# EDGAR Filing Document

**Accession Number:** 0001677576
**File Stem:** 0001104659-25-074804
**Filing Date:** 2025-8
**Character Count:** 111090
**Document Hash:** 96fd0b27cf3be8526903cb2b1ac74852
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-074804.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001104659-25-074804

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INNOVATIVE INDUSTRIAL PROPERTIES INC
- **CENTRAL INDEX KEY:** 0001677576
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 812963381
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37949
- **FILM NUMBER:** 251190991

**BUSINESS ADDRESS:**
- **STREET 1:** 1389 CENTER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** PARK CITY
- **STATE:** UT
- **ZIP:** 84098
- **BUSINESS PHONE:** (858) 997-3332

**MAIL ADDRESS:**
- **STREET 1:** 1389 CENTER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** PARK CITY
- **STATE:** UT
- **ZIP:** 84098

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INNOVATIVE GREENHOUSE PROPERTIES INC
- **DATE OF NAME CHANGE:** 20160620

?xml version='1.0' encoding='ASCII'?

**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): August 6, 2025**

**Innovative Industrial Properties, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-37949** | **81-2963381** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File No.)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**1389 Center Drive, Suite 200**

**Park City, UT 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). &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 August 6, 2025, Innovative Industrial Properties, Inc. (the "Company") issued a press release regarding its financial results for the second quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On August 6, 2025, the Company posted on its website, www.innovativeindustrialproperties.com, certain supplemental financial information for the second quarter ended June 30, 2025, which is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

**Item 7.01 Regulation FD Disclosure.** 

On August 6, 2025, 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)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit** |
| [99.1](tm2522798d1_ex99-1.htm) | [Press Release issued by Innovative Industrial Properties, Inc. on August 6, 2025.](tm2522798d1_ex99-1.htm) |
| [99.2](tm2522798d1_ex99-2.htm) | [Supplemental Financial Information for the quarter ended June 30, 2025.](tm2522798d1_ex99-2.htm) |
| [99.3](tm2522798d1_ex99-3.htm) | [Innovative Industrial Properties, Inc. Investor Presentation dated August 6, 2025.](tm2522798d1_ex99-3.htm) |
| 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: August 6, 2025 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | INNOVATIVE INDUSTRIAL PROPERTIES, INC. |
|  | By: | /s/ David Smith |
|  | Name: | David Smith |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Innovative Industrial Properties Reports Second Quarter 2025 Results**

*Repurchased $20 Million of Common Stock and Maintained Strong Liquidity Exceeding $190 Million*

SAN DIEGO, CA – August 6, 2025 – Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company"), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced today results for the second quarter ended June 30, 2025.

**<u>Second Quarter 2025 Highlights</u>**

**Financial Results and Dividend**

&nbsp;&nbsp;&nbsp;&nbsp;• Generated total revenues of $62.9 million and net income attributable to common stockholders of $25.1 million, or $0.86 per share
(*all per share amounts in this press release are reported on a diluted basis unless otherwise noted*).

&nbsp;&nbsp;&nbsp;&nbsp;• Recorded adjusted funds from operations ("AFFO") and normalized funds from operations ("Normalized FFO") of $48.4
million and $44.1 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Paid a quarterly dividend of $1.90 per common share on July 15, 2025 to stockholders of record as of June 30, 2025. Since its
inception, IIP has paid $1.0 billion in common stock dividends to its stockholders.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| *(per share)* | **2025** | **2024** | **$ Change** | **% Change** |
| Net income attributable to common stockholders | $0.86 | $1.44 | $(0.58) | (40)% |
| Normalized FFO | $1.56 | $2.06 | $(0.50) | (24)% |
| AFFO | $1.71 | $2.29 | $(0.58) | (25)% |

---

*Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income (loss) in accordance with GAAP, appear at the end of this release.*

**Portfolio Update - General**

&nbsp;&nbsp;&nbsp;&nbsp;• In April, leased 205,000 square feet to Berry Green at IIP's property in Warren, Michigan.

&nbsp;&nbsp;&nbsp;&nbsp;• In April, sold a property in Michigan for $9.0 million (excluding transaction costs) and provided an interest only, secured loan for
$8.5 million to the buyer of the property. The Company also received a $1.0 million loan origination fee in connection with the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;• In June, sold a property in Palm Springs, California for $1.8 million in net proceeds.

**Portfolio Update - Lease Defaults**

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, the Company launched a strategic initiative aimed at improving long-term financial performance by replacing certain
underperforming tenants with more financially stable, long-term operators. As part of this effort, it declared several tenants, including
4Front Ventures, Gold Flora, and TILT Holdings, in default for nonpayment of rent and is pursuing its legal rights, which may include
evictions. Additionally, PharmaCann previously defaulted on its eleven leases with the Company across multiple states where the Company
has commenced legal proceedings to regain possession of the properties they continue to occupy and re-leased one property located in Warren,
Michigan to Berry Green. The Company is actively working to recover amounts due from these tenants and to re-lease vacated properties.

**Balance Sheet Highlights (at June 30, 2025)**

&nbsp;&nbsp;&nbsp;&nbsp;• 11% debt to total gross assets, with $2.6 billion in total gross assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity was $192.4 million as of June 30, 2025, consisting of cash and cash equivalents and short-term investments (each as
reported in IIP's consolidated balance sheet as of June 30, 2025) and availability under IIP's revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;• Debt service coverage ratio of 15.0x (calculated in accordance
with IIP's 5.50% Unsecured Senior Notes due 2026).

**Financing Activity**

&nbsp;&nbsp;&nbsp;&nbsp;• Issued 173,834 shares of Series A Preferred Stock under IIP's "at-the-market" equity offering program for $4.0 million
in net proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased 366,952 shares of common stock under the Company's share repurchase program for $19.8 million at a weighted average
price of $53.98 per share under the Company's $100 million share repurchase program, which expires March 2026. As of June 30, 2025,
the Company had $79.9 million in common stock repurchases remaining available under the share repurchase program.

**Property Portfolio Statistics (as of June 30, 2025)**

&nbsp;&nbsp;&nbsp;&nbsp;• Total property portfolio comprises 108 properties across 19 states, with 9.0 million rentable square feet "RSF" (including
588,000 RSF under development / redevelopment), consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating portfolio: 105 properties, representing 8.5 million RSF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under development / redevelopment portfolio consists of three properties expected to comprise 491,000 RSF at completion and is as
follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 236,000 square feet located at 63795 19th Avenue in Palm Springs, California (pre-leased)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 192,000 square feet located at Inland Center Drive in San Bernardino, California

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12-acre development site located at Leah Avenue in San Marcos, Texas

**Financial Results**

For the three months ended June 30, 2025, IIP generated total revenues of $62.9 million, compared to $79.8 million for the same period in 2024, a decrease of 21%. The decrease was primarily driven by tenant defaults totaling $15.8 million related to properties leased to PharmaCann, Gold Flora, TILT and 4Front. In addition, there was a decrease of $1.3 million related to properties vacated or sold, a $3.9 million decrease from a one-time disposition-contingent lease termination fee that was collected during the three months ended June 30, 2024 in connection with the sale of our property in California, and a $0.6 million decrease in tenant reimbursement revenue primarily due to tenant defaults. These decreases were partially offset by a $1.6 million increase from the two properties acquired in 2024 and one property acquired in 2025, a $1.5 million increase from new leases on five existing properties, and a $1.6 million increase from annual contractual rent escalations.

For the three months ended June 30, 2025, IIP applied $18,000 of security deposits for payment of rent on one property leased to Emerald Growth, which was sold during the second quarter. For the three months ended June 30, 2024, IIP applied $0.6 million of security deposits for payment of rent on properties leased to two tenants.

**Dividend**

On June 13, 2025, the Board of Directors declared a second quarter 2025 dividend of $1.90 per common share, representing an annualized dividend of $7.60 per common share. The dividend was paid on July 15, 2025 to stockholders of record as of June 30, 2025.

**Supplemental Information**

Supplemental financial information is available in the Investor Relations section of IIP's website at <u>www.innovativeindustrialproperties.com.</u>

**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 Thursday, August 7, 2025 to discuss IIP's financial results and operations for the second quarter ended June 30, 2025. 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 1-877-328-5514 (domestic) or 1-412-902-6764 (international) and asking to be joined to the Innovative Industrial Properties, Inc. conference call. The complete webcast will be archived for 90 days on IIP's website. A telephone playback of the conference call will also be available from 12:00 p.m. Pacific Time on Thursday, August 7, 2025 until 12:00 p.m. Pacific Time on Thursday, August 14, 2025, by calling 1-877-344-7529 (domestic), 855-669-9658 (Canada) or 1-412-317-0088 (international) and using access code 9556330.

**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 leased to experienced, state-licensed operators for their regulated cannabis facilities. Additional information is available at <u>www.innovativeindustrialproperties.com</u>.

