500

Building improvements and construction funding payable

851

2,964

Accounts payable and accrued expenses

14,702

10,870

Dividends payable

57,100

54,913

Rent received in advance and tenant security deposits

50,060

50,307

Other liabilities

10,746

10,698

Total liabilities

499,440

522,854

Commitments and contingencies

Stockholders’ equity:

Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation preference of $25.00 per share, 4,718,048 and 2,019,525 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

108,081

47,780

Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,314,520 and 28,022,975 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

2,123,710

2,113,184

Dividends in excess of earnings

(337,279 )

(312,988 )

Total stockholders’ equity

1,894,540

1,848,004

Total liabilities and stockholders’ equity

$ 2,393,980

$ 2,370,858

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

For the Three

Months Ended March 31, 2026 and 2025

(Unaudited)

(In thousands,

except share and per share amounts)

For the Three Months Ended

March 31,

2026

2025

Revenues:

Rental (including tenant reimbursements)

$ 68,920

$ 71,697

Other

Total revenues

68,996

71,722

Expenses:

Property expenses

7,576

7,379

General and administrative expense

10,349

8,461

Depreciation and amortization expense

18,584

18,391

Impairment loss on real estate

—

3,527

Total expenses

36,509

37,758

Gain (loss) on sale of real estate

422

—

Income from operations

32,909

33,964

Interest and other income

6,331

1,613

Interest expense

(6,431 )

(4,500 )

Net income

32,809

31,077

Preferred stock dividends

(2,654 )

(781 )

Net income attributable to common stockholders

$ 30,155

$ 30,296

Net income attributable to common stockholders per share:

Basic

$ 1.04

$ 1.05

Diluted

$ 1.02

$ 1.03

Weighted-average shares outstanding:

Basic

27,991,910

28,275,549

Diluted

28,467,184

28,588,022

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

FFO, NORMALIZED FFO AND AFFO

For the Three

Months Ended March 31, 2026 and 2025

(Unaudited)

(In thousands,

except share and per share amounts)

For the Three Months Ended

March 31,

2026

2025

Net income attributable to common stockholders

$ 30,155

$ 30,296

Real estate depreciation and amortization

18,584

18,391

Impairment loss on real estate

—

3,527

Loss (gain) on sale of real estate

(422 )

—

FFO attributable to common stockholders (basic and diluted)

48,317

52,214

Litigation-related expense

1,870

406

Loss (gain) on partial repayment of Notes due 2026

—

(32 )

Income on seller-financed notes(1)

223

153

Deferred lease payments received on sales-type leases(2)

175

Normalized FFO attributable to common stockholders (diluted)

50,585

52,761

Stock-based compensation

2,584

2,078

Non-cash interest expense

576

470

Non-cash accretion of life science investments

(334 )

—

Above-market lease amortization

AFFO attributable to common stockholders (diluted)

$ 53,434

$ 55,332

FFO per common share – diluted

$ 1.70

$ 1.83

Normalized FFO per common share – diluted

$ 1.78

$ 1.85

AFFO per common share – diluted

$ 1.88

$ 1.94

Weighted average common shares outstanding – basic

27,991,910

28,275,549

Restricted stock and RSUs

475,274

312,473

Weighted average common shares outstanding – diluted

28,467,184

28,588,022

____________________________________________________________________

(1) Amounts reflects non-refundable cash payments received pursuant to seller-financed notes issued by us in connection with our disposition

of certain properties. As the transactions did not qualify for recognition as completed sales under GAAP, the payments are recorded as

a deposit liability and included in other liabilities on our consolidated balance sheet.

(2) Amount reflects the non-refundable lease payments received on two sales-type leases which are recognized as a deposit liability starting

on January 1, 2024, and is included in other liabilities in our consolidated balance sheets as of March 31, 2026 and December 31,

2025 as the transaction did not qualify for recognition as a completed sale.

Non-GAAP Financial Measures

Funds From Operations (FFO)

FFO and FFO per share are operating performance

measures adopted by the National Association of Real Estate Investment Trusts, Inc. (NAREIT). NAREIT defines FFO as the most commonly

accepted and reported measure of a REIT’s operating performance equal to net income, computed in accordance with accounting principles

generally accepted in the United States (GAAP), excluding gains (or losses) from sales of property, depreciation, amortization and impairment

related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures. IIP also excludes from FFO

any disposition-contingent lease termination fee received in connection with a property sale.

Management believes that net income, as defined

by GAAP, is the most appropriate earnings measurement. However, management believes FFO and FFO per share to be supplemental measures

of a REIT’s performance because they provide an understanding of the operating performance of IIP's properties without giving effect

to certain significant non-cash items, primarily depreciation expense. Historical cost accounting for real estate assets in accordance

with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically

risen or fallen with market conditions. IIP believes that by excluding the effect of depreciation, FFO and FFO per share can facilitate

comparisons of operating performance between periods. IIP reports FFO and FFO per share because these measures are observed by management

to also be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs and because FFO per share is

consistently reported, discussed, and compared by research analysts in their notes and publications about REITs. For these reasons, management

has deemed it appropriate to disclose and discuss FFO and FFO per share.

Normalized Funds from Operations (Normalized FFO)

IIP computes Normalized FFO by adjusting FFO,

as defined by NAREIT, to exclude certain GAAP income and expense amounts that management believes are infrequent and unusual in nature

and/or not related to IIP's core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity

REIT industry, and management believes that presentation of Normalized FFO and Normalized FFO per share provides investors with a metric

to assist in their evaluation of IIP's operating performance across multiple periods and in comparison to the operating performance of

other companies, because it removes the effect of unusual items that are not expected to impact IIP's operating performance on an ongoing

basis. Normalized FFO is used by management in evaluating the performance of IIP's core business operations.

Adjusted Funds from Operations (AFFO)

Management believes that AFFO and AFFO per share

are also appropriate supplemental measures of a REIT’s operating performance. IIP calculates AFFO by adjusting Normalized FFO for

certain non-cash items.

IIP’s computation of FFO, Normalized FFO

and AFFO may differ from the methodology for calculating FFO, Normalized FFO and AFFO utilized by other equity REITs and, accordingly,

may not be comparable to such REITs. Further, FFO, Normalized FFO and AFFO do not represent cash flow available for management’s

discretionary use. FFO, Normalized FFO and AFFO should not be considered as an alternative to net income (computed in accordance with

GAAP) as an indicator of IIP’s financial performance or to cash flow from operating activities (computed in accordance with GAAP)

as an indicator of IIP’s liquidity, nor is it indicative of funds available to fund IIP’s cash needs, including IIP’s

ability to pay dividends or make distributions. FFO, Normalized FFO and AFFO should be considered only as supplements to net income computed

in accordance with GAAP as measures of IIP’s operations.

Definitions

Debt: Calculated as the sum of the carrying value of the Notes

due 2026 and the Revolving Credit Facilities, as presented on IIP's consolidated balance sheet as of March 31, 2026.

Gross Assets: Calculated as total assets plus accumulated depreciation,

as presented on IIP's consolidated balance sheet as of March 31, 2026.

Company Contact:

David Smith

Chief Financial Officer

Innovative Industrial Properties, Inc.

(858) 997-3332

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2613523d1_ex99-2.htm · Sequence: 3

Exhibit

99.2

Innovative Industrial Properties

First Quarter 2026

Supplemental Financial Information

Innovative Industrial Properties

Overview

Forward-Looking Statements

Company Overview

Financial Information

Quarterly Performance Summary

Balance Sheet

Net Income

Statements of Cash Flows

FFO, Normalized FFO, and AFFO Reconciliation

EBITDA Reconciliation 10

Historical Net Income 11

Historical FFO, Normalized FFO, and AFFO Reconciliation 12

Historical EBITDA Reconciliation 13

Portfolio Data

Highlights 14

Geographic Concentration – Real Estate Portfolio 15

Annualized Base Rent and Income From Loans and Securities 16

Capital Commitments and Dispositions 17

Leasing Summary 18

Property List 19 — 21

Loans and Securities 22

Capitalization

Capital and Key Metrics 23

Debt Detail 24

Analyst Coverage 25

Definitions 26 — 27

Table of Contents

Innovative Industrial Properties

Forward-Looking Statements

This Supplemental Financial Information Package 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 particular, statements pertaining to our capital resources,

portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth in our funds from operations and anticipated market and

regulatory conditions, our strategic direction, demographics, results of operations, plans and objectives are forward-looking statements. Forward-looking statements involve numerous risks and

uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may

not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). You can identify forward-looking statements by

the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or the negative of these words and

phrases or similar words or phrases. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. You can also identify forward-looking

statements by discussions of strategy, plans or intentions. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in

the forward-looking statements: rates of default on leases for our assets; our ability to re-lease properties upon tenant defaults or lease terminations for the rent we currently receive, or at all;

concentration of our portfolio of assets and limited number of tenants; the estimated growth in and evolving market dynamics of the regulated cannabis market; anticipated funding sources for our

investment in the preferred stock of IQHQ, Inc. ("IQHQ"); defaults on our investments in real estate-related assets, such as the IQHQ credit facility and IQHQ preferred stock; our ability to identify,

acquire, or profitably operate life science properties; market dynamics in the life science sector; the demand for regulated cannabis cultivation and processing facilities; decreased economic activity

due to fluctuations in trade policies, tariffs, and related government actions; inflation dynamics; the impact of pandemics on us, our business, our tenants, or the economy generally; war and other

hostilities, including the conflicts in Ukraine, Iran, and Israel; our business and investment strategy; our projected operating results; actions and initiatives of the U.S. or state governments and changes

to government policies and the execution and impact of these actions, initiatives and policies, including the fact that cannabis remains illegal under federal law; availability of suitable investment

opportunities in the regulated cannabis industry; our understanding of our competition and our potential tenants’ alternative financing sources; the expected medical-use or adult-use cannabis

legalization in certain states; shifts in public opinion regarding regulated cannabis; the potential impact on us from litigation matters, and governmental inquiries, investigations, subpoenas, or

enforcement actions, including rising liability and insurance costs; the additional risks that may be associated with certain of our tenants cultivating, processing and/or dispensing adult-use cannabis in

our facilities; the state of the U.S. economy generally or in specific geographic areas; economic trends and economic recoveries; our ability to access equity or debt capital; financing rates for our

target assets; our level of indebtedness, which could reduce funds available for other business purposes and reduce our operational flexibility; our ability to refinance or extend our existing

indebtedness; covenants in our debt instruments, which may limit our flexibility and adversely affect our financial condition; our ability to maintain our investment grade credit rating; changes in the

values of our assets; our expected portfolio of assets; our expected investments; interest rate mismatches between our assets and our borrowings used to fund such investments; changes in interest

rates and the market value of our assets; the degree to which any interest rate or other hedging strategies may or may not protect us from interest rate volatility; the impact of and changes in

governmental regulations, tax law and rates, accounting guidance and similar matters; how and when any forward equity sales may settle; our ability to maintain our qualification as a real estate

investment trust (“REIT”) for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act of 1940; availability of qualified personnel;

and market trends in our industry, interest rates, real estate values, the securities markets or the general economy.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including, but not limited to, those risk factors described in our

Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) under Item 1A, as supplemented by the discussion in

Item 1A of Part II of our subsequent Quarterly Reports on Form 10-Q. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and

rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on our

business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Any forward-looking

statement made by us speaks only of the date on which we make it. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information,

future events or otherwise, except as may be required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information

presented in our filings and reports.

