INNOVATIVE INDUSTRIAL PROPERTIES INC

Innovative Industrial Properties, Inc. (NYSE: IIPR) is an internally-managed real estate investment trust focused on acquiring, owning, and managing specialized industrial and commercial properties in the United States. The company's website is located at www.innovativeindustrialproperties.com.

The company's primary business involves leasing properties to state-licensed operators of regulated cannabis facilities through sale-leaseback transactions and third-party purchases. As of December 31, 2025, IIPR owned 111 properties comprising approximately 8.9 million rentable square feet across 19 states, with an operating portfolio of 109 properties that were 96.7% leased. The company has invested an aggregate of $2.5 billion across its property portfolio. Properties are typically leased on a triple-net basis, with tenants responsible for structural repairs, maintenance, real estate taxes, and insurance.

The portfolio consists primarily of industrial cultivation facilities, with 68 industrial properties representing 90% of contractual rent collected, supplemented by retail and industrial-retail hybrid properties. The company's top ten tenants, including Ascend Wellness Holdings, Green Thumb Industries, Curaleaf Holdings, and Trulieve, collectively account for approximately 75% of total invested and committed capital.

Beyond its core cannabis real estate business, IIPR has expanded its investment strategy to include life science properties and related financial investments. In 2025, the company invested $50 million in preferred equity of IQHQ REIT, a life science-focused REIT, with an additional $120 million commitment through 2027. The company also established a $100 million credit facility investment in IQHQ's operations and obtained a right of first offer on certain real estate asset sales.

The company maintains a flexible capital structure with debt comprising senior notes, a revolving credit facility, and a life science-focused credit facility. As of December 31, 2025, IIPR employed 23 full-time employees and maintained leverage of 14.5% of total gross assets of $2.7 billion. The company's strategy emphasizes recurring revenue with contractual escalations, disciplined portfolio expansion, and capital provision to existing tenants for expansion initiatives.