*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. 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, 2024, 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)

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
| **Assets** | **2025** | **2024** |
| Real estate, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $146469 | $146772 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 2249408 | 2230807 |
| &nbsp;&nbsp;&nbsp;Construction in progress | 57487 | 62393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate, at cost | 2453364 | 2439972 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | (306594) | (271190) |
| Net real estate held for investment | 2146770 | 2168782 |
| Construction loan receivable | 22800 | 22800 |
| Cash and cash equivalents | 99666 | 146245 |
| Investments | 5258 | 5000 |
| Right of use office lease asset | 731 | 946 |
| In-place lease intangible assets, net | 6955 | 7385 |
| Other assets, net | 22875 | 26889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2305055 | $2378047 |
| **Liabilities and stockholders' equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Notes due 2026, net | $289861 | $297865 |
| &nbsp;&nbsp;&nbsp;Building improvements and construction funding payable | 5647 | 10230 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 10183 | 10561 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 54661 | 54817 |
| &nbsp;&nbsp;&nbsp;Rent received in advance and tenant security deposits | 51647 | 57176 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 12650 | 11338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 424649 | 441987 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;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, 1,561,654 and 1,002,673 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 36843 | 23632 |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,017,520 and 28,331,833 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 28 | 28 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2107963 | 2124113 |
| &nbsp;&nbsp;&nbsp;Dividends in excess of earnings | (264428) | (211713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1880406 | 1936060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2305055 | $2378047 |

---

**INNOVATIVE INDUSTRIAL PROPERTIES, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

**For the Three and Six Months Ended June 30, 2025 and 2024**

**(Unaudited)**

(In thousands, except share and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br> June 30,** | **For the Three Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental (including tenant reimbursements) | $62866 | $79253 | $134563 | $154167 |
| &nbsp;&nbsp;&nbsp;Other | 25 | 540 | 50 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 62891 | 79793 | 134613 | 155247 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property expenses | 6867 | 6863 | 14246 | 13572 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 8626 | 9661 | 17087 | 19223 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 18500 | 17473 | 36891 | 34623 |
| &nbsp;&nbsp;&nbsp;Impairment loss on real estate |  |  | 3527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 33993 | 33997 | 71751 | 67418 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale of real estate |  | (3449) |  | (3449) |
| &nbsp;&nbsp;&nbsp;Income from operations | 28898 | 42347 | 62862 | 84380 |
| &nbsp;&nbsp;&nbsp;Interest income | 1570 | 3966 | 3183 | 5750 |
| &nbsp;&nbsp;&nbsp;Interest expense | (4444) | (4320) | (8944) | (8709) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 26024 | 41993 | 57101 | 81421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividends | (878) | (338) | (1659) | (676) |
| Net income attributable to common stockholders | $25146 | $41655 | $55442 | $80745 |
| Net income attributable to common stockholders per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.87 | $1.45 | $1.92 | $2.82 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.86 | $1.44 | $1.90 | $2.79 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 27924092 | 28250843 | 28098850 | 28197930 |
| &nbsp;&nbsp;&nbsp;Diluted | 28317693 | 28572138 | 28452111 | 28527419 |

---

**INNOVATIVE INDUSTRIAL PROPERTIES, INC.**

**FFO, NORMALIZED FFO AND AFFO**

**For the Three and Six Months Ended June 30, 2025 and 2024**

**(Unaudited)**

(In thousands, except share and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br> June 30,** | **For the Three Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to common stockholders | $25146 | $41655 | $55442 | $80745 |
| &nbsp;&nbsp;Real estate depreciation and amortization | 18500 | 17473 | 36891 | 34623 |
| &nbsp;&nbsp;Impairment loss on real estate |  |  | 3527 |  |
| &nbsp;&nbsp;Disposition-contingent lease termination fee, net of loss on sale of real estate<sup>(1)</sup> |  | (451) |  | (451) |
| FFO attributable to common stockholders (basic) | 43646 | 58677 | 95860 | 114917 |
| &nbsp;&nbsp;Cash and non-cash interest expense on Exchangeable Senior Notes |  |  |  | 28 |
| FFO attributable to common stockholders (diluted) | 43646 | 58677 | 95860 | 114945 |
| &nbsp;&nbsp;Litigation-related expense | 413 | 164 | 819 | 310 |
| &nbsp;&nbsp;Loss (gain) on partial repayment of Notes due 2026 |  |  | (32) |  |
| Normalized FFO attributable to common stockholders (diluted) | 44059 | 58841 | 96647 | 115255 |
| &nbsp;&nbsp;Income on seller-financed notes<sup>(2)</sup> | 1164 | 403 | 1317 | 806 |
| &nbsp;&nbsp;Deferred lease payments received on sales-type leases<sup>(3)</sup> | 5 | 1462 | 25 | 2918 |
| &nbsp;&nbsp;Stock-based compensation | 2672 | 4371 | 4750 | 8686 |
| &nbsp;&nbsp;Non-cash interest expense | 476 | 401 | 946 | 789 |
| &nbsp;&nbsp;Above-market lease amortization | 23 | 23 | 46 | 46 |
| AFFO attributable to common stockholders (diluted) | $48399 | $65501 | $103731 | $128500 |
| FFO per common share – diluted | $1.54 | $2.06 | $3.37 | $4.03 |
| Normalized FFO per common share – diluted | $1.56 | $2.06 | $3.40 | $4.04 |
| AFFO per common share – diluted | $1.71 | $2.29 | $3.65 | $4.50 |
| Weighted average common shares outstanding – basic | 27924092 | 28250843 | 28098850 | 28197930 |
| &nbsp;&nbsp;Restricted stock and RSUs | 393601 | 300582 | 353261 | 289736 |
| &nbsp;&nbsp;PSUs |  | 20713 |  | 20713 |
| &nbsp;&nbsp;Dilutive effect of Exchangeable Senior Notes |  |  |  | 19040 |
| Weighted average common shares outstanding – diluted | 28317693 | 28572138 | 28452111 | 28527419 |

---

(1) Amount reflects the $3.9 million disposition-contingent lease termination fee received concurrently with the sale of IIP's property
in Los Angeles, California, net of the loss on sale of the property of $3.4 million.

(2) Amount reflects the non-refundable cash payments received on the two seller-financed notes issued to IIP by the buyers in connection
with IIP's disposition of certain properties which are recognized as a deposit liability and is included in other liabilities in
IIP's consolidated balance sheet as of June 30, 2025, as the transactions did not qualify for recognition as completed sales.

(3) 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 IIP's consolidated balance sheet as of June 30, 2025, as the transactions
did not qualify for recognition as completed sales. 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.

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 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.

IIP computes Normalized FFO by adjusting FFO 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 its 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.

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 cash and non-cash items.

For the six months ended June 30, 2024, FFO (diluted), Normalized FFO and AFFO, and FFO, Normalized FFO and AFFO per diluted share include the dilutive impact of the assumed full exchange of the Exchangeable Senior Notes for shares of common stock as of the Exchangeable Senior Notes were exchanged at the beginning of the respective reporting period. The Exchangeable Senior Notes matured in February 2024.

For the three and six months ended June 30, 2024, the performance share units ("PSUs") granted to certain employees were included in dilutive securities to the extent the performance thresholds for vesting of the PSUs were met as measured as of June 30, 2024. The PSUs expired on December 31, 2024.

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.

Company Contact:

David Smith

Chief Financial Officer

Innovative Industrial Properties, Inc.

(858) 997-3332

## Exhibit 99.2

**Exhibit 99.2**

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Innovative Industrial Properties Second Quarter 2025 Supplemental Financial Information

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Innovative Industrial Properties 2 Overview 3 Forward - Looking Statements 4 Company Overview Financial Information 5 Quarterly Performance Summary 6 Balance Sheet 7 Net Income 8 Statements of Cash Flows 9 FFO, Normalized FFO, and AFFO Reconciliation 10 Historical Net Income 11 Historical FFO, Normalized FFO, and AFFO Reconciliation Portfolio Data 12 – 13 Portfolio Overview 14 Capital Commitments 15 Leasing Summary 16 – 18 Property List 19 Loans Capitalization 20 Capital and Debt Summary 21 – 22 Definitions 23 Analyst Coverage **Table of Contents**

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Innovative Industrial Properties 3 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 27 A of the Securities Act of 1933 , as amended, and Section 21 E 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 funds from operations and anticipated market and regulatory conditions, our strategic direction, our dividend rate and policy, 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 . 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 ; the demand for regulated cannabis facilities ; decreased economic activity due to fluctuations in trade policies, tariffs and related government actions ; inflation dynamics ; our ability to improve our internal control over financial reporting, including our inability to remediate an identified material weakness, and the costs and the time associated with such efforts ; the impact of pandemics on us, our business, our tenants, or the economy generally ; war and other hostilities, including the conflicts in Ukraine 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, 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 ; 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 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 . In addition, we discussed a number of material risks in our most recent Annual Report on Form 10 - K and 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 . " A reconciliation of these non - GAAP measures to the most directly comparable GAAP measures is set forth in section entitled "FFO, Normalized FFO and AFFO 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 .