This supplemental financial information package includes certain non-GAAP financial measures. These non-GAAP measures are presented for supplemental information and should not be considered

a substitute for financial information presented in accordance with GAAP. The definition of these non-GAAP measures is set forth under the section entitled "Definitions." Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are set forth in sections entitled “FFO, Normalized FFO, and AFFO Reconciliation” and “EBITDA Reconciliation.”

Market and industry data are included in this presentation. We have obtained substantially all of this information from internal studies, public filings, other independent published industry sources and

market studies prepared by third parties. We believe these internal studies, public filings, other independent published industry sources and market studies prepared by third parties are reliable.

However, this information may prove to be inaccurate. No representation or warranty is made as to the accuracy of such information. All amounts shown in this report are unaudited. This

Supplemental Financial Information Package is not an offer to sell or solicitation to buy securities of Innovative Industrial Properties, Inc. Any offers to sell or solicitations to buy securities of Innovative

Industrial Properties, Inc. shall be made only by means of a prospectus approved for that purpose.

Innovative Industrial Properties

Senior Management

Company Overview

Innovative Industrial Properties, Inc. (NYSE: IIPR) is an internally managed real estate investment trust (REIT) focused on the acquisition, ownership

and management of specialized industrial properties and financial investments in the life science industry. As of March 31, 2026, we owned 110

properties comprising an aggregate of approximately 8.9 million rentable square feet in 19 states. For additional information, please visit

www.innovativeindustrialproperties.com.

Board of Directors Contact Information

Alan Gold

Executive Chairman

Paul Smithers

President, Chief Executive Officer & Director

David Smith

Chief Financial Officer & Treasurer

Catherine Hastings

Chief Operating Officer

Ben Regin

Chief Investment Officer

Tracie Hager

Senior Vice President, Asset Management

Kelly Spicher

Senior Vice President, Real Estate Counsel

Andy Bui

Vice President, Chief Accounting Officer

Alan Gold

Director, Executive Chairman

Paul Smithers

Director, President & Chief Executive Officer

Gary Kreitzer*

Vice Chairman, Nominating and Corporate

Governance Committee Chair

Scott Shoemaker, MD*

Director, Compensation Committee Chair

David Boyle*

Director, Audit Committee Chair

Note: * Denotes independent director

Corporate Headquarters – Innovative

Industrial Properties, Inc.

11440 West Bernardo Court, STE 100

San Diego, California 92127

858-997-3332

Public Markets Detail

Ticker: IIPR

Exchange: NYSE

Website

www.innovativeindustrialproperties.com

www.linkedin.com/company/innovative-industrial-properties

Investor Relations Contact

Eli Kanter

Director, Finance

eli.kanter@iipreit.com

Innovative Industrial Properties

Note: Dollars in thousands except for $/share or otherwise noted. All per share amounts are shown on a diluted basis.

1) Refer to “FFO, Normalized FFO, and AFFO Reconciliation” for additional details.

2) Reflects quarterly common stock dividend declared in the quarter.

3) Calculated by dividing the common stock dividend declared per share by AFFO per common share – diluted.

4) Dollars in billions.

$1.85

$1.60 $1.60

$1.78 $1.78

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

$71,722

$62,891 $64,685 $66,657 $68,996

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Historical Quarterly Results

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Total Revenues $68,996 $66,657 $64,685 $62,891 $71,722

General and administrative expense $10,349 $7,967 $8,681 $8,626 $8,461

General and administrative expense / total revenues 15 % 12 % 13 % 14 % 12 %

Net income attributable to common stockholders $30,155 $30,705 $28,288 $25,146 $30,296

Net income attributable to common stockholders – diluted (“EPS”) $1.02 $1.06 $0.97 $0.86 $1.03

Funds from operations attributable to common stockholders – diluted (“FFO”)(1) $48,317 $49,569 $46,927 $43,646 $52,214

FFO per common share – diluted(1) $1.70 $1.75 $1.66 $1.54 $1.83

Normalized FFO attributable to common stockholders – diluted (“Normalized FFO”)(1) $50,585 $50,377 $45,156 $45,228 $52,761

Normalized FFO per common share – diluted(1) $1.78 $1.78 $1.60 $1.60 $1.85

Adjusted funds from operations attributable to common stockholders – diluted (“AFFO”)(1) $53,434 $53,333 $48,348 $48,399 $55,332

AFFO per common share – diluted(1) $1.88 $1.88 $1.71 $1.71 $1.94

Common stock dividend per share(2) $1.90 $1.90 $1.90 $1.90 $1.90

AFFO Payout Ratio(3) 101 % 101 % 111 % 111 % 98 %

Total Invested Capital(4) $2.5B $2.5B $2.5B $2.5B $2.5B

% Leased – Operating Portfolio 97.8 % 96.7 % 95.8 % 98.6 % 98.4 %

Quarterly Performance Summary

$1.94

$1.71 $1.71 $1.88 $1.88

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Total Revenues Normalized FFO(1) AFFO(1)

Innovative Industrial Properties

, March 31, December 31,

(In thousands, except share and per share amounts) 2026 2025

Assets

Real estate, at cost:

Land $145,104 $146,320

Buildings and improvements 2,269,439 2,269,597

Construction in progress 40,311 40,593

Total real estate, at cost 2,454,854 2,456,510

Less accumulated depreciation (361,093) (343,062)

Net real estate held for investment 2,093,761 2,113,448

Life science investments 153,980 152,665

Construction loan receivable 22,800 22,800

Cash and cash equivalents 89,117 47,597

In-place lease intangible assets, net 6,155 6,366

Other assets, net 28,167 27,982

Total assets $2,393,980 $2,370,858

Liabilities and stockholders’ equity

Liabilities:

Notes due 2026, net $290,981 $290,602

Revolving credit facilities 75,000 102,500

Building improvements and construction funding payable 851 2,964

Accounts payable and accrued expenses 14,702 10,870

Dividends payable 57,100 54,913

Rent received in advance and tenant security deposits 50,060 50,307

Other liabilities 10,746 10,698

Total liabilities 499,440 522,854

Stockholders’ equity:

Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, liquidation

preference of $25.00 per share, 4,718,048 and 2,019,525 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 108,081 47,780

Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,314,520 and 28,022,975 shares issued and outstanding at March 31, 2026

and December 31, 2025, respectively 28 28

Additional paid-in capital 2,123,710 2,113,184

Dividends in excess of earnings (337,279) (312,988)

Total stockholders’ equity 1,894,540 1,848,004

Total liabilities and stockholders’ equity $2,393,980 $2,370,858

Balance Sheet

Innovative Industrial Properties

For the Three Months Ended

, March 31,

(In thousands, except share and per share amounts) 2026 2025

Revenues:

Rental (including tenant reimbursements) $68,920 $71,697 $68,920 $71,697

Other 76 25 76 25

Total revenues 68,996 71,722 68,996 71,722

Expenses:

Property expenses 7,576 7,379 7,576 7,379

General and administrative expense 10,349 8,461 10,349 8,461

Depreciation and amortization expense 18,584 18,391 18,584 18,391

Impairment loss on real estate — 3,527 — 3,527

Total expenses 36,509 37,758 36,509 37,758

Gain (loss) on sale of real estate 422 — 422 —

Income from operations 32,909 33,964 32,909 33,964

Interest and other income 6,331 1,613 6,331 1,613

Interest expense (6,431) (4,500) (6,431) (4,500)

Net income 32,809 31,077 32,809 31,077

Preferred stock dividends (2,654) (781) (2,654) (781)

Net income attributable to common stockholders $30,155 $30,296 $30,155 $30,296

Net income attributable to common stockholders per share:

Basic $1.04 $1.05 $1.04 $1.05

Diluted $1.02 $1.03 $1.02 $1.03

Weighted-average shares outstanding:

Basic 27,991,910 28,275,549 27,991,910 28,275,549

Diluted 28,467,184 28,588,022 28,467,184 28,588,022

Net Income

Innovative Industrial Properties

For the Three Months Ended

March 31,

(In thousands) 2026 2025

Cash flows from operating activities

Net income $32,809 $31,077

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Depreciation and amortization 18,584 18,391

Impairment loss on real estate

— 3,527

Loss (gain) on sale of real estate (422)

—

Paid-in-kind dividends and interest income on life science investments (1,002)

—

Stock-based compensation 2,584 2,078

Amortization of debt discount and issuance costs 576 470

Other non-cash adjustments (300) (11)

Changes in assets and liabilities

Other assets, net (527) 906

Accounts payable, accrued expenses and other liabilities 3,976 1,577

Rent received in advance and tenant security deposits (247) (3,773)

Net cash provided by (used in) operating activities 56,031 54,242

Cash flows from investing activities

Investments in real estate

— (7,857)

Proceeds from sale of real estate asset 2,608

—

Funding of draws for improvements and construction (2,949) (9,041)

Purchases of short-term investments

— (5,258)

Maturities of short-term investments

— 5,000

Net cash provided by (used in) investing activities (341) (17,156)

Cash flows from financing activities

Issuance of common stock, net of issuance costs 9,281

—

Repurchase of common stock

— (290)

Issuance of preferred stock, net of issuance costs 60,301 9,186

Draws on revolving credit facilities 5,000

—

Repayments on revolving credit facilities (32,500)

—

Principal payment on debt

— (8,697)

Dividends paid to common stockholders (53,777) (54,253)

Dividends paid to preferred stockholders (1,136) (564)

Taxes paid related to net share settlement of equity awards (1,339) (703)

Net cash provided by (used in) financing activities (14,170) (55,321)

Net increase (decrease) in cash and cash equivalents 41,520 (18,235)

Cash and cash equivalents, beginning of period 47,597 146,245

Cash and cash equivalents, end of period $89,117 $128,010

Supplemental disclosure of cash flow information:

Cash paid during the period for interest, net of interest capitalized $2,017 $81

Supplemental disclosure of non-cash investing and financing activities:

Accrual for current-period additions to real estate $96 $6,093

Accrual for common and preferred stock dividends declared 57,100 55,244

Statements of Cash Flows

Innovative Industrial Properties

For the Three Months Ended

, March 31,

(In thousands, except share and per share amounts) 2026 2025

Net income attributable to common stockholders $30,155 $30,296 $30,155 $30,296

Real estate depreciation and amortization 18,584 18,391 18,584 18,391

Impairment loss on real estate — 3,527 — 3,527

Loss (gain) on sale of real estate asset (422) — (422) —

FFO attributable to common stockholders (basic and diluted) 48,317 52,214 48,317 52,214

Litigation-related expense 1,870 406 1,870 406

Loss (gain) on partial repayment of Notes due 2026 — (32) — (32)

Income on seller-financed notes(1) 223 153 223 153

Deferred lease payments received on sales-type leases(2) 175 20 175 20

Normalized FFO attributable to common stockholders (diluted) 50,585 52,761 50,585 52,761

Stock-based compensation 2,584 2,078 2,584 2,078

Non-cash interest expense 576 470 576 470

Non-cash accretion of life science investments (334) — (334) —

Above-market lease amortization 23 23 23 23

AFFO attributable to common stockholders (diluted) $53,434 $55,332 $53,434 $55,332

FFO per common share – diluted $1.70 $1.83 $1.70 $1.83

Normalized FFO per common share – diluted $1.78 $1.85 $1.78 $1.85

AFFO per common share – diluted $1.88 $1.94 $1.88 $1.94

Weighted average common shares outstanding – basic 27,991,910 28,275,549 27,991,910 28,275,549

Restricted stock and restricted stock units ("RSUs") 475,274 312,473 475,274 312,473

Weighted average common shares outstanding – diluted 28,467,184 28,588,022 28,467,184 28,588,022

FFO, Normalized FFO, and AFFO Reconciliation

1) Amounts represent non-refundable cash payments received pursuant to two seller-financed notes issued by IIPR in connection with IIPR's disposition of certain properties. As the transactions did not qualify for recognition as completed sales under GAAP, the payments were initially recorded as a deposit

liability and included in other liabilities on IIPR’s consolidated balance sheet.

