Exhibit 99.2

Innovative Industrial Properties Second Quarter 2025 Supplemental Financial Information

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

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 .

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

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

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

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

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

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 .

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

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 .

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

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

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

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)

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

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)

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 .

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 .

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 .

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.

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.

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