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Innovative Industrial Properties 4 Senior Management Company Overview Innovative Industrial Properties, Inc. (NYSE: IIPR) is an internally managed real estate investment trust (REIT) focused on t he acquisition, ownership and management of specialized properties leased to experienced, state - licensed operators for their regulated cannabis facilities . As of June 30, 2025, we owned 108 properties comprising an aggregate of approximately 9.0 million rentable square feet in 19 states. For add iti onal 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 LinkedIn www.linkedin.com/company/innovative - industrial - properties Investor Relations Contact Eli Kanter Senior Associate, Finance eli.kanter@iipreit.com

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Innovative Industrial Properties 5 Delta 2025 2024 QoQ 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 Total Revenues $62,891 $71,722 $76,744 $76,526 $79,793 General and administrative expense $8,626 $8,461 $8,891 $9,330 $9,661 General and administrative expense / total revenues 14% 12% 12% 12% 12% Net income attributable to common stockholders $25,146 $30,296 $39,461 $39,651 $41,655 Net income attributable to common stockholders – diluted ("EPS") $0.86 $1.03 $1.36 $1.37 $1.44 Funds from operations attributable to common stockholders – diluted ("FFO") (1) $43,646 $52,214 $57,701 $57,595 $58,677 FFO per common share – diluted (1) $1.54 $1.83 $2.02 $2.02 $2.06 Normalized FFO attributable to common stockholders – diluted ("Normalized FFO") (1) $44,059 $52,588 $57,969 $57,805 $58,841 Normalized FFO per common share – diluted (1) $1.56 $1.84 $2.03 $2.02 $2.06 Adjusted funds from operations attributable to common stockholders – diluted ("AFFO") (1) $48,399 $55,332 $63,361 $64,283 $65,501 AFFO per common share – diluted (1) $1.71 $1.94 $2.22 $2.25 $2.29 Common stock dividend per share (2) $1.90 $1.90 $1.90 $1.90 $1.90 AFFO Payout Ratio (3) 111% 98% 86% 84% 83% Total Committed / Invested Capital (4) $2.5B $2.5B $2.5B $2.5B $2.5B % Leased – Operating Portfolio 98.6% 98.4% 98.3% 95.7% 95.6% Quarterly Performance Summary 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 . $2.29 $2.25 $2.22 $1.94 $1.71 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 AFFO (1) $2.06 $2.02 $2.03 $1.84 $1.56 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Normalized FFO (1) $79,793 $76,526 $76,744 $71,722 $62,891 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Total Revenues

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Innovative Industrial Properties 6 June 30, December 31, (In thousands, except share and per share amounts) 2025 2024 Assets Real estate, at cost: Land $146,469 $146,772 Buildings and improvements 2,249,408 2,230,807 Construction in progress 57,487 62,393 Total real estate, at cost 2,453,364 2,439,972 Less accumulated depreciation (306,594) (271,190) Net real estate held for investment 2,146,770 2,168,782 Construction loan receivable 22,800 22,800 Cash and cash equivalents 99,666 146,245 Investments 5,258 5,000 Right of use office lease asset 731 946 In-place lease intangible assets, net 6,955 7,385 Other assets, net 22,875 26,889 Total assets $2,305,055 $2,378,047 Liabilities and stockholders' equity Liabilities: Notes due 2026, net $289,861 $297,865 Building improvements and construction funding payable 5,647 10,230 Accounts payable and accrued expenses 10,183 10,561 Dividends payable 54,661 54,817 Rent received in advance and tenant security deposits 51,647 57,176 Other liabilities 12,650 11,338 Total liabilities 424,649 441,987 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, 1,561,654 and 1,002,673 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 36,843 23,632 Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,017,520 and 28,331,833 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 28 28 Additional paid-in capital 2,107,963 2,124,113 Dividends in excess of earnings (264,428) (211,713) Total stockholders' equity 1,880,406 1,936,060 Total liabilities and stockholders ' equity $2,305,055 $2,378,047 Balance Sheet

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Innovative Industrial Properties 7 For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Revenues: Rental (including tenant reimbursements) $62,866 $79,253 $134,563 $154,167 Other 25 540 50 1,080 Total revenues 62,891 79,793 134,613 155,247 Expenses: Property expenses 6,867 6,863 14,246 13,572 General and administrative expense 8,626 9,661 17,087 19,223 Depreciation and amortization expense 18,500 17,473 36,891 34,623 Impairment loss on real estate - - 3,527 - Total expenses 33,993 33,997 71,751 67,418 Gain (loss) on sale of real estate - (3,449) - (3,449) Income from operations 28,898 42,347 62,862 84,380 Interest income 1,570 3,966 3,183 5,750 Interest expense (4,444) (4,320) (8,944) (8,709) Net income 26,024 41,993 57,101 81,421 Preferred stock dividends (878) (338) (1,659) (676) Net income attributable to common stockholders $25,146 $41,655 $55,442 $80,745 Net income attributable to common stockholders per share: Basic $0.87 $1.45 $1.92 $2.82 Diluted $0.86 $1.44 $1.90 $2.79 Weighted-average shares outstanding: Basic 27,924,092 28,250,843 28,098,850 28,197,930 Diluted 28,317,693 28,572,138 28,452,111 28,527,419 Net Income

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Innovative Industrial Properties 8 For the Six Months Ended June 30, (In thousands) 2025 2024 Cash flows from operating activities Net income $57,101 $81,421 Adjustments to reconcile net income to net cash provided by (used in) operating Depreciation and amortization 36,891 34,623 Impairment loss on real estate 3,527 - Loss (gain) on sale of real estate - 3,449 Other non-cash adjustments 5 54 Stock-based compensation 4,750 8,686 Amortization of discounts on investments - (244) Amortization of debt discount and issuance costs 946 794 Changes in assets and liabilities Other assets, net 3,719 4,377 Accounts payable, accrued expenses and other liabilities 1,281 3,164 Rent received in advance and tenant security deposits (5,529) (553) Net cash provided by (used in) operating activities 102,691 135,771 Cash flows from investing activities Investments in real estate (7,857) (13,026) Proceeds from sale of real estate asset 1,750 9,100 Funding of draws for improvements and construction (16,547) (36,988) Purchases of short-term investments (5,258) (45,110) Maturities of short-term investments 5,000 27,191 Net cash provided by (used in) investing activities (22,912) (58,833) Cash flows from financing activities Issuance of common stock, net of offering costs - 11,757 Repurchase of common stock (20,108) - Issuance of preferred stock, net of offering costs 13,211 - Principal payment on exchangeable senior notes - (4,436) Principal payment on notes due 2026 (8,697) - Payment of deferred financing costs - (251) Dividends paid to common stockholders (108,716) (103,446) Dividends paid to preferred stockholders (1,345) (676) Taxes paid related to net share settlement of equity awards (703) (750) Net cash provided by (used in) financing activities (126,358) (97,802) Net increase (decrease) in cash and cash equivalents (46,579) (20,864) Cash and cash equivalents, beginning of period 146,245 141,699 Cash and cash equivalents, end of period $99,666 $120,835 Supplemental disclosure of cash flow information: Cash paid during the period for interest, net of interest capitalized $8,058 $7,933 Supplemental disclosure of non-cash investing and financing activities: Accrual for current-period additions to real estate $4,402 $6,161 Accrual for common and preferred stock dividends declared 54,661 54,591 Statements of Cash Flows

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Innovative Industrial Properties 9 For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2025 2024 2025 2024 Net income attributable to common stockholders $25,146 $41,655 $55,442 $80,745 Real estate depreciation and amortization 18,500 17,473 36,891 34,623 Impairment loss on real estate - - 3,527 - Disposition-contingent lease termination fee, net of loss on sale of real estate (1) - (451) - (451) FFO attributable to common stockholders (basic) 43,646 58,677 95,860 114,917 Cash and non-cash interest expense on Exchangeable Senior Notes - - - 28 FFO attributable to common stockholders (diluted) 43,646 58,677 95,860 114,945 Litigation-related expense 413 164 819 310 Loss (gain) on partial repayment of Notes due 2026 - - (32) - Normalized FFO attributable to common stockholders (diluted) 44,059 58,841 96,647 115,255 Income on seller-financed note (2) 1,164 403 1,317 806 Deferred lease payments received on sales-type leases (3) 5 1,462 25 2,918 Stock-based compensation 2,672 4,371 4,750 8,686 Non-cash interest expense 476 401 946 789 Above-market lease amortization 23 23 46 46 AFFO attributable to common stockholders (diluted) $48,399 $65,501 $103,731 $128,500 FFO per common share – diluted $1.54 $2.06 $3.37 $4.03 Normalized FFO per common share – diluted $1.56 $2.06 $3.40 $4.04 AFFO per common share – diluted $1.71 $2.29 $3.65 $4.50 Weighted average common shares outstanding – basic 27,924,092 28,250,843 28,098,850 28,197,930 Restricted stock and restricted stock units ("RSUs") 393,601 300,582 353,261 289,736 PSUs - 20,713 - 20,713 Dilutive effect of Exchangeable Senior Notes - - - 19,040 Weighted average common shares outstanding – diluted 28,317,693 28,572,138 28,452,111 28,527,419 FFO, Normalized FFO, and AFFO Reconciliation 1) Amount reflects the $3 . 9 million disposition - contingent lease termination fee received concurrently with the sale of our property in Los Angeles, California, net of the loss on sale of real estate of $3 . 4 million . 2) Amount reflects the non - refundable cash payments received on the two seller - financed notes issued to IIP by the buyers in connection with IIP's disposition of certain properties which are recognized as a deposit liability and is included in other liabilities in IIP's consolidated balance sheet as of June 30 , 2025 , as the transactions did not qualify for recognition as completed sales . 3) 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 sheet as of June 30 , 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 .