2) Amount reflects the non-refundable lease payments received on two sales-type leases which are recognized as a deposit liability starting on January 1, 2024, and is included in other liabilities in our consolidated balance sheets as of March 31, 2026 and December 31, 2025, as the transaction did not

qualify for recognition as a completed sale. Prior to the lease modifications on January 1, 2024, which extended the initial lease terms, the leases were classified as operating leases and the lease payments received were recognized as rental revenue and therefore, included in net income attributable to

common stockholders.

Innovative Industrial Properties

For the Three Months Ended

, March 31,

(In thousands) 2026 2025

Net Income: $32,809 $31,077 $32,809 $31,077

Adjustments for EBITDA:

Interest expense 6,431 4,500 6,431 4,500

Taxes (including corporate tax expense in G&A) 142 121 142 121

Depreciation and amortization expense 18,584 18,391 18,584 18,391

Above-market lease amortization 23 23 23 23

Non-cash accretion of life science investments $ (334) $ — (334) —

Corp. asset depreciation (included in G&A expense) $ 26 $ 31 26 31

EBITDA $57,681 $54,143 $57,681 $54,143

Adjustments for Adjusted EBITDA:

Non-cash stock-based compensation expense 2,584 2,078 2,584 2,078

Impairment loss on real estate — 3,527 — 3,527

Loss (gain) on sale of real estate (422) — (422) —

Income on seller-financed notes(1) 223 153 223 153

Deferred lease payments received on sales-type lease(2) 175 20 175 20

Adjusted EBITDA $60,241 $59,921 $60,241 $59,921

EBITDA Reconciliation

liability and included in other liabilities on IIPR’s consolidated balance sheet.

common stockholders.

Innovative Industrial Properties

Historical Quarterly Results

(In thousands, except share and per share amounts) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Revenues:

Rental (including tenant reimbursements) $68,920 $66,631 $64,292 $62,866 $71,697

Other 76 26 393 25 25

Total revenues 68,996 66,657 64,685 62,891 71,722

Expenses:

Property expenses 7,576 7,980 7,951 6,867 7,379

General and administrative expense 10,349 7,967 8,681 8,626 8,461

Depreciation and amortization expense 18,584 18,538 18,639 18,500 18,391

Impairment loss on real estate — — — — 3,527

Total expenses 36,509 34,485 35,271 33,993 37,758

Gain (loss) on sale of real estate 422 (326) — — —

Income from operations 32,909 31,846 29,414 28,898 33,964

Interest and other income 6,331 6,721 4,416 1,570 1,613

Interest expense (6,431) (6,726) (4,525) (4,444) (4,500)

Net income 32,809 31,841 29,305 26,024 31,077

Preferred stock dividends (2,654) (1,136) (1,017) (878) (781)

Net income attributable to common stockholders $30,155 $30,705 $28,288 $25,146 $30,296

Net income attributable to common stockholders per share:

Basic $1.04 $1.07 $0.99 $0.87 $1.05

Diluted $1.02 $1.06 $0.97 $0.86 $1.03

Weighted-average shares outstanding:

Basic 27,991,910 27,913,384 27,912,881 27,924,092 28,275,549

Diluted 28,467,184 28,303,530 28,303,600 28,317,693 28,588,022

Historical Net Income

Innovative Industrial Properties

liability and included in other liabilities on IIPR’s consolidated balance sheet. For the three months ended September 30, 2025, the negative amount resulted from the recognition of $2.6 million of non-refundable cash payments received as interest and other income in connection with the termination of

one of the seller-financed notes.

common stockholders.

Historical Quarterly Results

(In thousands, except share and per share amounts) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Net income attributable to common stockholders $30,155 $30,705 $28,288 $25,146 $30,296

Real estate depreciation and amortization 18,584 18,538 18,639 18,500 18,391

Impairment loss on real estate — — — — 3,527

Loss (gain) on sale of real estate (422) 326 — — —

FFO attributable to common stockholders (basic and diluted) 48,317 49,569 46,927 43,646 52,214

Litigation-related expense 1,870 585 604 413 406

Loss (gain) on partial repayment of Notes due 2026 — — — — (32)

Income on seller-financed notes(1) 223 223 (2,375) 1,164 153

Deferred lease payments received on sales-type leases(2) 175 — — 5 20

Normalized FFO attributable to common stockholders (diluted) 50,585 50,377 45,156 45,228 52,761

Stock-based compensation 2,584 2,698 2,684 2,672 2,078

Non-cash interest expense 576 568 485 476 470

Non-cash accretion of life science investments (334) (333) — — —

Above-market lease amortization 23 23 23 23 23

AFFO attributable to common stockholders (diluted) $53,434 $53,333 $48,348 $48,399 $55,332

FFO per common share – diluted $1.70 $1.75 $1.66 $1.54 $1.83

Normalized FFO per common share – diluted $1.78 $1.78 $1.60 $1.60 $1.85

AFFO per common share – diluted $1.88 $1.88 $1.71 $1.71 $1.94

Weighted average common shares outstanding – basic 27,991,910 27,913,384 27,912,881 27,924,092 28,275,549

Restricted stock and RSUs 475,274 390,146 390,719 393,601 312,473

Weighted average common shares outstanding – diluted 28,467,184 28,303,530 28,303,600 28,317,693 28,588,022

Historical FFO, Normalized FFO, and AFFO Reconciliation

Innovative Industrial Properties

Historical Quarterly Results

(In thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Net Income $32,809 $31,841 $29,305 $26,024 $31,077

Adjustments for EBITDA:

Interest expense 6,431 6,726 4,525 4,444 4,500

Taxes (including corporate tax expense in G&A) 142 1 (2) 88 121

Depreciation and amortization expense 18,584 18,538 18,639 18,500 18,391

Above-market lease amortization 23 23 23 23 23

Non-cash accretion of life science investments (334) (333) — — —

Corp. asset depreciation (included in G&A expense) $ 26 $ 27 $ 27 27 31

EBITDA $57,681 $56,823 $52,517 $49,106 $54,143

Adjustments for Adjusted EBITDA:

Non-cash stock-based compensation expense 2,584 2,698 2,684 2,672 2,078

Impairment loss on real estate — — — — 3,527

Loss (gain) on sale of real estate (422) 326 — — —

Income on seller-financed notes(1) 223 223 (2,375) 1,164 153

Deferred lease payments received on sales-type lease(2) 175 — — 5 20

Adjusted EBITDA $60,241 $60,070 $52,826 $52,947 $59,921

Historical EBITDA Reconciliation

one of the seller-financed notes.

common stockholders.

Innovative Industrial Properties

CANNABIS

93.0%

LIFE SCIENCES

6.8%

$315M

BASE RENT

/ INTEREST(1)

PORTFOLIO COMPOSITION

98%

Leased

Operating Portfolio

$270M

Financial Commitment

to Life Science(3)

PORTFOLIO HIGHLIGHTS

Tenants

12.4 Years

Weighted Average Lease

Length

8.9M

Total Square Feet(4)

110

Properties

OTHER

0.2%

Highlights

Note: As of March 31, 2026. Refer to “Definitions” for additional details.

1) Based on “Annualized Base Rent and Income from Loans and Securities (“Base Rent / Interest”)”.

2) Dollars in billions. Based on “Total Invested Capital”.

3) $150 million of which was invested as of March 31, 2026.

4) Includes 303,000 square feet under development or redevelopment.

$315M

Base Rent /

Interest(1)

$2.5B

Real Estate(2)

Innovative Industrial Properties

Geographic Concentration – Real Estate Portfolio

Note: As of March 31, 2026, values in thousands except for property count, $/PSF, or otherwise noted. Refer to “Definitions” for additional details.

1) Includes 303,000 square feet under development or redevelopment.

2) Dollars in billions. Based on “Total Invested Capital”.

3) Based on “Annualized Base Rent”.

States

8.9M

Square Feet(1)

$2.5B

Invested Capital(2)

110

Properties

10-15%

0-5%

5-10%

% ABR

State

% of

ABR(3)

PA 15.0%

IL 14.1%

MA 12.0%

NY 11.8%

FL 11.0%

MI 8.1%

OH 6.3%

NJ 4.9%

MD 4.8%

CO 2.8%

Other 9.2%

Total 100.0%

Innovative Industrial Properties

67.0%

8.5%

24.5%

Top 10 Tenants Income from Loans and Securities Other

Annualized Base Rent and Income From Loans and Securities

1) Dollars in thousands. Refer to “Annualized Base Rent (“ABR”)” for additional details.

2) Based on “Annualized Base Rent and Income from Loans and Securities (“Base Rent / Interest”)”.

3) Square feet in thousands.

4) These leases are in default, as disclosed in our 8-K filed on March 14, 2025, though such defaults are limited to the cross-default provisions under certain retail leases in Colorado.

5) These leases are in default, as disclosed in our 8-K filed on March 28, 2025. Includes one property acquired in January 2022 for $16.0 million, which did not satisfy the requirements for sale leaseback accounting, and therefore, the transaction is recognized as a note receivable and is included in other

assets, net on our consolidated balance sheet.

