Innovative Industrial Properties, Inc. (NYSE IIPR) is an internally managed real estate investment trust
(REIT) focused on the acquisition, ownership and management of specialized properties leased to
experienced, state-licensed operators for their regulated cannabis facilities and financial investments
in the life science industry. As of September 30, 2025, we owned 112 properties comprising an aggregate
of 9.0 million rentable square feet in 19 states and $2.5 billion of invested capital. In addition, we
have committed $270 million to the life science industry through a financial investment.
The regulated cannabis industry has experienced tremendous momentum in the United States, with 41 states
and Washington, D.C. having legalized cannabis for medical-use, and 24 states and Washington, D.C.
having legalized cannabis for adult-use as of September 2025, according to Marijuana Business Daily.
According to BDSA, regulated cannabis sales is estimated to grow to $44 billion by 2029, over 40% more
than 2024 estimated regulated sales of $31 billion.
Our senior management team has proven experience in all aspects of the real estate industry, including
acquisitions, dispositions, construction, development, management, finance and capital markets. Our
executive chairman, Alan D. Gold, is a 35-year veteran of the real estate industry, including
co-founding two NYSE-listed REITs: BioMed Realty Trust, Inc. (formerly NYSE: BMR), a real estate company
focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life
science industry; and Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT focused on
collaborative science and technology campuses. Mr. Gold served as chairman and chief executive officer
of BioMed Realty from its initial public offering in 2004 through its sale to Blackstone in 2016 for $8
billion.