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Innovative Industrial Properties 10 2025 2024 (In thousands, except share and per share amounts) 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 Revenues: Rental (including tenant reimbursements) $62,866 $71,697 $76,717 $76,052 $79,253 Other 25 25 27 474 540 Total revenues 62,891 71,722 76,744 76,526 79,793 Expenses: Property expenses 6,867 7,379 7,605 7,295 6,863 General and administrative expense 8,626 8,461 8,891 9,330 9,661 Depreciation and amortization expense 18,500 18,391 18,240 17,944 17,473 Impairment loss on real estate - 3,527 - - - Total expenses 33,993 37,758 34,736 34,569 33,997 Gain (loss) on sale of real estate - - - - (3,449) Income from operations 28,898 33,964 42,008 41,957 42,347 Interest income 1,570 1,613 2,553 2,685 3,966 Interest expense (4,444) (4,500) (4,536) (4,427) (4,320) Net income 26,024 31,077 40,025 40,215 41,993 Preferred stock dividends (878) (781) (564) (564) (338) Net income attributable to common stockholders $25,146 $30,296 $39,461 $39,651 $41,655 Net income attributable to common stockholders per share: Basic $0.87 $1.05 $1.38 $1.38 $1.45 Diluted $0.86 $1.03 $1.36 $1.37 $1.44 Weighted-average shares outstanding: Basic 27,924,092 28,275,549 28,254,565 28,254,565 28,250,843 Diluted 28,317,693 28,588,022 28,554,335 28,579,687 28,572,138 Historical Net Income

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Innovative Industrial Properties 11 2025 2024 (In thousands, except share and per share amounts) 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 Net income attributable to common stockholders $25,146 $30,296 $39,461 $39,651 $41,655 Real estate depreciation and amortization 18,500 18,391 18,240 17,944 17,473 Impairment loss on real estate - 3,527 - - - Disposition-contingent lease termination fee, net of loss on sale of real estate (1) - - - - (451) FFO attributable to common stockholders (diluted) 43,646 52,214 57,701 57,595 58,677 Litigation-related expense 413 406 268 210 164 Loss (gain) on partial repayment of Notes due 2026 - (32) - - - Normalized FFO attributable to common stockholders (diluted) 44,059 52,588 57,969 57,805 58,841 Income on seller-financed note (2) 1,164 153 30 268 403 Deferred lease payments received on sales-type leases (3) 5 20 568 1,452 1,462 Stock-based compensation 2,672 2,078 4,315 4,316 4,371 Non-cash interest expense 476 470 456 419 401 Above-market lease amortization 23 23 23 23 23 AFFO attributable to common stockholders (diluted) $48,399 $55,332 $63,361 $64,283 $65,501 FFO per common share – diluted $1.54 $1.83 $2.02 $2.02 $2.06 Normalized FFO per common share – diluted $1.56 $1.84 $2.03 $2.02 $2.06 AFFO per common share – diluted $1.71 $1.94 $2.22 $2.25 $2.29 Weighted average common shares outstanding – basic 27,924,092 28,275,549 28,254,565 28,254,565 28,250,843 Restricted stock and RSUs 393,601 312,473 299,770 299,770 300,582 PSUs - - - 25,352 20,713 Weighted average common shares outstanding – diluted 28,317,693 28,588,022 28,554,335 28,579,687 28,572,138 Historical FFO, Normalized FFO, and AFFO Reconciliation 1) Amount reflects the $3 . 9 million disposition - contingent lease termination fee received concurrently with the sale of our property in Los Angeles, California, net of the loss on sale of real estate of $3 . 4 million . 2) Amount reflects the non - refundable cash payments received on the two seller - financed notes issued to IIP by the buyers in connection with IIP's disposition of certain properties which are recognized as a deposit liability and is included in other liabilities in IIP's consolidated balance sheet as of June 30 , 2025 , as the transactions did not qualify for recognition as completed sales . 3) 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 sheet as of June 30 , 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 .

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Innovative Industrial Properties 12 Portfolio Overview Note : As of June 30 , 2025 , values in thousands except for property count, $/PSF, or otherwise noted . Refer to "Definitions" for additional details . 1) Based on "Annualized Base Rent" . 2) Includes 588 , 000 square feet under development or redevelopment . # of Properties % of ABR (1) ABR ($000s) (1) State 7 15.1% $44,342 Illinois 10 14.1% 41,616 Pennsylvania 10 11.6% 34,000 Massachusetts 2 11.2% 33,020 New York 5 10.5% 30,783 Florida 13 7.6% 22,233 Michigan 5 6.1% 17,826 Ohio 4 4.6% 13,658 New Jersey 5 4.6% 13,541 Maryland 7 4.2% 12,454 California 68 89.6% $263,473 Total – Top 10 States 10 - 15% No Presence 0 - 5% 5 - 10% Portfolio Snapshot $2,455,601 Total Committed / Invested Capital 108 Total Properties 8,974 Total Rentable Square Feet (2) 19 Total States 13.1 Years Weighted Average Lease Length 36 Total Tenants Geographic Concentration

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Innovative Industrial Properties 13 IIP Portfolio First Quarter 2025 (3) Tenant Information Annualized Base Rent (ABR) (1) ABR # of Adjusted Market MSO #Tenant $% Square Feet (2) / Square Foot Leases Revenue EBITDA (4) Capitalization (5) / SSO (6) 1 PharmaCann (7) $33,939 11.5% 492 $69 10 Private Co. Private Co. Private Co. MSO 2Ascend Wellness Holdings 31,165 10.6% 624 50 4 $128 $27 $68 MSO 3Green Thumb Industries 22,570 7.7% 664 34 3 280 85 1,268 MSO 4Curaleaf 20,607 7.0% 578 36 8 310 65 639 MSO 5Trulieve 19,562 6.7% 740 26 6 298 109 723 MSO 6The Cannabist Company 18,200 6.2% 588 31 21 87 8 27 MSO 7 4Front Ventures (8) 17,750 6.0% 488 36 4 NA NA 3 MSO 8Holistic Industries 16,993 5.8% 298 57 4 Private Co. Private Co. Private Co. MSO 9Cresco Labs 16,842 5.7% 379 44 5 166 36 182 MSO 10Parallel 16,105 5.5% 593 27 2 Private Co. Private Co. Private Co. MSO Top 10 Tenants Total $213,733 72.7% 5,444 $39 67 Portfolio Overview 1) Dollars in thousands . 2) Square feet in thousands . 3) Dollars in millions, based on each company's public securities filings and earnings release, available at www . sec . gov, www . sedar . com, or each company's respective website, for the quarter ended March 31 , 2025 . 4) Adjusted EBITDA is a non - GAAP financial measure utilized in the industry . For definitions and reconciliations of Adjusted EBITDA to net income, see each company's public securities filings, available at www . sec . gov or www . sedar . com . 5) Dollars in millions, per S&P Capital IQ Pro as of 6 / 30 / 2025 . 6) "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 O perator which means the tenant (or guarantor) conducts cannabis operations in a single state . 7) These leases are in default, as disclosed in our 8 - K filed on March 14 , 2025 . 8) 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 . NA = financial statements are not yet available . Top Tenants Overview

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Innovative Industrial Properties 14 Total Sale Rentable Sale / PSF Price (1) Square Feet Closing / Execution State Dispositions $200 $9,000 45 Apr - 25 Michigan 77 1,850 24 Jun - 25 California $157 $10,850 69 Total / Wtd. Avg. Capital Commitments Note : Values in thousands . 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 2 Q 2024 TI commitment for AYR Florida was reduced by $2 . 5 million following an amendment to the lease in Q 1 2025 . Two Year Capital Commitment History (2) - $14,000 $16,000 $49,100 - $5,570 $7,750 - 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Second Quarter Capital Commitments & Dispositions

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Innovative Industrial Properties 15 # of Rentable Square Feet Rentable Square Feet Tenant State Closing / Execution Leases # % of Total Portfolio Non-Cannabis Tenant California Jan-25 1 6 0% Berry Green Michigan Apr-25 1 205 2% Total 2 211 2% Note : Rentable square feet values in thousands . 1) The commencement date under certain of these leases is conditioned upon, among other things, the tenant's receipt of approvals to conduct cannabis operations by the requisite state and local authorities . 2) As a % of annualized base rent for the Operating Portfolio . 3) Includes Pre - Leased Development Properties . Leasing Summary 2025 Leasing Activity as of June 30, 2025 (1) - - 0% 1% 1% 2% 1% 0% 2% 11% 82% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Representing $294 Million in A nnualized Base Rent 57 18 14 1 5 3 2 4 1 - 1 Expiring Leases (3) Lease Expiration Schedule as of June 30, 2025 (2)