Annualized Base Rent Income Composition(2)

Annualized Base Rent and Income From Loans and Securities

$315M

BASE RENT

/ INTEREST

IIPR Portfolio

Square # of

# Tenant ABR $(1) %(2) Feet(3) Leases

1 Ascend Wellness Holdings $31,767 10.1 % 624 4

2 PharmaCann(4) 29,723 9.4 % 364 7

3 Green Thumb Industries 23,211 7.4 % 664 3

4 Curaleaf 21,032 6.7 % 579 7

5 Trulieve 20,151 6.4 % 740 6

6 4Front Ventures(5) 18,335 5.8 % 488 4

7 Holistic Industries 17,454 5.5 % 298 4

8 Cresco Labs 17,175 5.5 % 379 5

9 Parallel 16,515 5.2 % 593 2

10 The Cannabist Company 15,618 5.0 % 506 20

Other 77,189 24.5 % 3,631 40

Total $288,170 91.5 % 8,866 102

Total Principal Maturity

Commitments Amount / Wtd. Avg. Blended Annualized

As of 03/31/2026 Outstanding Maturity Interest Rate Income

Annualized Income from Loans and Securities

Senior Secured Notes $31,500 $31,300 1.1 Years 16.7 % $5,240

Revolving Credit Facility 100,000 100,749 2.5 Years 13.5 % 13,601

Preferred Equity 170,000 51,075 Perpetual 15.0 % 7,661

Total / Weighted Average $301,500 $183,124 2.2 Years 14.5 % $26,502

Total Annualized Base Rent and Income from Loans and Securities $314,672

Innovative Industrial Properties

Rentable Sale Total

State Closing / Execution Square Feet Price(1) Sale / PSF

Dispositions

Arizona Feb - 26 2 $2,700 $1,350

Total / Wtd. Avg. 2 $2,700 $1,350

$49,100 $0 $5,570 $7,750

$270,000

Real Estate Loans and Securities

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Capital Commitments and Dispositions

Note: Values in thousands. For real estate, capital commitments consist of purchase prices of acquisitions and commitments to fund construction and improvements at properties made during the applicable period. Excludes transaction costs and commitments related to senior secured loans.

1) Excludes transaction costs.

2) The 2Q 2024 TI commitment for AYR Florida was reduced by $2.5 million following an amendment to the lease in Q1 2025.

Two Year Capital Commitment History(2)

First Quarter Dispositions

Innovative Industrial Properties

0% 0% 1% 1% 3% 1% 0% 2%

9% 9%

73%

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter

# of Rentable Square Feet

Tenant State Closing / Execution Leases # % of Total Portfolio

Gramlin California Jan-26 1 204 2%

Non-Cannabis Tenant California Jan-26 1 5 0%

Gramlin California Mar-26 1 56 1%

Grown Rogue Illinois Mar-26 1 66 1%

Total 4 331 4%

Note: Rentable square feet values in thousands.

1) As a % of annualized base rent.

Leasing Summary

2026 Leasing Activity as of March 31, 2026

Representing $288 Million in Annualized Base Rent

Expiring

Leases 2 1 3 3 5 6 0 14 13 13 42

Lease Expiration Schedule as of March 31, 2026(1)

Innovative Industrial Properties

Square Feet Invested Capital $

Date % Under Dev. Total $ /

# Tenant State City Acquired Leased In Place(1) / Redev.(2) Total Invested Committed Total $ Square Feet

Operating: Cannabis - Industrial

1 3241-3247 Needles California Needles 9/11/2019 — % 46 — 46 $10,100 $— $10,100 $220

2 3253 Needles Hwy. California Needles 8/29/2019 — % 20 — 20 4,841 — 4,841 242

3 4Front Ventures Illinois Matteson 8/3/2021 100.0 % 250 — 250 71,684 — 71,684 287

4 4Front Ventures Washington Olympia 12/17/2020 100.0 % 114 — 114 17,500 — 17,500 154

5 4Front Ventures* Massachusetts Holliston 1/28/2022 100.0 % 57 — 57 16,000 — 16,000 281

6 Ascend Wellness Holdings Illinois Barry 12/21/2018 100.0 % 166 — 166 71,000 — 71,000 428

7 Ascend Wellness Holdings Massachusetts Athol 4/2/2020 100.0 % 199 — 199 63,900 — 63,900 321

8 Ascend Wellness Holdings New Jersey Franklin 2/10/2022 100.0 % 114 — 114 55,000 — 55,000 482

9 Ascend Wellness Holdings Michigan Lansing 7/2/2019 100.0 % 145 — 145 24,150 — 24,150 167

10 AYR Wellness Florida Ocala 6/7/2024 100.0 % 145 — 145 38,526 1,974 40,500 279

11 AYR Wellness Ohio Akron 5/14/2019 100.0 % 11 — 11 3,550 — 3,550 323

12 Battle Green Ohio Columbus 3/3/2023 100.0 % 157 — 157 46,429 71 46,500 296

13 Berry Green Michigan Warren 10/9/2019 100.0 % 205 — 205 83,595 — 83,595 408

14 Calyx Peak Missouri Smithville 9/17/2021 100.0 % 85 — 85 28,250 — 28,250 332

15 Cresco Labs Michigan Marshall 4/22/2020 100.0 % 115 — 115 32,000 — 32,000 278

16 Cresco Labs Illinois Kankakee 10/22/2019 100.0 % 51 — 51 25,496 104 25,600 502

17 Cresco Labs Illinois Joliet 10/22/2019 100.0 % 39 — 39 20,950 — 20,950 537

18 Cresco Labs Ohio Yellow Springs 1/24/2020 100.0 % 50 — 50 13,545 — 13,545 271

19 Curaleaf Pennsylvania Chambersburg 12/20/2019 100.0 % 179 — 179 60,889 751 61,640 344

20 Curaleaf Illinois Litchfield 10/30/2019 100.0 % 127 — 127 40,000 — 40,000 315

21 Curaleaf New Jersey Blue Anchor 7/13/2020 100.0 % 123 — 123 35,000 — 35,000 285

22 Curaleaf Massachusetts Webster 9/1/2022 100.0 % 108 — 108 21,500 — 21,500 199

23 Curaleaf North Dakota Fargo 12/20/2019 100.0 % 33 — 33 12,190 — 12,190 369

24 Curran Highway Massachusetts North Adams 5/26/2021 — % 71 — 71 26,800 — 26,800 377

25 Gramlin California Desert Hot Springs 10/15/2021 100.0 % 204 — 204 63,500 — 63,500 311

26 Gramlin California Palm Springs 4/16/2019 100.0 % 56 — 56 35,530 — 35,530 634

27 Green Thumb Industries Pennsylvania Danville 11/12/2019 100.0 % 300 — 300 94,600 — 94,600 315

28 Green Thumb Industries Illinois Oglesby 3/6/2020 100.0 % 266 — 266 50,000 — 50,000 188

29 Green Thumb Industries Ohio Toledo 1/31/2020 100.0 % 98 — 98 32,200 — 32,200 329

30 Grown Rogue Illinois Dwight 10/30/2019 100.0 % 66 — 66 28,000 — 28,000 424

31 Holistic Industries Maryland Capitol Heights 5/26/2017 100.0 % 72 — 72 33,719 31 33,750 469

32 Holistic Industries Pennsylvania New Castle 6/10/2020 100.0 % 108 — 108 25,629 21 25,650 238

33 Holistic Industries Massachusetts Monson 7/12/2018 100.0 % 55 — 55 19,750 — 19,750 359

34 Jushi Pennsylvania Scranton 4/6/2018 100.0 % 145 — 145 45,800 — 45,800 316

35 Lume Cannabis Company Michigan Dimondale 8/2/2018 100.0 % 56 — 56 17,634 165 17,799 318

36 Maryland Cultivation Processing (MCP) Maryland Hagerstown 4/13/2022 100.0 % 87 — 87 25,000 — 25,000 287

37 Maryland Cultivation Processing (MCP) Maryland Hagerstown 10/2/2024 100.0 % 23 — 23 5,570 — 5,570 242

38 Mitten Extracts Michigan Dimondale 4/16/2021 100.0 % 201 — 201 72,079 — 72,079 359

39 North Palm Springs CA (Undisclosed Tenant) California North Palm Springs 5/12/2020 100.0 % 70 — 70 18,107 — 18,107 259

40 Parallel Florida Lakeland 9/18/2020 100.0 % 220 — 220 56,400 — 56,400 256

41 Parallel Florida Wimauma 3/11/2020 100.0 % 373 — 373 51,500 — 51,500 138

42 Perpetual Brands Massachusetts Holliston 5/31/2018 100.0 % 58 — 58 31,159 23 31,183 538

43 PharmaCann New York Hamptonburgh 12/19/2016 100.0 % 186 48 234 130,628 — 130,628 558

44 PharmaCann Pennsylvania Olyphant 8/7/2019 100.0 % 56 — 56 28,000 — 28,000 500

45 PharmaCann Ohio Buckeye Lake 3/13/2019 100.0 % 58 — 58 20,000 — 20,000 345

46 Sacramento CA (Undisclosed Tenant) California Sacramento 2/8/2019 100.0 % 43 — 43 12,710 — 12,710 296

47 Texas Original Texas Bastrop 6/14/2022 100.0 % 75 — 75 22,000 — 22,000 293

48 The Cannabist Company Pennsylvania Saxton 5/20/2019 100.0 % 270 — 270 42,891 — 42,891 159

49 The Cannabist Company New Jersey Vineland 7/16/2020 100.0 % 50 — 50 11,820 — 11,820 236

50 The Cannabist Company Colorado Denver 10/30/2018 100.0 % 58 — 58 11,250 — 11,250 194

51 The Cannabist Company Colorado Denver 12/14/2021 100.0 % 18 — 18 9,917 — 9,917 551

52 The Cannabist Company Colorado Denver 12/14/2021 100.0 % 12 — 12 3,276 — 3,276 273

53 The Pharm Arizona Willcox 12/15/2017 100.0 % 358 — 358 20,000 — 20,000 56

Note: Subtotals and Totals include fractional amounts. Square footage and dollars in thousands except for $/PSF. “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which can consist of industrial and/or greenhouse space.

Data as of March 31, 2026.

*This property did not satisfy the requirements for sale-leaseback accounting and therefore, the transaction is recognized as a note receivable and is included in other assets, net on our consolidated balance sheet.

1) Existing square footage for properties where there is no active development or redevelopment.

2) Estimated square footage upon completion of development or redevelopment.

Property List

Innovative Industrial Properties

Data as of March 31, 2026.

**Includes an additional two non-cannabis tenants currently occupying 79,000 sqft.

***Harvest Health & Recreation Inc., which is a subsidiary of Trulieve Inc., executed a lease guaranty in favor of IIPR for tenant’s obligations at the property.

1) Existing square footage for properties where there is no active development or redevelopment.

2) Estimated square footage upon completion of development or redevelopment.

