INNOVATIVE INDUSTRIAL PROPERTIES Business Summary

Innovative Industrial Properties Inc. (IIPR) is an internally managed real estate investment trust (REIT) specializing in the acquisition and management of specialized industrial properties leased to state-licensed cannabis operators. The company generates revenue primarily through long-term, triple-net (NNN) leases, which transfer property-related expenses—including taxes, insurance, and maintenance—to the tenants, thereby securing predictable rental income and tenant reimbursements. As of February 2026, IIPR’s business is divided into two primary segments: its core regulated cannabis real estate portfolio, which includes 111 properties across 19 states, and a strategic life science real estate division established through a $270 million investment in the IQHQ platform. IIPR maintains its position as the premier capital provider and "gold standard" in the cannabis REIT sector, possessing significantly greater scale and liquidity than direct competitors such as NewLake Capital Partners and Zoned Properties, while increasingly competing for institutional capital with specialized REITs like Sabra Healthcare REIT and National Health Investors. IIPR was co-founded in 2016 by Executive Chairman Alan D. Gold and President & CEO Paul E. Smithers. Gold is a distinguished REIT industry veteran who previously co-founded BioMed Realty Trust and Alexandria Real Estate Equities; his deep expertise in specialized life science assets is the driving force behind the company’s 2026 diversification into non-cannabis real estate. Smithers provides the legal and regulatory leadership necessary to navigate the complex federal and state cannabis landscape. The current executive team also features Chief Financial Officer David J. Smith, Chief Investment Officer Ben Regin, and Chief Operating Officer Catherine Hastings, who have collectively spearheaded the firm’s recent "Tenant Replacement and Renewal Initiative" to stabilize the portfolio following industry-wide defaults. The board of directors is further bolstered by Independent Vice Chairman Gary A. Kreitzer, a co-founder of BioMed Realty Trust, ensuring a leadership pedigree rooted in institutional-grade specialized real estate management.