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Innovative Industrial Properties 16 Square Feet Invested / Committed Capital $ Date % Under Dev. Total $/ #Tenant State City Acquired Leased In Place (1) / Redev. (2) Total Invested Committed Total $ Square Feet Operating: Cannabis - Industrial 14Front Ventures Illinois Matteson 8/3/2021 100.0% 250 - 250 $71,684 - $71,684 $287 24Front Ventures Washington Olympia 12/17/2020 100.0% 114 - 114 17,500 - 17,500 154 34Front Ventures\* Massachusetts Holliston 1/28/2022 100.0% 57 - 57 16,000 - 16,000 281 4Ascend Wellness Holdings Illinois Barry 12/21/2018 100.0% 166 - 166 71,000 - 71,000 428 5Ascend Wellness Holdings Massachusetts Athol 4/2/2020 100.0% 199 - 199 63,900 - 63,900 321 6Ascend Wellness Holdings New Jersey Franklin 2/10/2022 100.0% 114 - 114 55,000 - 55,000 482 7Ascend Wellness Holdings Michigan Lansing 7/2/2019 100.0% 145 - 145 24,150 - 24,150 167 8AYR Wellness Florida Ocala 6/7/2024 100.0% 125 20 145 33,890 6,610 40,500 279 9AYR Wellness Ohio Akron 5/14/2019 100.0% 11 - 11 3,550 - 3,550 323 10Battle Green Ohio Columbus 3/3/2023 100.0% 157 - 157 45,601 899 46,500 296 11Berry Green Michigan Warren 10/9/2019 100.0% 205 - 205 83,595 - 83,595 408 12Calyx Peak Missouri Smithville 9/17/2021 100.0% 83 - 83 28,250 - 28,250 340 13Cresco Labs Michigan Marshall 4/22/2020 100.0% 115 - 115 32,000 - 32,000 278 14Cresco Labs Illinois Kankakee 10/22/2019 100.0% 51 - 51 25,496 104 25,600 502 15Cresco Labs Illinois Joliet 10/22/2019 100.0% 39 - 39 20,950 - 20,950 537 16Cresco Labs Ohio Yellow Springs 1/24/2020 100.0% 50 - 50 12,927 618 13,545 271 17Curaleaf Pennsylvania Chambersburg 12/20/2019 100.0% 179 - 179 60,889 751 61,640 344 18Curaleaf Illinois Litchfield 10/30/2019 100.0% 127 - 127 40,000 - 40,000 315 19Curaleaf New Jersey Blue Anchor 7/13/2020 100.0% 123 - 123 35,000 - 35,000 285 20Curaleaf Massachusetts Webster 9/1/2022 100.0% 104 - 104 21,500 - 21,500 207 21Curaleaf North Dakota Fargo 12/20/2019 100.0% 33 - 33 12,190 - 12,190 369 22Curran Highway Massachusetts North Adams 5/26/2021 - 71 - 71 26,800 - 26,800 377 23Gold Flora California Desert Hot Springs 10/15/2021 100.0% 204 - 204 63,500 - 63,500 311 24Gold Flora California North Palm Springs 5/12/2020 100.0% 70 - 70 18,107 - 18,107 259 25Green Thumb Industries Pennsylvania Danville 11/12/2019 100.0% 300 - 300 94,600 - 94,600 315 26Green Thumb Industries Illinois Oglesby 3/6/2020 100.0% 266 - 266 50,000 - 50,000 188 27Green Thumb Industries Ohio Toledo 1/31/2020 100.0% 98 - 98 32,200 - 32,200 329 28Holistic Industries Maryland Capitol Heights 5/26/2017 100.0% 72 - 72 33,719 31 33,750 469 29Holistic Industries Pennsylvania New Castle 6/10/2020 100.0% 108 - 108 25,629 21 25,650 238 30Holistic Industries Massachusetts Monson 7/12/2018 100.0% 55 - 55 19,750 - 19,750 359 31Jushi Pennsylvania Scranton 4/6/2018 100.0% 145 - 145 45,800 - 45,800 316 32Lume Cannabis Company Michigan Dimondale 8/2/2018 100.0% 56 - 56 17,402 397 17,799 318 33Maryland Cultivation Processing (MCP) Maryland Hagerstown 4/13/2022 100.0% 84 - 84 25,000 - 25,000 298 34Maryland Cultivation Processing (MCP) Maryland Hagerstown 10/2/2024 100.0% 23 - 23 5,570 - 5,570 242 35Mitten Extracts Michigan Dimondale 4/16/2021 100.0% 201 - 201 72,079 - 72,079 359 36Parallel Florida Lakeland 9/18/2020 100.0% 220 - 220 56,400 - 56,400 256 37Parallel Florida Wimauma 3/11/2020 100.0% 373 - 373 51,500 - 51,500 138 38PharmaCann New York Hamptonburgh 12/19/2016 100.0% 186 48 234 130,628 - 130,628 558 39PharmaCann Massachusetts Holliston 5/31/2018 100.0% 58 - 58 30,500 - 30,500 526 40PharmaCann Illinois Dwight 10/30/2019 100.0% 66 - 66 28,000 - 28,000 424 41PharmaCann Pennsylvania Olyphant 8/7/2019 100.0% 56 - 56 28,000 - 28,000 500 42PharmaCann Ohio Buckeye Lake 3/13/2019 100.0% 58 - 58 20,000 - 20,000 345 43Sacramento CA (Undisclosed Tenant) California Sacramento 2/8/2019 100.0% 43 - 43 12,710 - 12,710 296 44Texas Original Texas Bastrop 6/14/2022 100.0% - 85 85 21,500 500 22,000 259 45The Cannabist Company Pennsylvania Saxton 5/20/2019 100.0% 270 - 270 42,891 109 43,000 159 46The Cannabist Company New Jersey Vineland 7/16/2020 100.0% 50 - 50 11,820 - 11,820 236 47The Cannabist Company Colorado Denver 10/30/2018 100.0% 58 - 58 11,250 - 11,250 194 48The Cannabist Company Colorado Denver 12/14/2021 100.0% 18 - 18 9,917 - 9,917 551 49The Cannabist Company Colorado Denver 12/14/2021 100.0% 12 - 12 3,276 - 3,276 273 50The 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 June 30 , 2025 . \* 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

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Innovative Industrial Properties 17 Square Feet Invested / Committed Capital $ Date % Under Dev. Total $/ #Tenant State City Acquired Leased In Place (1) / Redev. (2) Total Invested Committed Total $ Square Feet 51TILT Holdings Pennsylvania White Haven 2/15/2023 100.0% 58 - 58 $15,000 - $15,000 $259 52Tri-Mountain Pure\*\* Pennsylvania Pittsburgh 5/13/2021 100.0% 239 - 239 68,038 394 68,432 286 53Trulieve Massachusetts Holyoke 7/26/2019 100.0% 150 - 150 43,500 - 43,500 290 54Trulieve Florida Alachua 1/22/2021 100.0% 295 - 295 41,650 - 41,650 141 55Trulieve Maryland Hancock 8/13/2021 100.0% 115 - 115 29,515 - 29,515 257 56Trulieve Florida Quincy 10/23/2019 100.0% 120 - 120 17,000 - 17,000 142 57Trulieve\*\*\* Nevada Las Vegas 7/12/2019 100.0% 43 - 43 9,600 - 9,600 223 58Trulieve Arizona Cottonwood 4/27/2022 100.0% 17 - 17 5,238 - 5,238 308 59Verdant California Cathedral City 3/25/2022 100.0% 23 - 23 15,250 - 15,250 663 60Verdant Maryland Frederick 2/21/2025 100.0% 22 - 22 7,750 - 7,750 352 61Vireo New York Perth 10/23/2017 100.0% 389 - 389 81,358 - 81,358 209 62Vireo Minnesota Otsego 11/8/2017 100.0% 89 - 89 9,710 - 9,710 109 Operating: Cannabis - Industrial Subtotal / Wtd. Avg. 98.7% 7,586 153 7,739 $2,127,231 $10,433 $2,137,664 $276 Operating: Cannabis - Retail 63Curaleaf North Dakota Dickinson 12/14/2021 100.0% 5 - 5 $2,045 - $2,045 $409 64Curaleaf North Dakota Devils Lake 12/14/2021 100.0% 4 - 4 1,614 - 1,614 404 65Curaleaf Pennsylvania Bradford 12/14/2021 100.0% 3 - 3 1,058 - 1,058 353 66Green Peak (Skymint) Michigan East Lansing 10/25/2019 100.0% 3 - 3 3,372 28 3,400 1,133 67Green Peak (Skymint) Michigan Lansing 11/4/2019 100.0% 14 - 14 2,225 - 2,225 159 68Green Peak (Skymint) Michigan Flint 11/4/2019 100.0% 6 - 6 2,180 - 2,180 363 69PharmaCann Colorado Commerce City 2/21/2020 100.0% 5 - 5 2,300 - 2,300 460 70PharmaCann Colorado Aurora 12/14/2021 100.0% 2 - 2 1,674 - 1,674 837 71PharmaCann Colorado Berthoud 12/14/2021 100.0% 6 - 6 1,406 - 1,406 234 72PharmaCann Colorado Mancos 12/14/2021 100.0% 4 - 4 1,148 - 1,148 287 73PharmaCann Colorado Pueblo 2/19/2020 100.0% 3 - 3 1,049 - 1,049 350 74Schwazze Colorado Ordway 12/14/2021 100.0% 2 - 2 400 - 400 200 75Schwazze Colorado Rocky Ford 12/14/2021 100.0% 13 - 13 400 - 400 31 76Schwazze Colorado Las Animas 12/14/2021 100.0% 2 - 2 400 - 400 200 77South Mason Drive Michigan Newaygo 11/8/2019 - 2 - 2 995 - 995 498 78The Cannabist Company Colorado Denver 12/14/2021 100.0% 4 - 4 7,338 - 7,338 1,834 79The Cannabist Company Colorado Pueblo 12/14/2021 100.0% 6 - 6 4,878 - 4,878 813 80The Cannabist Company Colorado Aurora 12/14/2021 100.0% 5 - 5 4,229 - 4,229 846 81The Cannabist Company Colorado Glenwood Springs 12/14/2021 100.0% 4 - 4 4,187 - 4,187 1,047 82The Cannabist Company Colorado Fort Collins 12/14/2021 100.0% 5 - 5 3,977 - 3,977 795 83The Cannabist Company Colorado Aurora 12/14/2021 100.0% 4 - 4 3,601 - 3,601 900 84The Cannabist Company New Jersey Vineland 7/16/2020 100.0% 4 - 4 2,165 - 2,165 541 85The Cannabist Company Colorado Aurora 12/14/2021 100.0% 5 - 5 1,991 - 1,991 398 86The Cannabist Company Colorado Englewood 12/14/2021 100.0% 4 - 4 1,778 - 1,778 445 87The Cannabist Company Colorado Trinidad 12/14/2021 100.0% 9 - 9 1,728 - 1,728 192 88The Cannabist Company Colorado Silver Plume 12/14/2021 100.0% 4 - 4 1,444 - 1,444 361 89The Cannabist Company Colorado Black Hawk 12/14/2021 100.0% 4 - 4 1,321 - 1,321 330 90The Cannabist Company Colorado Edgewater 12/14/2021 100.0% 5 - 5 1,089 - 1,089 218 91The Cannabist Company Colorado Sheridan 12/14/2021 100.0% 2 - 2 890 - 890 445 92The Pharm Arizona Phoenix 9/19/2019 100.0% 2 - 2 2,500 - 2,500 1,250 93Verano Pennsylvania Harrisburg 3/23/2022 100.0% 3 - 3 2,750 - 2,750 917 94Wilder Road Michigan Bay City 11/4/2019 - 4 - 4 1,740 - 1,740 435 Operating: Cannabis - Retail Subtotal / Wtd. Avg. 96.1% 148 - 148 $69,870 $28 $69,898 $472 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 June 30 , 2025 . \*\*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 IIP 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)