Property List (Continued)

Square Feet Invested Capital $

Date % Under Dev. Total $ /

# Tenant State City Acquired Leased In Place(1) / Redev.(2) Total Invested Committed Total $ Square Feet

54 TILT Holdings Pennsylvania White Haven 2/15/2023 100.0 % 58 — 58 $15,000 $— $15,000 $259

55 Tri-Mountain Pure** Pennsylvania Pittsburgh 5/13/2021 100.0 % 239 — 239 68,368 64 68,432 286

56 Trulieve Massachusetts Holyoke 7/26/2019 100.0 % 150 — 150 43,500 — 43,500 290

57 Trulieve Florida Alachua 1/22/2021 100.0 % 295 — 295 41,650 — 41,650 141

58 Trulieve Maryland Hancock 8/13/2021 100.0 % 115 — 115 29,515 — 29,515 257

59 Trulieve Florida Quincy 10/23/2019 100.0 % 120 — 120 17,000 — 17,000 142

60 Trulieve Arizona Cottonwood 4/27/2022 100.0 % 17 — 17 5,238 — 5,238 308

61 Trulieve*** Nevada Las Vegas 7/12/2019 100.0 % 43 — 43 9,600 — 9,600 223

62 Verdant California Cathedral City 3/25/2022 100.0 % 23 — 23 15,250 — 15,250 663

63 Verdant Maryland Frederick 2/21/2025 100.0 % 22 — 22 7,750 — 7,750 352

64 Vireo New York Perth 10/23/2017 100.0 % 389 — 389 81,358 — 81,358 209

65 Vireo Minnesota Otsego 11/8/2017 100.0 % 89 — 89 9,710 — 9,710 109

Operating: Cannabis - Industrial Subtotal / Wtd. Avg. 98.1 % 7,812 48 7,860 $2,185,504 $3,204 $2,188,708 $278

Operating: Cannabis - Retail

66 1804 Needles California Needles 8/29/2019 — % 6 — 6 $888 $— $888 $148

67 109 Main Street Pennsylvania Bradford 12/14/2021 — % 3 — 3 1,058 — 1,058 353

68 Curaleaf North Dakota Dickinson 12/14/2021 100.0 % 5 — 5 2,045 — 2,045 409

69 Curaleaf North Dakota Devils Lake 12/14/2021 100.0 % 4 — 4 1,614 — 1,614 404

70 Green Peak (Skymint) Michigan East Lansing 10/25/2019 100.0 % 3 — 3 3,372 28 3,400 1,133

71 Green Peak (Skymint) Michigan Flint 11/4/2019 100.0 % 6 — 6 2,180 — 2,180 363

72 PharmaCann Colorado Commerce City 2/21/2020 100.0 % 5 — 5 2,300 — 2,300 460

73 PharmaCann Colorado Aurora 12/14/2021 100.0 % 2 — 2 1,674 — 1,674 837

74 PharmaCann Colorado Berthoud 12/14/2021 100.0 % 6 — 6 1,406 — 1,406 234

75 PharmaCann Colorado Pueblo 2/19/2020 100.0 % 3 — 3 1,049 — 1,049 350

76 Schwazze Colorado Ordway 12/14/2021 100.0 % 2 — 2 400 — 400 200

77 Schwazze Colorado Rocky Ford 12/14/2021 100.0 % 13 — 13 400 — 400 31

78 Schwazze Colorado Las Animas 12/14/2021 100.0 % 2 — 2 400 — 400 200

79 South Cedar Street Michigan Lansing 11/4/2019 — % 14 — 14 2,225 — 2,225 159

80 South Mason Drive Michigan Newaygo 11/8/2019 — % 2 — 2 995 — 995 498

81 The Cannabist Company Colorado Denver 12/14/2021 100.0 % 4 — 4 7,338 — 7,338 1,834

82 The Cannabist Company Colorado Pueblo 12/14/2021 100.0 % 6 — 6 4,878 — 4,878 813

83 The Cannabist Company Colorado Aurora 12/14/2021 100.0 % 5 — 5 4,229 — 4,229 846

84 The Cannabist Company Colorado Glenwood Springs 12/14/2021 100.0 % 4 — 4 4,187 — 4,187 1,047

85 The Cannabist Company Colorado Fort Collins 12/14/2021 100.0 % 5 — 5 3,977 — 3,977 795

86 The Cannabist Company Colorado Aurora 12/14/2021 100.0 % 4 — 4 3,601 — 3,601 900

87 The Cannabist Company New Jersey Vineland 7/16/2020 100.0 % 4 — 4 2,165 — 2,165 541

88 The Cannabist Company Colorado Aurora 12/14/2021 100.0 % 5 — 5 1,991 — 1,991 398

89 The Cannabist Company Colorado Englewood 12/14/2021 100.0 % 4 — 4 1,778 — 1,778 445

90 The Cannabist Company Colorado Trinidad 12/14/2021 100.0 % 9 — 9 1,728 — 1,728 192

91 The Cannabist Company Colorado Silver Plume 12/14/2021 100.0 % 4 — 4 1,444 — 1,444 361

92 The Cannabist Company Colorado Black Hawk 12/14/2021 100.0 % 4 — 4 1,321 — 1,321 330

93 The Cannabist Company Colorado Edgewater 12/14/2021 100.0 % 5 — 5 1,089 — 1,089 218

94 The Cannabist Company Colorado Sheridan 12/14/2021 100.0 % 2 — 2 890 — 890 445

95 Verano Pennsylvania Harrisburg 3/23/2022 100.0 % 3 — 3 2,750 — 2,750 917

96 Wilder Road Michigan Bay City 11/4/2019 — % 4 — 4 1,740 — 1,740 435

Operating: Cannabis - Retail Subtotal / Wtd. Avg. 89.7 % 148 — 148 $67,111 $28 $67,138 $454

Innovative Industrial Properties

Property List (Continued)

Data as of March 31, 2026.

1) Existing square footage for properties where there is no active development or redevelopment.

2) Estimated square footage upon completion of development or redevelopment.

3) Represents properties that are not included in the Company's operating portfolio.

Square Feet Invested Capital $

Date % Under Dev. Total $ /

# Tenant State City Acquired Leased In Place(1) / Redev.(2) Total Invested Committed Total $ Square Feet

Operating: Cannabis - Industrial / Retail

97 4Front Ventures Massachusetts Georgetown 12/17/2020 100.0 % 67 — 67 $15,500 $— $15,500 $231

98 AYR Wellness Virginia Richmond 1/15/2020 100.0 % 82 — 82 19,750 — 19,750 241

99 Cresco Labs Massachusetts Fall River 6/30/2020 100.0 % 124 — 124 27,624 1,126 28,750 232

100 Holistic Industries Michigan Madison Heights 9/1/2020 100.0 % 63 — 63 28,500 — 28,500 452

101 Kaya Cannabis Colorado Denver 12/14/2021 100.0 % 6 — 6 1,299 — 1,299 217

102 Schwazze Colorado Pueblo 12/14/2021 100.0 % 8 — 8 2,165 — 2,165 271

103 Sozo Michigan Warren 5/14/2021 100.0 % 85 — 85 17,230 — 17,230 203

104 The Cannabist Company Colorado Denver 12/14/2021 100.0 % 33 — 33 8,206 — 8,206 249

105 TILT Holdings Massachusetts Taunton 5/16/2022 100.0 % 104 — 104 40,000 — 40,000 385

Operating: Cannabis - Industrial / Retail Subtotal / Wtd. Avg. 100.0 % 572 — 572 $160,274 $1,126 $161,400 $282

Operating: Non-Cannabis

106 2103 Broadway California Needles 8/29/2019 — % 7 — 7 $1,471 $— $1,471 $210

107 Non-Cannabis Tenant Michigan Traverse City 11/25/2019 100.0 % 2 — 2 1,272 — 1,272 636

108 Non-Cannabis Tenant California Palm Springs 4/16/2019 50.0 % 22 — 22 5,788 — 5,788 263

Operating: Non-Cannabis Subtotal / Wtd. Avg. 48.8 % 31 — 31 $8,531 $— $8,531 $275

Operating Portfolio Total / Wtd. Avg. 97.8 % 8,563 48 8,611 $2,421,420 $4,357 $2,425,777 $282

Dev. / Redev. Properties(3)

109 Inland Center Drive California San Bernardino 11/16/2020 — % — 192 192 $35,819 $— $35,819 $187

110 Leah Avenue Texas San Marcos 3/10/2021 — % — 63 63 8,231 — 8,231 131

Dev. / Redev. Properties / Wtd. Avg. — % — 255 255 $44,050 $— $44,050 $173

Total Portfolio / Wtd. Avg. 96.1 % 8,563 303 8,866 $2,465,470 $4,357 $2,469,827 $279

State Subtotal / Wtd. Avg.

1 Pennsylvania 99.7 % 1,361 — 1,361 $384,984 $836 $385,821 $283

2 Illinois 100.0 % 965 — 965 $307,131 $104 $307,234 $318

3 Massachusetts 91.3 % 993 — 993 $305,734 $1,149 $306,883 $309

4 Michigan 98.3 % 901 — 901 $286,972 $193 $287,164 $319

5 New York 100.0 % 575 48 623 $211,986 $— $211,986 $340

6 Florida 100.0 % 1,153 — 1,153 $205,076 $1,974 $207,050 $180

7 California 72.5 % 497 192 689 $204,003 $— $204,003 $296

8 Ohio 100.0 % 374 — 374 $115,724 $71 $115,795 $310

9 New Jersey 100.0 % 291 — 291 $103,985 $— $103,985 $357

10 Maryland 100.0 % 319 — 319 $101,554 $31 $101,585 $318

11 Colorado 100.0 % 229 — 229 $82,192 $— $82,192 $359

12 Texas 72.8 % 75 63 138 $30,231 $— $30,231 $219

13 Missouri 100.0 % 85 — 85 $28,250 $— $28,250 $332

14 Arizona 100.0 % 375 — 375 $25,238 $— $25,238 $67

15 Virginia 100.0 % 82 — 82 $19,750 $— $19,750 $241

16 Washington 100.0 % 114 — 114 $17,500 $— $17,500 $154

17 North Dakota 100.0 % 42 — 42 $15,849 $— $15,849 $377

18 Minnesota 100.0 % 89 — 89 $9,710 $— $9,710 $109

19 Nevada 100.0 % 43 — 43 $9,600 $— $9,600 $223

Innovative Industrial Properties

Maturity Principal Loans /

Origination / Wtd. Avg. Amount Securities

# Investment Loan/ Security Type Date Maturity Outstanding Commitment

1 Coachella Construction Financing Senior Secured Notes 6/25/2021 0.8 Years $22,800 $23,000

2 Harris Township Seller Financing(1) Senior Secured Notes 4/25/2025 2.1 Years 8,500 8,500

3 IQHQ Revolving Credit Facility 9/30/2025 2.5 Years 100,749 100,000

4 IQHQ Preferred Equity 9/30/2025 Perpetual 51,075 170,000

Loans and Securities Portfolio Total / Wtd. Avg. 2.2 Years $183,124 $301,500

Loans and Securities

Note: Loan list maturity does not include available loan extensions. Dollars in thousands.

1) Relates to the seller-financed note issued to us by the buyer in connection with our disposition of a property in Michigan. The transaction did not qualify for recognition as a completed sale in accordance with GAAP and therefore, we have not derecognized the assets transferred and have not

recognized the seller-financed note on our consolidated balance sheet.