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Innovative Industrial Properties 18 Square Feet Invested / Committed 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 954Front Ventures Massachusetts Georgetown 12/17/2020 100.0% 67 - 67 $15,500 - $15,500 $231 96Cresco Labs Massachusetts Fall River 6/30/2020 100.0% 124 - 124 27,624 1,126 28,750 232 97Holistic Industries Michigan Madison Heights 9/1/2020 100.0% 63 - 63 28,500 - 28,500 452 98Kaya Cannabis Colorado Denver 12/14/2021 100.0% 6 - 6 1,299 - 1,299 217 99Schwazze Colorado Pueblo 12/14/2021 100.0% 8 - 8 2,165 - 2,165 271 100 Sozo Michigan Warren 5/14/2021 100.0% 85 - 85 17,230 - 17,230 203 101 The Cannabist Company Virginia Richmond 1/15/2020 100.0% 82 - 82 19,750 - 19,750 241 102 The Cannabist Company Colorado Denver 12/14/2021 100.0% 33 - 33 8,206 - 8,206 249 103 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 104 Non-Cannabis Tenant Michigan Traverse City 11/25/2019 100.0% 2 - 2 $1,272 - $1,272 $636 105 North Anza Road and Del Sol Road California Palm Springs 4/16/2019 54.5% 22 - 22 5,788 - 5,788 263 Operating: Non-Cannabis Subtotal / Wtd. Avg. 62.7% 24 - 24 $7,060 - $7,060 $294 Operating Portfolio Total / Wtd. Avg. 98.6% 8,330 153 8,483 $2,364,435 $11,586 $2,376,021 $280 Dev. / Redev. Properties (3) 106 Inland Center Drive California San Bernardino 11/16/2020 - - 192 192 $35,819 - $35,819 $187 107 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 Pre-Leased Dev. Properties (3) 108 Gold Flora California Palm Springs 4/16/2019 100.0% 56 180 236 $35,530 - $35,530 $151 Pre-Leased Dev. Property / Wtd. Avg. 100.0% 56 180 236 $35,530 - $35,530 $151 Total Portfolio / Wtd. Avg. 96.9% 8,386 588 8,974 $2,444,014 $11,586 $2,455,601 $274 State Subtotal / Wtd. Avg. 1 Pennsylvania 100.0% 1,361 - 1,361 $384,655 $1,274 $385,930 $284 2 Illinois 100.0% 965 - 965 $307,131 $104 $307,234 $318 3 Massachusetts 91.2% 989 - 989 $305,074 $1,126 $306,200 $310 4 Michigan 99.0% 901 - 901 $286,739 $425 $287,164 $319 5 New York 100.0% 575 48 623 $211,986 - $211,986 $340 6 Florida 100.0% 1,133 20 1,153 $200,440 $6,610 $207,050 $180 7 California 79.4% 418 372 790 $186,703 - $186,703 $236 8 Ohio 100.0% 374 - 374 $114,278 $1,517 $115,795 $310 9 New Jersey 100.0% 291 - 291 $103,985 - $103,985 $357 10 Maryland 100.0% 316 - 316 $101,554 $31 $101,585 $321 11 Colorado 100.0% 233 - 233 $83,340 - $83,340 $358 12 Texas 72.8% - 148 148 $29,731 $500 $30,231 $204 13 Missouri 100.0% 83 - 83 $28,250 - $28,250 $340 14 Arizona 100.0% 377 - 377 $27,737 - $27,737 $74 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 Property List (Continued) 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 June 30 , 2025 . 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 .

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Innovative Industrial Properties 19 Principal Date Maturity / Wtd. Amount Loan #City State Loan Type Executed Avg. Maturity Outstanding Commitment 1Coachella California Senior Secured 6/25/2021 0.5 Years $22,800 $23,000 2 Needles (1) California Senior Secured 3/3/2023 2.7 Years 16,100 16,100 3 Harris Township (2) Michigan Senior Secured 4/25/2025 2.8 Years 8,500 8,500 Loan Portfolio Total / Wtd. Avg. 1.6 Years $47,400 $47,600 Loans 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 portfolio of four properties in southern California . 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 . This loan is in default, as disclosed in our 8 - K filed on March 28 , 2025 . 2) 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 .

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Innovative Industrial Properties 20 Interest Rate / Preferred Rate / Maturity / Wtd. As of (In thousands, except share and per share amounts) Wtd. Avg. Rate Avg. Maturity June 30, 2025 Unsecured debt: Notes due 2026 5.50% 0.9 Years 291,215 Total Unsecured Debt 5.50% 0.9 Years $291,215 Gross Debt 5.50% 0.9 Years $291,215 Series A Preferred Stock: Redemption price per share $25.00 Shares outstanding 1,561,654 Total Preferred Equity 9.00% $39,041 Total Senior Capital 5.91% $330,256 Equity Market Capitalization: Stock Price as of 06/30/2025 $55.22 Shares outstanding 28,017,520 Equity Market Capitalization $1,547,127 Covenant (1) June 30, 2025 Debt / Total Gross Assets <60% 11% Secured Debt <40% - Unencumbered Total Gross Assets / Unsecured Debt >150% 898% Debt Service Coverage Ratio >1.5x 15.0x Egan Jones Credit Rating BBB+ Debt Maturity Schedule Capital and Debt Summary $291.2 Million 2025 2026 2027 2028 2029 Thereafter Notes Due 2026 Capital Overview 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 .

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Innovative Industrial Properties 21 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 cash and 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. • Development / Redevelopment ("Dev. / Redev.") Properties: Defined as non - operating assets under development that are not leased and not ready for their intended use. • Exchangeable Senior Notes: 3.75% E xchangeable Senior Notes paid off in full in February 2024. • 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 ope rating performance equal to net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, depre cia tion, amortization and impairment related to real estate properties, and after adjustments for unconsolidated partnerships and join t v entures. 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 be lie ves FFO and FFO per share to be supplemental measures of a REIT's performance because they provide an understanding of the operat ing performance of our properties without giving effect to certain significant non - cash items, primarily depreciation expense. Histo rical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably ov er 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 th ese measures are observed by management to also be the predominant measures used by the REIT industry and by industry analysts to ev aluate REITs and because FFO per share is consistently reported, discussed, and compared by research analysts in their notes and pub lic ations about REITs. For these reasons, management has deemed it appropriate to disclose and discuss FFO and FFO per share. • 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.

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Innovative Industrial Properties 22 Definitions (Continued) • 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 n atu re and/or not related to our core real estate operations. Exclusion of these items from similar FFO - type metrics is common within the equi ty REIT industry, and management believes that presentation of Normalized FFO and Normalized FFO per share provides investors with a metric to ass ist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of other compa nie s, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. Normali zed FFO is used by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be ex clu ded in calculating Normalized FFO include certain transaction - related gains, losses, income or expense or other non - core amounts as the y 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. • Pre - Leased Development ("Dev.") Properties: Defined as non - operating assets under development that are leased but not ready for their intended use. • Series A Preferred: 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share. • Total Committed / 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 reimburs e c ertain tenants and sellers for completion of construction and improvements at the properties. Excludes loans listed in the section entitled "Se cured Loans". • Total Portfolio: All properties, including Development / Redevelopment Properties, Pre - Leased 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. • Total Senior Capital: Calculated as the sum of Gross Debt and the redemption value of the Series A Preferred Stock. • % Leased: The weighted average leased percentage of the Operating Portfolio by Total Committed / Invested Capital. Excludes Redevelopme nt Properties and Pre - Leased Redevelopment Properties. Includes leases that are in default, as disclosed in our 8 - K's filed on Marc h 14, 2025 and March 28, 2025.