Innovative Industrial Properties

As of As of

Capitalization March 31, 2026 Investment Grade Bond Covenants(1) Thresholds March 31, 2026

Common Shares Outstanding 28,314,520 Total Debt to Adjusted Total Assets 60 % 13 %

Share Price $50.16 Secured Debt to Adjusted Total Assets 40 % 3 %

Debt Service Coverage Ratio 1.5x 11.6x

Equity Market Capitalization $1,420,256 Total Unencumbered Assets to Unsecured Debt 150 % 832 %

Series A Preferred Stock:

Redemption price per share $25.00 IIPR Issuer Credit Ratings

Shares outstanding 4,718,048 Egan Jones: BBB+

Total Preferred Equity $117,951

Senior Secured Debt $75,000 As of

Senior Unsecured Debt $291,215 Q1 2026 Net Leverage March 31, 2026

Total Debt $366,215 Q1 2026 Adjusted EBITDA $60,241

Annualized Q1 2026 Adjusted EBITDA(2) $240,964

Total Market Capitalization $1,904,423 Net Debt $277,098

Less: Cash & Cash Equivalents $89,117 LQA Net Leverage Ratio(3) 1.1x

Total Enterprise Value $1,815,306

As of

Total Liquidity March 31, 2026

Revolving Credit Facility Capacity $87,500

Cash & Cash Equivalents $89,117

Total Liquidity $176,617

Capital and Key Metrics

Note: Dollars in thousands, except share and per share amounts.

1) Calculated in accordance with the indenture governing the Notes due 2026, included in the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 25, 2021.

2) Annualized Adjusted EBITDA is calculated by multiplying the Adjusted EBITDA by 4.

3) LQA Net Leverage Ratio is calculated by dividing Net Debt by annualized Adjusted EBITDA.

Innovative Industrial Properties

Maturity / Wtd. As of March 31, 2026

Investment Maturity Date Avg. Maturity Coupon Rate Effective Rate Commitment Principal

Senior Secured Debt

Revolving Credit Facility I(1) Oct-26 0.6 Years Prime + Spread 9.00 % $87,500 $—

Revolving Credit Facility II(2) Oct-28 2.5 Years SOFR + 2.00% 6.10 % $100,000 $75,000

Total Senior Secured Debt 2.5 Years 6.10 % $187,500 $75,000

Senior Unsecured Debt

Notes due 2026 May-26 0.2 Years 5.50 % 5.50 % $291,215

Total Senior Unsecured Debt 0.2 Years 5.50 % $291,215

Gross Debt 0.6 Years 5.62 % $366,215

$291.2 Million

$75.0 Million

Notes Due 2026 Credit Facilities

2026 2027 2028 2029 2030 Thereafter

Debt Maturity Schedule

Debt Detail

Note: Dollars in thousands.

1) Revolving Credit Facility Rate I interest rate is the greater of: (a) the Prime Rate in effect from time to time, plus the Applicable Margin and (b) 9.00%. As of the quarter end 9.0% is the applied rate.

2) Revolving Credit Facility Rate II interest rate is the greater of: (a) the SOFR Rate in effect from time to time, plus 200 bps and (b) 6.1%. As of the quarter end, 6.1% is the applied rate. As of March 31, 2026, there is no additional availability under this revolver as the Company is able to borrow up to 50% of

its investment in IQHQ, which was $150 million as of the end of the first quarter.

Innovative Industrial Properties

Analyst Coverage

Analyst Research Firms Contact Information

Aaron Grey Alliance Global Partners

Email: agrey@allianceg.com

Phone: 888-543-4448

Tom Catherwood BTIG

Email: tcatherwood@btig.com

Phone: 212-738-6140

Merrill Ross Compass Point Research and Trading

Email: mross@compasspointllc.com

Phone: 202-534-1392

Alexander Goldfarb Piper Sandler

Email: alexander.goldfarb@psc.com

Phone: 212-466-7937

Bill Kirk Roth Capital Partners

Email: bkirk@roth.com

Phone: 203-355-3473

Andy Liu Wolfe Research

Email: aliu@wolferesearch.com

Phone: 646-582-9257

Investor Relations

Email: ir@iipreit.com

Phone: 858-997-3332

Innovative Industrial Properties

Definitions

Definitions listed hereafter apply throughout the Supplemental unless otherwise specifically noted.

• Adjusted Funds From Operations (“AFFO”): Management believes that AFFO and AFFO per share are appropriate supplemental measures of a

REIT’s operating performance. We calculate AFFO by adjusting Normalized FFO for certain non-cash items.

• Annualized Base Rent (“ABR”): ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the

last month in the quarter, by twelve.

• Annualized Base Rent and Income from Loans and Securities (“Base Rent / Interest”): Annualized Base Rent and Income from Loans and

Securities is calculated by adding ABR and Income from Loans and Securities.

• Annualized Income from Loans and Securities (“Annualized Income”): Annualized Income from Loans and Securities is calculated by multiplying

the principal balance as of the end of quarter, by the blended interest rate.

• Development / Redevelopment (“Dev. / Redev.”) Properties: Defined as non-operating assets under development that are not leased and not

ready for their intended use.

• EBITDA and Adjusted EBITDA: EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes,

depreciation and amortization (including above-market lease amortization and corporate asset deprecation) and non-cash accretion of life

science investments. Adjusted EBITDA is EBITDA adjusted for non-cash stock-based compensation, gain (loss) on sale of real estate, impairment

loss on real estate, income on seller-financed notes and deferred lease payments received on sales-type lease.

• Funds From Operations (“FFO”): FFO and FFO per share are operating performance measures adopted by the National Association of Real

Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating

performance equal to net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, depreciation,

amortization and impairment related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures.

Management also excludes from FFO any disposition-contingent lease termination fee received in connection with a property sale.

Management believes that net income, as defined by GAAP, is the most appropriate earnings measurement. However, management believes

FFO and FFO per share to be supplemental measures of a REIT’s performance because they provide an understanding of the operating

performance of our properties without giving effect to certain significant non-cash items, primarily depreciation expense. Historical cost

accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However,

real estate values instead have historically risen or fallen with market conditions. We believe that by excluding the effect of depreciation, FFO and

FFO per share can facilitate comparisons of operating performance between periods. We report FFO and FFO per share because these

measures are observed by management to also be the predominant measures used by the REIT industry and by industry analysts to evaluate

REITs and because FFO per share is consistently reported, discussed, and compared by research analysts in their notes and publications about

REITs. For these reasons, management has deemed it appropriate to disclose and discuss FFO and FFO per share.

Innovative Industrial Properties

Definitions (Continued)

• GAAP: Accounting principles generally accepted in the United States.

• Gross Debt: Calculated as the sum of the principal amount outstanding of the Notes due 2026 and borrowings on the Revolving Credit Facilities.

• Liquidity: Total liquidity consists of cash and cash equivalents and short-term investments (each as reported in IIP’s consolidated balance sheet as

of quarter end) and availability under IIPR’s revolving credit facilities.

• Maturity / Weighted Average Maturity (“Wtd. Avg. Maturity”): Based on initial maturity, not inclusive of applicable extension options.

• Net Debt: Calculated as total debt less total cash and cash equivalents.

• Normalized Funds From Operations (“Normalized FFO”): We compute normalized funds from operations (“Normalized FFO”) by adjusting FFO,

as defined by NAREIT, to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in nature and/or not

related to our core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and

management believes that presentation of Normalized FFO and Normalized FFO per share provides investors with a metric to assist in their

evaluation of our operating performance across multiple periods and in comparison to the operating performance of other companies, because

it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. Normalized FFO is used

by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be excluded in

calculating Normalized FFO include certain transaction-related gains, losses, income or expense or other non-core amounts as they occur.

• Notes due 2026: 5.50% Unsecured Senior Notes due 2026.

• Operating Portfolio: All properties that (a) are leased or (b) are not leased but ready for their intended use.

• Series A Preferred: 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share.

• Total Invested Capital: Includes (1) total investments in properties (consisting of purchase price and construction funding and improvements

reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburse certain tenants and sellers for

completion of construction and improvements at the properties. Excludes Loans and Securities.

• Total Portfolio: All properties, including Development / Redevelopment Properties and Operating Portfolio, as of quarter end.

• Total Preferred Equity: Calculated by multiplying the total Series A Preferred shares outstanding by the $25 redemption price per share.

• % Leased: The weighted average leased percentage of the Operating Portfolio by Total Invested Capital. Excludes Redevelopment. Includes

leases that are in default, including those disclosed in our 8-K's filed on March 14, 2025, March 28, 2025, and March 16, 2026.

• Weighted Average Lease Length: Calculated by weighting the remaining lease term based by the Annualized Base Rent (“ABR”).

EX-99.3 — EXHIBIT 99.3

EX-99.3

Filename: tm2613523d1_ex99-3.htm · Sequence: 4

Exhibit 99.3

Innovative Industrial Properties

INNOVATIVE

INDUSTRIAL

PROPERTIES

NYSE: IIPR

INNOVATIVEINDUSTRIALPROPERTIES.COM

COMPANY PRESENTATION – MAY 2026

Innovative Industrial Properties 2

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 particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking

statements. Likewise, our statements regarding anticipated growth in our funds from operations and anticipated market and regulatory conditions, our strategic direction, demographics, results of operations, plans and objectives are

forward-looking statements. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods

which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). You can identify forward-looking

statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases or similar

words or phrases. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The

following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: rates of default on leases for our assets; our ability to re-lease

properties upon tenant defaults or lease terminations for the rent we currently receive, or at all; concentration of our portfolio of assets and limited number of tenants; the estimated growth in and evolving market dynamics of the

regulated cannabis market; anticipated funding sources for our investment in the preferred stock of IQHQ, Inc. ("IQHQ"); defaults on our investments in real estate-related assets, such as the IQHQ credit facility and IQHQ preferred

stock; our ability to identify, acquire or profitably operate life science properties; market dynamics in the life science sector; the demand for regulated cannabis cultivation and processing facilities; decreased economic activity due to

fluctuations in trade policies, tariffs, and related government actions; inflation dynamics; the impact of pandemics on us, our business, our tenants, or the economy generally; war and other hostilities, including the conflicts in Ukraine,

Iran. and Israel; our business and investment strategy; our projected operating results; actions and initiatives of the U.S. or state governments and changes to government policies and the execution and impact of these actions,

initiatives and policies, including the fact that cannabis remains illegal under federal law; availability of suitable investment opportunities in the regulated cannabis industry; our understanding of our competition and our potential

tenants’ alternative financing sources; the expected medical-use or adult-use cannabis legalization in certain states; shifts in public opinion regarding regulated cannabis; the potential impact on us from litigation matters, and

governmental inquiries, investigations, subpoenas, or enforcement actions, including rising liability and insurance costs; the additional risks that may be associated with certain of our tenants cultivating, processing and/or dispensing

adult-use cannabis in our facilities; the state of the U.S. economy generally or in specific geographic areas; economic trends and economic recoveries; our ability to access equity or debt capital; financing rates for our target assets; our

level of indebtedness, which could reduce funds available for other business purposes and reduce our operational flexibility; our ability to refinance or extend our existing indebtedness; covenants in our debt instruments, which may

limit our flexibility and adversely affect our financial condition; our ability to maintain our investment grade credit rating; changes in the values of our assets; our expected portfolio of assets; our expected investments; interest rate

mismatches between our assets and our borrowings used to fund such investments; changes in interest rates and the market value of our assets; the degree to which any interest rate or other hedging strategies may or may not protect

us from interest rate volatility; the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; how and when any forward equity sales may settle; our ability to maintain our

qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act of 1940; availability of qualified personnel; and

market trends in our industry, interest rates, real estate values, the securities markets or the general economy.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including, but not limited to, those risk factors described in our Securities and Exchange Commission

(“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our subsequent Quarterly Reports on Form 10-Q.

Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for

management to predict all such risk factors, nor can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained

in any forward-looking statements. Any forward-looking statement made by us speaks only of the date on which we make it. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of

new information, future events or otherwise, except as may be required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in our filings

and reports.

This presentation includes certain non-GAAP financial measures. These non-GAAP measures are presented for supplemental information and should not be considered a substitute for financial information presented in accordance with

GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is set forth in the Appendix to this presentation.

parties. We believe these internal studies, public filings, other independent published industry sources and market studies prepared by third parties are reliable. However, this information may prove to be inaccurate. No representation

or warranty is made as to the accuracy of such information. All amounts shown in this presentation are unaudited. This is not an offer to sell or solicitation to buy securities of Innovative Industrial Properties, Inc. Any offers to sell or

solicitations to buy securities of Innovative Industrial Properties, Inc. shall be made only by means of a prospectus approved for that purpose.

FORWARD LOOKING STATEMENTS

Innovative Industrial Properties 3

Note: Data as of March 31, 2026, unless otherwise noted.

(1) Total Invested Capital: Includes (1) total investments in properties (consisting of purchase price and construction funding and improvements reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburse certain tenants and sellers for completion of construction and

improvements at the properties. Excludes Loans and Securities.

(2) Weighted average lease length calculated by weighting the remaining lease term based by the Annualized Base Rent (“ABR”). ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the last month in the quarter, by twelve.

IIPR AT A GLANCE

$2.5B

Total

Invested

Capital(1)

110

Total

Properties

12.4 Years

Weighted

Average Lease

Length

(2)

$69.0M

Q1 2026

Total Revenue

$270M

Commitment to

Life Science

U.S.

States

$1B+

Dividends Paid

Since Inception

in ‘16

Innovative Industrial Properties, Inc. (NYSE: IIPR) is a diversified REIT with investments across cannabis and life sciences

Innovative Industrial Properties 4

INVESTMENT HIGHLIGHTS

DIVERSIFIED BUSINESS MODEL

• $2.5B triple-net lease portfolio

• Strong initial yields with annual escalators

• $270M financial investment in life science

industry

STRONG BALANCE SHEET

• One of the lowest leveraged REITs

• Demonstrated access to multiple capital

markets

• Oct’25 closed on $100M credit facility

DIVERSIFIED PORTFOLIO

• Properties across 19 U.S. states

• Leased to 35+ tenants

• Mix of industrial and retail properties

NICHE EXPERTISE

• Experience working with tenants and

borrowers in heavily regulated industries

• Diligent underwriting process focused on

best-in-class operators

• Seasoned management team with significant

REIT experience

STRONG TRACK RECORD

• 7% CAGR in AFFO/share 2020 – Q1'26 (Ann)

• Total return since inception in 2016 of

>360%(3)

• Over $1B+ in dividends paid since inception

in 2016

(1) Whitney Economics Cannabis Market Forecast (March 2026).

(2) Cushman & Wakefield Life Sciences Update (February 2026).

(3) Per S&P Capital IQ Pro as of 3/31/2026.

GROWING MARKETS

• 8% CAGR projected in cannabis industry

from 2025-2030E

(1)

• AI-enabled discovery is broadening the life

sciences market opportunity, reinforcing the

need for specialized lab infrastructure

(2)

Innovative Industrial Properties 5

NNN Leases

• Leases are generally 100% triple-net

⚬ No recurring capital expenditures during lease term

⚬ All property expenses paid by the tenant, including

capital repairs, property taxes and property

insurance

• Typically, 15-20 year initial lease terms (vs. ~5 years for

traditional industrial leases)

• Leases generally subject to parent company guarantees

covering operations throughout the U.S.

Life Science Investments

• IQHQ strategic investment announced in Q3’25

• Target investments are with assets or real estate

companies in major life science markets

⚬ Attractive spread to cost of capital

⚬ Enhances scale and diversification by industry

and tenant

⚬ Provides growth opportunities in large and

growing sector

OUR BUSINESS

MODEL & BENEFITS

PORTFOLIO COMPOSITION

CANNABIS

93.0%

LIFE SCIENCES

6.8%

$315M

BASE RENT

/ INTEREST

(1)

OTHER

0.2%

Shifting

Revenue Mix

More Towards

Life Sciences

Note: Data as of March 31, 2026, unless otherwise noted.

(1) Annualized Base Rent and Income from Loans and Securities (“Base Rent / Interest”) is calculated by adding Annualized Base Rent (“ABR”) and Income from Loans and Securities. ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the last month in the quarter,

by twelve. Annualized Income from Loans and Securities is calculated by multiplying the principal balance as of the end of quarter, by the blended interest rate.

Innovative Industrial Properties 6

NNN PORTFOLIO OVERVIEW

IIPR has a geographically diversified triple net portfolio of cannabis real estate throughout the United States

Note: Data as of March 31, 2026, unless otherwise noted.

(1) As a % of Annualized Base Rent (“ABR”). ABR is calculated by multiplying the sum of contractually due base rents and property management fees for the last month in the quarter, by twelve.

(2) “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which can consist of industrial and/or greenhouse space.

Property Type

(1)

State Diversification(1)

State ABR ($000s)(1) %(1) # of Properties Square Feet (000s)

Pennsylvania $43,188 15.0% 10 1,361

Illinois 40,705 14.1% 7 965

Massachusetts 34,599 12.0% 10 993

New York 33,895 11.8% 2 623

Florida 31,644 11.0% 5 1,153

Michigan 23,265 8.1% 13 901

Ohio 18,285 6.3% 5 374

New Jersey 13,997 4.9% 4 291

Maryland 13,868 4.8% 5 319

Colorado 7,984 2.8% 26 229

Total – Top 10 States $261,430 90.8% 87 7,209

0-5% 5-10% 10-15% No Presence

Retail

90%

Industrial(2)

Industrial

/ Retail

Innovative Industrial Properties 7

Tenant ABR ($000s) (%)(1) Square Feet (000s) # of Leases

$31,767 10.1% 624 4

29,723 9.4% 364 7

23,211 7.4% 664 3

21,032 6.7% 579 7

20,151 6.4% 740 6

18,335 5.8% 488 4

17,454 5.5% 298 4

17,175 5.5% 379 5

16,515 5.2% 593 2

15,618 5.0% 506 20

Total $210,981 67.0% 5,235 62

$30.0M $73.3M $167.4M

$690.0M

$1.3B

$2.0B

$2.3B $2.4B $2.5B $2.5B $2.5B

18 20

38 38 Invested Capital # of Tenants

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3/31/26

NNN PORTFOLIO

TOP 10 TENANTS

Note: Data as of March 31, 2026, unless otherwise noted.

(1) As a % of Annualized Base Rent and Income from Loans and Securities (“Base Rent / Interest”). Annualized Base Rent and Income from Loans and Securities is calculated by adding Annualized Base Rent (“ABR”) and Income from Loans and Securities. ABR is calculated by multiplying the sum of contractually due base

rents and property management fees for the last month in the quarter, by twelve. Annualized Income from Loans and Securities is calculated by multiplying the principal balance as of the end of quarter, by the blended interest rate.

(2) Each “Tenant” represents the parent company of the tenant, for which the parent company has provided a corporate guaranty. A parent company may have multiple tenant subsidiaries across IIPR’s properties. Total Invested Capital includes (1) total investments in properties (consisting of purchase price and

construction funding and improvements reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburse certain tenants and sellers for completion of construction and improvements at the properties. Excludes Loans and Securities.

(3) As a % of Annualized Base Rent (“ABR”). Excludes non-cannabis tenants that comprise less than 1% of Annualized Base Rent in the aggregate.

(4) “MSO” stands for Multi-State Operator which means the tenant (or guarantor) conducts cannabis operations in more than one state. “SSO” stands for Single-State Operator which means the tenant (or guarantor) conducts cannabis operations in a single state.

(5) These leases are in default, as disclosed in our 8-K filed on March 14, 2025.

(6) These leases are in default, as disclosed in our 8-K filed on March 28, 2025.

Company Type

65% Public 35% Private

Total Invested Capital & Tenant Growth

(2)

Tenant Composition(3)

Operator Type

(4)

89% MSO 11% SSO

(5)

(6)

Innovative Industrial Properties 8

LIFE SCIENCES INVESTMENT

• IQHQ – A Premier Life Science Real Estate Platform

• $5B+ in total investments

• 5+ million square feet of properties in leading life science markets

including Boston, San Francisco and San Diego

• Strategic and Financially Accretive Transaction

• In August 2025, announced a $270M total investment, comprised of:

• $100M investment in a 3-year revolving credit facility: 13.5% yield

• $170M investment in preferred stock: 15.0% yield

• In addition, potential to receive warrants in IQHQ earned upon

the satisfaction of certain funding milestones

• IIPR has a right of first offer on certain future asset sales of IQHQ

• Expected to be significantly accretive to AFFO per share

• Diversification and Life Science Expertise

• Improves sector diversification beyond cannabis-related assets

• IIPR’s management team has decades of combined experience in the

life science real state industry

Innovative Industrial Properties 9

STRONG, LOW LEVERAGED

BALANCE SHEET

Debt Overview

Revolving Credit Facilities:

• -$187.5M total commitment, $87.5M available

Unsecured Senior Notes:

• -Investment grade rating BBB+ from Egan Jones, since May 2021

• -$291.2M of 5.50% unsecured senior notes due May 2026

13%

Debt to Total Gross Assets(1)

11.6x

Debt Service Coverage Ratio (1)

$176M+

Liquidity Available

(2)

$291.2M

$75.0M

Notes Due 2026

Credit Facilities

2026 2027 2028 2029 2030 Thereafter

Note: As of March 31, 2026, unless otherwise noted.

(1) Calculated in accordance with the indenture governing the Notes due 2026, included in the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 25, 2021.

(2) Total liquidity consists of cash and cash equivalents and short-term investments (each as reported in IIPR’s consolidated balance sheet as of quarter end) and availability under IIPR’s revolving credit facilities.

(3) Share price per S&P Capital IQ Pro as of 3/31/2026. Gross debt is calculated as the sum of the principal amount outstanding of the Notes due 2026 and borrowings on the revolving credit facilities.

Gross Debt, $366.2M

Preferred Equity, $118.0M

Common Equity Market

Capitalization, $1.4B

Debt Maturity Schedule

Capital Structure(3)

Innovative Industrial Properties 10

79%

248%

360%

STRONG, LONG-TERM AFFO AND

DIVIDEND TRACK RECORD

(1) Adjusted funds from operations (“AFFO”) is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to

AFFO is included in the “AFFO Reconciliation” found at the end of this presentation.