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Innovative Industrial Properties 23 Analyst Coverage Contact Information Research Firms Analyst Email: agrey@allianceg.com Phone: 888 - 543 - 4448 Alliance Global Partners Aaron Grey Email: tcatherwood@btig.com Phone: 212 - 738 - 6140 BTIG Tom Catherwood Email: mross@compasspointllc.com Phone: 202 - 534 - 1392 Compass Point Research and Trading Merrill Ross Email: alexander.goldfarb@psc.com Phone: 212 - 466 - 7937 Piper Sandler Alexander Goldfarb Email: bkirk@roth.com Phone: 203 - 355 - 3473 Roth Capital Partners Bill Kirk Email: aliu@wolferesearch.com Phone: 646 - 582 - 9257 Wolfe Research Andy Liu Email: ir@iipreit.com Phone: 858 - 997 - 3332 Investor Relations

## Exhibit 99.3

**Exhibit 99.3**

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Innovative Industrial Properties 1 INNOVATIVE INDUSTRIAL PROPERTIES NYSE: IIPR INNOVATIVEINDUSTRIALPROPERTIES.COM COMPANY PRESENTATION – AUGUST 2025

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Innovative Industrial Properties 2 This presentation and our associated comments includes "forward - looking statements" (within the meaning of the Private Securitie s 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 particula r, statements pertaining to our capital resources, portfolio performance and results of operations contain forward - looking statements. Likewise, our statements regarding anticipated funds from operations and anticipated market and regulatory conditions, our strategic direction, our dividend rate and policy, demographics, results of operations, plans and objectives are forward - looking statements. Forward - looking statements inv olve 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 simi lar words or phrases. 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 ma ter ially 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 currentl y 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; the demand for regulated cannabis faciliti es; decreased economic activity due to fluctuations in trade policies, tariffs and related government actions; inflation dynamics; our ability to improve our internal control over financial reporting, including our i nab ility to remediate an identified material weakness, and the costs and the time associated with such efforts; the impact of pandemics on us, our business, our tenants, or the economy generally; war and other hostilit ies , including the conflicts in Ukraine 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 indus try ; 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 regul ated cannabis; the potential impact on us from litigation matters, including rising liability and insurance costs; the additional risks that may be associated with certain of our tenants cultivating, processing and/or d isp ensing 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 r ate s for our target assets; our level of indebtedness, which could reduce funds available for other business purposes and reduce our operational flexibility; covenants in our debt instruments, which may limit our flexib ili ty 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 mi smatches 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 m ay 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; ou r a bility to maintain our qualification as a real estate investment trust 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 performa nce . In addition, we discussed a number of material risks in our most recent Annual Report on Form 10 - K and subsequent Quarterly Reports on Form 10 - Q. Those risks continue to be relevant to our performance and financial co ndition. 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 , n or 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 sta tements. 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 info rmation, 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 f ilings and reports. This presentation includes certain non - GAAP financial measures. These non - GAAP measures are presented for supplemental informati on 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. Market and industry data are included in this presentation. We have obtained substantially all of this information from inter nal 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 an d m arket 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 pre sen tation 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 Propert ies , Inc. shall be made only by means of a prospectus approved for that purpose. FORWARD LOOKING STATEMENTS

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Innovative Industrial Properties 3 NNN cannabis REIT • Large diversified portfolio of $2.5B of cannabis real estate • Diversified across 19 states and 36 tenants (4) • Contractual, annual escalations provide built in cash flow growth History of providing value to shareholders • Increased dividend every year since inception through 2024 • One of the lowest leveraged publicly traded REITs • Demonstrated access to multiple capital markets IIPR provides direct investment exposure to cannabis with the stability of real estate • The only NYSE - listed cannabis REIT • High growth industry with an estimated 7% CAGR over next 5 years (5) • Exposure to numerous cannabis markets and tenants Seasoned management team with significant REIT experience • Our founder, Alan Gold, has a history of establishing real estate companies • Senior management team with long term public REIT experience Note : Data as of June 30 , 2025 , unless otherwise noted . (1) Total Committed / Invested Capital includes (1) total investments in properties (consisting of purchase price and improvements reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburse certain tenants for completion of construction and improvements at the properties . (2) Reflects annualized common stock dividend paid on July 15 , 2025 of $1 . 90 per share . (3) Weighted average lease length calculated by weighting the remaining lease term based on the base rent and management fees, after the expiration of applicable base rent phase - in periods for the Operating Portfolio . (4) 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 . (5) BDSA Legal Cannabis Market Forecast (March 2025) . IIPR AT A GLANCE $2.5B Total Committed / Invested Capital (1) 108 Total Properties 9 .0M Total Rentable Square Feet 19 U.S. States $7.60 Q2 2025 Annualized Dividend (2) $62 .9M Q2 2025 Total Revenue 13.1 Years Weighted Average Lease Length (3) COMPANY SPOTLIGHT

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Innovative Industrial Properties 4 Founded in 2016 to Support the Growth and Capital Needs of the Regulated Cannabis Industry First and only publicly traded company on the NYSE (NYSE: IIPR) to provide real estate capital to address the specific needs of cannabis facility operators Specialized Real Estate U.S. cannabis operators require mission critical facilities with specialized buildouts to optimize environment and conform to licensing and zoning requirements Operators' Outsized Need for Capital U.S. cannabis operators have an outsized need for capital to fund growth Rapid Adoption of State Legalization As of June 2025, 42 states and Washington, D.C. have legalized cannabis for medical - use, and 24 states and Washington, D.C. have legalized cannabis for adult - use (2) Large and Growing Industry Regulated cannabis sales estimated to grow to $44 billion by 2029, 40% more than 2024 estimated regulated sales of $31 billion (1) Operators' Limited Access to Financing Due to federal prohibition and being a nascent industry, U.S. cannabis operators were historically required to fund growth through highly dilutive forms of capital absent other forms of financing (1) BDSA Legal Cannabis Market Forecast (March 2025) . (2) National Conference of State Legislatures (www . ncsl . org), MJBizDaily (mjbizdaily . com) . WHY IIPR WAS FORMED EK1

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Innovative Industrial Properties 5 Structured long - term cash flows • Generally, 15 - 20 year initial lease terms (vs. ~5 years for traditional industrial leases) • Leases generally subject to parent company guarantees covering operations throughout the United States Capital efficient lease structure • Target 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 Strong initial rental yields with annual escalations Align closely with state - licensed cannabis operators Provide attractively priced financing that maximizes tenants' access to capital Facilitate our tenants' growth plans Execute sale - leasebacks and fund improvements for cultivation, processing and retail properties OUR BUSINESS MODEL & BENEFITS Established to Meet the Needs of Our Tenants

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Innovative Industrial Properties 6 STRONG, LOW LEVERAGED BALANCE SHEET Debt Overview Revolving Credit Facility: • Entire $87.5M facility is undrawn Unsecured Senior Notes: • Investment grade rating BBB+ from Egan Jones, since May 2021 • $291.2M of 5.50% unsecured senior notes due May 25, 2026 11% Debt to Total Gross Assets (1) 15x Debt Service Coverage Ratio (1) $192M+ Liquidity Available (2) - $291.2M - - - - 2025 2026 2027 2028 2029 Thereafter Debt Maturity Schedule Gross Debt $291.2M Preferred Equity $39.0M Common Equity Market Capitalization $1.5B Capital Structure (3) % Note : As of June 30 , 2025 , 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 IIP's consolidated balance sheet as of quarter end) and availability under IIP's revolving credit facility . (3) Share price per S&P Capital IQ Pro as of 6 / 30 / 2025 .

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Innovative Industrial Properties 7 PORTFOLIO OVERVIEW IIPR has a geographically diversified portfolio of properties throughout the United States Note : Data as of June 30 , 2025 , 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) Square Feet (000s) # of Properties % of ABR (1) ABR ($000s) (1) State 965 7 15.1% $44,342 Illinois 1,361 10 14.1% 41,616 Pennsylvania 989 10 11.6% 34,000 Massachusetts 623 2 11.2% 33,020 New York 1,153 5 10.5% 30,783 Florida 901 13 7.6% 22,233 Michigan 374 5 6.1% 17,826 Ohio 291 4 4.6% 13,658 New Jersey 316 5 4.6% 13,541 Maryland 790 7 4.2% 12,454 California 7,763 68 89.6% $263,473 Total – Top 10 States 10 - 15% No Presence 0 - 5% 5 - 10% 2% Retail 90% Industrial (2) 8% Industrial / Retail

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Innovative Industrial Properties 8 ABR/SF Square Feet (000s) ABR (%) (1) ABR ($000s) Tenant $69 492 11.5% $33,939 50 624 10.6% 31,165 34 664 7.7% 22,570 36 578 7.0% 20,607 26 740 6.7% 19,562 31 588 6.2% 18,200 36 488 6.0% 17,750 57 298 5.8% 16,993 44 379 5.7% 16,842 27 593 5.5% 16,105 $39 5,444 72.7% $213,733 Total TOP 10 TENANTS Note : Data as of June 30 , 2025 , 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) 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 IIP's properties . Total Committed / Invested Capital includes (1) total investments in properties (consisting of purchase price and improvements reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburse certain tenants for completion of construction and improvements at the properties . (3) 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 $30.0M $73.3M $167.4M $690.0M $1.3B $2.0B $2.3B $2.4B $2.5B $2.5B 1 4 8 18 20 26 29 32 35 36 2016 2017 2018 2019 2020 2021 2022 2023 2024 6/30/25 Invested Capital # of Tenants Total Committed / Invested Capital & Tenant Growth (2) Cannabis Tenant Composition (1)(3) Operator Type (4) 89% MSO 11% SSO (5) (6)

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Innovative Industrial Properties 9 $0.55 $1.20 $2.83 $4.47 $5.72 $7.10 $7.22 $7.52 $0.67 $1.34 $3.28 $5.01 $6.66 $8.45 $9.08 $8.98 2017 2018 2019 2020 2021 2022 2023 2024 Dividend/Share AFFO/Share HISTORICAL PERFORMANCE OF AFFO AND DIVIDENDS 84% 80% 84% 86% 89% 86% 90% 82% AFFO Payout (3) : Annual AFFO Per Diluted Share CAGR (1,2) '17 – '24: 45% Annual Dividend Per Share CAGR (2) '17 – '24: 45% Average AFFO Payout Ratio '17 – '24: 85% (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 on page 19 . (2) "CAGR" represents compound annualized growth rate for the relevant metric . (3) Calculated as dividends declared for the specified period divided by AFFO per diluted share .

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Innovative Industrial Properties 10 Review of Management Ability to Raise Capital Financial Underwriting Guarantees and Security Deposits Ongoing Monitoring UNDERWRITING & MONITORING Diligent underwriting process with a focus on best - in - class operators within the regulated cannabis industry • Experienced management team • Alignment of management within ownership of the business • Evaluation of the macro environment surrounding strategic capital raising in the tenants' prospective markets • History of successful capital raising and a cash balance on hand today • Evaluation of financial projections utilizing existing knowledge of industry dynamics • Detailed review of financial statements, strategic initiatives, and growth plans • Leases generally subject to parent company guarantees covering operations throughout the United States • Security deposits with larger deposits for less mature tenants • Quarterly financial and operational review of all properties • Meetings with tenants to talk through operations and financials

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Innovative Industrial Properties 12 INDUSTRY TAILWINDS $31B $44B 2024 2025E 2026E 2027E 2028E 2029E Long - Term Growth Outlook for Cannabis $44B Estimated Legal Cannabis Sales by 2029 (1) 68% U.S. Population of States with an IIPR Presence (2) 87% U.S. adults say marijuana should be legal at some level (3) (1) BDSA Legal Cannabis Market Forecast (March 2025) . (2) 2020 US Census Data . (3) Pew Research Center (July 2025) . US Legal Cannabis Sales Forecast (1)

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Innovative Industrial Properties 13 Institutions (by type) Providing Banking Services to MRBs (2) Institutional Adoption Continues Percentage of FDIC Banks that Offer Services to MRBs (1) INCREASED BANKING SERVICES FOR CANNABIS INDUSTRY Note : "MRB" refers to Marijuana Related Business, businesses that "manufacture," "distribute" or "dispense" marijuana . (1) Treasury Department, FDIC data . (2) Treasury Department . - 2% 4% 6% 8% 10% 12% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 511 172 135 0 100 200 300 400 500 600 1Q 2014 3Q 2014 1Q 2015 3Q 2015 1Q 2016 3Q 2016 1Q 2017 3Q 2017 1Q 2018 3Q 2018 1Q 2019 3Q 2019 1Q 2020 3Q 2020 1Q 2021 3Q 2021 1Q 2022 3Q 2022 1Q 2023 3Q 2023 1Q 2024 3Q 2024 Banks Credit Unions Non-Depository • Increasing trend in FDIC banks offering services to marijuana - related business ("MRBs") (from 2014 to 2024) reaching an all - time high of ~13% of the total number of banks in 2024 • Steady growth in the number of depository institutions supporting MRBs • ~800 banks, credit unions and other institutions providing services to marijuana - related businesses

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Innovative Industrial Properties 14 ADULT USE CANNABIS TAX REVENUE (1) (1) The Marijuana Policy Project (MPP), Cannabis Tax Revenue in States that Regulate Cannabis for Adult Use . Market Impact • Cannabis tax revenue often exceeds alcohol taxes in mature markets • Represents 0.25% to 1.5% of the entire state budgets • Creates thousands of new jobs and business opportunities Future Outlook Pennsylvania is projected to generate over $1B+ in adult use tax revenue within 4 years if legalization is enacted $68.5M $264.2M $530.5M $736.5M $1.3B $1.7B $2.9B $3.9B $3.8B $4.2B $4.4B 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Adult Use Tax Revenue $24.7B Total Revenue Since 2014 First markets launched $4.4B 2024 Collections Record Year 7 States with $200M+ 4 states exceeded $500M

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Innovative Industrial Properties 15 Licensing • A regulated cannabis operator must obtain proper licensing from the state for the facility • Licensing driven by state specific program requirements, including costs and applicant requirements for licensing, identification of specific real estate for license approval • In many states, a highly competitive process • Limited opportunities for locating regulated cannabis facilities based on zoning and permitting requirements imposed at county and city levels, including community support • Extensive negotiations with local governments for permitting and approvals • Highly regulated at the state and local levels, including extensive security, fire protection, seed to sale tracking, testing, and other requirements • Periodic inspections by local fire and safety officials and cannabis authorities to ensure compliance LICENSING, ZONING & REGULATORY DYNAMICS IIPR has built a strong competitive advantage through its scale, industry network and long - term industry experience Zoning Regulatory

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Innovative Industrial Properties 16 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 properties in both the U.S. and U.K. EXECUTIVE CHAIRMAN & CO - FOUNDER Alan Gold has experience founding and leading real estate companies focused on nuanced, regulated industries.

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Innovative Industrial Properties 17 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 Ben Regin Catherine Hastings • 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 Kelly Spicher Tracie Hager • 30+ years of experience in property management • Former VP, Property Management at BioMed Realty SVP, Asset Management SENIOR MANAGEMENT TEAM

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Innovative Industrial Properties 18 APPENDIX

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Innovative Industrial Properties 19 AFFO RECONCILIATION Years Ended December 31, 2017 2018 2019 2020 2021 2022 2023 2024 $(395) $5,633 $22,123 $64,378 $112,638 $153,034 $164,236 $159,857 Net income attributable to common stockholders 915 2,629 8,599 28,025 41,776 61,303 67,194 70,807 Real estate depreciation and amortization — — — — — (3,601) — — Loss (gain) on sale of real estate — — — — — — — (451) Disposition - contingent lease termination fee, net of loss on sale of real estate (1) $520 $8,262 $30,722 $92,403 $154,414 $210,736 $231,430 $230,213 FFO attributable to common stockholders (basic) — — — — 7,517 546 219 28 Cash and non - cash interest expense on Exchangeable Senior Notes $520 $8,262 $30,722 $92,403 $161,931 $211,282 $231,649 $230,241 FFO attributable to common stockholders (diluted) — — 97 94 — — — — Acquisition - related expense — — — 211 — 367 — — Financing expense — — — — — 3,010 2,480 788 Litigation - related expense — — — — 3,692 125 (22) — Loss (gain) on induced exchange of Exchangeable Senior Notes 520 8,262 30,819 92,708 165,623 214,784 234,107 231,029 Normalized FFO attributable to common stockholders (diluted) — — — — — — 1,342 1,104 Interest income on seller - financed note (2) — — — — — — — 4,938 Deferred lease payments received on sales - type leases (3) 1,719 1,465 2,495 3,330 8,616 17,507 19,581 17,317 Stock - based compensation 113 — — — — — — — Severance — — 1,678 2,040 715 1,255 1,375 1,664 Non - cash interest expense — — — — 4 91 92 92 Above - market lease amortization $2,352 $9,727 $34,992 $98,078 $174,958 $233,637 $256,497 $256,144 AFFO attributable to common stockholders (diluted) $0.15 $1.13 $2.88 $4.72 $6.17 $7.64 $8.20 $8.07 FFO per common share – diluted $0.15 $1.13 $2.88 $4.74 $6.31 $7.76 $8.29 $8.10 Normalized FFO per common share – diluted $0.67 $1.34 $3.28 $5.01 $6.66 $8.45 $9.08 $8.98 AFFO per common share – diluted 3,375,284 7,138,952 10,546,016 19,443,602 23,903,017 27,345,047 27,977,807 28,226,402 Weighted average common shares outstanding – basic 131,861 146,849 138,052 114,017 96,174 116,046 196,821 294,780 Restricted stock and RSUs — — — — 81,414 — — — PSUs — — — — 2,180,550 202,076 81,169 9,468 Dilutive effect of Exchangeable Senior Notes 3,507,145 7,285,801 10,684,068 19,557,619 26,261,155 27,663,169 28,255,797 28,530,650 Weighted average common shares outstanding – diluted (1) Amount reflects the $3 . 9 million disposition - contingent lease termination fee received concurrently with the sale of a property in Los Angeles, California, net of the loss on sale of real estate of $3 . 4 million . (2) Amount reflects the non - refundable interest paid on the seller - financed note issued to us by the buyer in connection with our disposition of a portfolio of four properties in southern California previously leased to affiliates of Medical Investor Holdings, which is recognized as a deposit liability and is included in other liabilities in our consolidated balance sheet as of December 31 , 2023 and 2024 , as the transaction did not qualify for recognition as a completed sale . (3) 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 sheet as of December 31 , 2024 , 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 .