(2) "CAGR" represents compound annualized growth rate for the relevant metric.

(3) Per S&P Capital IQ Pro as of 3/31/2026. RMZ represents the MSCI US REIT Index.

9% CAGR

(2)

Total Returns Since IIPR Inception

(3)

4.5x

Greater

Return than

RMZ

AFFO AND DIVIDEND TRACK RECORD

$4.47

$7.60

2020 Q1'26 (Ann)

Dividends Per Share

7% CAGR

(2)

$5.01

$7.52

2020 Q1'26 (Ann)

AFFO Per Share(1)

RMZ

S&P

500

IIPR

Innovative Industrial Properties 11

Life Sciences Employment Forecast

Q4'15

Q1'16

Q2'16

Q3'16

Q4'16

Q1'17

Q2'17

Q3'17

Q4'17

Q1'18

Q2'18

Q3'18

Q4'18

Q1'19

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Q3'20

Q4'20

Q1'21

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25F

Q2'25F

Q3'25F

Q4'25F

1.0

1.2

1.4

1.6

1.8

2.0

2.2

$36B $36B

$13B

$29B

$43B

2025 US

Spirits Market

2025 US

Beer Market

2025 US

Wine Market

Est. 2025 US Legal

Cannabis Sales

Projected 2030 US

Legal Cannabis Sales

Forecast

$0B

$20B

$40B

$60B

Cannabis Market Overview

SERVING TWO CORE

GROWTH MARKETS

Life Sciences Market Overview

Cannabis Industry Revenue Comparison(1) Life Sciences Employment Growth Expected to Continue

(5)

• Market Growth: U.S. legal cannabis sales market reached $29.1 billion in 2025 vs. a

2% decline for the U.S. Spirits Market to $36.4 billion in the same period(1)

• Federal Rescheduling: April 2026 reclassification of medical cannabis to Schedule

III removes 280E tax burdens for qualifying operators and potentially improves

cash flow, with additional industry benefits expected as rescheduling progresses

• Expansion of Legalization: Approximately 79% of Americans live in a county where

marijuana is legal for either recreational or medical use and 54% of Americans live

in a state where the recreational use of marijuana is legal(2)

94% of life

sciences CEOs say

they will increase

headcount over the

next three years

37% of the total

think they will grow

their workforce by

6% or more

19,000 new

jobs in 2025

(1) Whitney Economics Cannabis Market Forecast (March 2026), Distilled Spirits Council of the United States, MJBiz Factbook Quarterly Update (Q1 2026).

(2) Pew Research Center (July 2025).

(3) CBRE 2026 U.S. Life Sciences Trends (March 2026).

(4) Cushman & Wakefield Life Sciences Update (February 2026).

(5) CBRE 2025 U.S. Life Sciences Outlook (February 2025).

• Stabilizing Fundamentals: Tenant demand has returned to pre-pandemic baseline

levels, signaling a durable floor for leasing activity

(3)

• AI & Drug Discovery Expansion: Adoption of AI and increased licensing activity are

accelerating innovation cycles, creating new and expanding occupier demand

(4)

• Limited New Supply: Limited future class A new build is expected to tighten

leasing markets as companies continue to expand their U.S. operations

(3)

Innovative Industrial Properties 12

Long Term Growth Outlook

U.S. CANNABIS MARKET

CONTINUES TO GROW

Regulatory Developments & Rescheduling

Industry Revenue Projection(1) Growing U.S. Legalization

(4)

(1) Whitney Economics Cannabis Market Forecast (March 2026).

(2) 2020 US Census Data.

(3) Pew Research Center (July 2025).

(4) National Conference of State Legislatures (www.ncsl.org), MJBizDaily (mjbizdaily.com).

Other, N/A

Adult-Use

Medical-Use

8% CAGR

$43B

Estimated Legal

Cannabis Sales by

2030(1)

68%

U.S. Population in States

with an IIPR Presence(2)

87%

U.S. adults say marijuana

should be legal at some

level(3)

• FDA-approved cannabis products and state-licensed medical marijuana

was reclassified to Schedule III in April 2026

• State-licensed medical operators are now eligible for DEA registration,

establishing federal oversight and recognition

• 280E no longer applies to medical licensees, potentially driving

meaningful cash flow improvement and potential retrospective tax relief

• DEA will hold a new hearing on June 29, 2026 to evaluate broader

changes to marijuana’s federal status

$29B

$43B

2025 2026E 2027E 2028E 2029E 2030E

Innovative Industrial Properties 13

All US

Office Life Science

Boston

Office Life Science

San Diego

Office Life Science

Strong Life Science Rent Premiums vs Office Rents(1)

LIFE SCIENCES

MARKET OPPORTUNITY

Construction Pipeline Decelerating

(1)

U.S Life Sciences Research Funding Stabilizes(1) Drug Approvals

(2)

(1) Cushman & Wakefield Life Sciences Update (February 2026).

(2) U.S. Food and Drug Administration

+40%

+61%

68%

Millions of Square Feet

Inventory Under Contruction

9% 8% 8% 7%

9% 9% 10% 11%

16% 17%

15%

12%

10% 9%

7% 6%

4% 4% 4% 3%

Under Construction % of Total Inventory

Q1'21

Q2'21

Q3'21

Q4'21

Q1'22

Q2'22

Q3'22

Q4'22

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

—%

10%

12%

14%

16%

18%

20%

FDA Novel Drug Approvals

H1 H2

0 5 10 15 20 25 30 35 40 45 50 55 60 65

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025 $ Billions

Funding by Source

Pharma R&D (Domestic) NIH U.S. VC Funding

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

$—

$50

$100

$150

$200

Innovative Industrial Properties 14

UNDERWRITING & MONITORING

Diligent underwriting process with a focus on best-in-class operators

Review of

Management

• Experienced

management team

• Alignment of

management within

ownership of the

business

Ability to

Raise Capital

• Evaluation of the macro

environment

surrounding strategic

capital raising in the

tenants’ and borrowers’

prospective markets

• History of successful

capital raising and a cash

balance on hand today

Financial Underwriting

• Evaluation of financial

projections utilizing

existing knowledge of

industry dynamics

• Detailed review of

financial statements,

strategic initiatives, and

growth plans

Ongoing

Monitoring

• Quarterly financial and

operational review of all

properties

• Meetings with tenants to

talk through operations

and financials

Innovative Industrial Properties 15

Alan Gold

Executive Chairman & Co-Founder

Co-founder of BioMed Realty Trust (formerly NYSE: BMR); served

as Chairman and CEO from inception of its predecessor in 1998

through BMR’s sale in 2016

• Owner and operator of high-quality life science real estate

• Previously publicly traded investment grade REIT

Co-founded Alexandria Real Estate Equities (NYSE: ARE) in

1994 and served as President and a director until 1998

• Invests in office buildings and laboratories leased to life

science and technology companies

Co-founder of IQHQ, Inc.; served as Executive Chairman

from December 2018 until December 2024

• Privately-held life science real estate company with

over $5B of total assets

EXECUTIVE CHAIRMAN

& CO-FOUNDER

Alan Gold has experience founding and leading real estate companies focused on nuanced, regulated industries.

Innovative Industrial Properties 16

David Smith

• 20+ years of finance and real

estate experience

• Former CFO of Aventine Property

Group and New Senior

Investment Group (NYSE: SNR)

CFO and Treasurer

• 35+ years of legal and

regulatory experience

• Previously co-founded Iso

Nano International, LLC

Paul Smithers

President, CEO and Co-Founder

• 20+ years of real estate and

accounting experience

• Former Senior Associate,

Investments and Asset

Management at BioMed Realty

CIO

Catherine Hastings Ben Regin

• 25+ years of accounting and

real estate experience

• Former VP, Internal Audit of

BioMed Realty

COO

Andy Bui

• Former Senior Director,

Financial Reporting at BioMed

Realty

VP, Chief Accounting Officer

• 20+ years legal experience

representing real estate

matters

• Former attorney at Foley &

Lardner LLP

SVP, Real Estate Counsel

Tracie Hager Kelly Spicher

• 30+ years of experience in

property management

• Former VP, Property

Management at BioMed Realty

SVP, Asset Management

SENIOR MANAGEMENT TEAM

Innovative Industrial Properties 17

WHY INVEST IN IIPR

Powerful triple-net lease model with structured

long-term cash flows

Strong balance sheet with access to growth

capital

Diversified real estate portfolio across 19 states

with 35+ tenants

Solid capital allocation track record enabling

robust earnings and dividend distributions

Exposure to two above-GDP growth markets in

cannabis and life sciences

High-quality platform, process, and management

team to drive growth

123456

Innovative Industrial Properties 18

APPENDIX

Innovative Industrial Properties 19

Q1 2026 FY 2020

Actual Annualized Actual

Net income attributable to common stockholders $30,155 $120,620 $64,378

Real estate depreciation and amortization 18,584 74,336 28,025

Loss (gain) on sale of real estate (422) (1,688) —

FFO attributable to common stockholders (basic and diluted) 48,317 193,268 92,403

Financing expense — — 211

Acquisition-related expense — — 94

Litigation-related expense 1,870 7,480 —

Income on seller-financed note(1) 223 892 —

Deferred lease payments received on sales-type leases(2) 175 700 —

Normalized FFO attributable to common stockholders (diluted) 50,585 202,340 92,708

Stock-based compensation 2,584 10,336 3,330

Non-cash interest expense 576 2,304 2,040

Non-cash accretion of life science investments (334) (1,336) —

Above-market lease amortization 23 92 —

AFFO attributable to common stockholders (diluted) $53,434 $213,736 $98,078

FFO per common share – diluted $1.70 $6.80 $4.72

Normalized FFO per common share – diluted $1.78 $7.12 $4.74

AFFO per common share – diluted $1.88 $7.52 $5.01

Weighted average common shares outstanding – basic 27,991,910 27,913,384 19,443,602

Restricted stock and restricted stock units ("RSUs") 475,274 390,146 114,017

Weighted average common shares outstanding – diluted 28,467,184 28,303,530 19,557,619

AFFO RECONCILIATION

Note: During the year ended December 31, 2025, IIPR revised its presentation of Normalized FFO to include two adjustments related to income on seller-financed notes and deferred lease payments received on sales-type leases that were previously reflected in adjusted funds from operations (“AFFO”), which has been

reflected for all periods presented. Management believes this change better aligns the Company’s presentation with its assessment of core operating performance and improves comparability with industry peers. Items included in calculating FFO that may be excluded in calculating Normalized FFO include certain

transaction-related gains, losses, income or expense or other non-core amounts as they occur.

(1) Amounts represent non-refundable cash payments received pursuant to a seller-financed note issued by us in connection with our disposition of a certain property. As the transaction did not qualify for recognition as completed sales under GAAP, the payments were recorded as a deposit liability and included in

other liabilities on our consolidated balance sheet.

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