Innovative Industrial Properties First Quarter 2025 Supplemental Financial Information

Innovative Industrial Properties 2 Overview Forward-Looking Statements 3 Company Overview 4 Financial Information Quarterly Performance Summary 5 Balance Sheet 6 Net Income 7 Statements of Cash Flows 8 FFO, Normalized FFO, and AFFO Reconciliation 9 Historical Net Income 10 Historical FFO, Normalized FFO, and AFFO Reconciliation 11 Portfolio Data Capital Commitments 12 Leasing Summary 13 Top Tenants Overview 14 Property List 15 – 17 Secured Loans 18 Capitalization Capital and Debt Summary 19 Definitions 20 – 21 Analyst Coverage 22 Senior Management Team and Board of Directors 23 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 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 particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth in our 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 Company Snapshot State Diversification (1) Illinois 14.5% Pennsylvania 13.5% Massachusetts 12.7% New York 10.7% Michigan 10.2% Florida 9.6% Ohio 5.8% New Jersey 4.5% Maryland 4.4% California 4.1% Other 10.0% Total 100% Company Overview 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. Note: As of March 31, 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) Refer to “Capital and Debt Summary” for additional details. 3) Reflects annualized common stock dividend paid on April 15, 2025 of $1.90 per share. The decision to declare or pay dividends is in the sole discretion of our board of directors in light of conditions then existing, and there can be no assurance that a dividend will be declared or paid for any time period in any amount. 4) Includes 231,000 square feet under development or redevelopment. 5) Weighted by Total Committed / Invested Capital. Equity Market Capitalization(2) $1,534,976 Operating Portfolio (107 Properties) Current Annualized Dividend ($)(3) $7.60 / share Total Rentable Square Feet(4) 8,552 Total Portfolio Total Committed / Invested Capital per Square Foot $281 Total Committed / Invested Capital $2,480,847 % Leased(5) 98.4% Total Properties 110 Weighted Average Lease Length 13.5 Years 10-15% No Presence 0-5% 5-10%

Innovative Industrial Properties 5 Delta 2025 2024 QoQ 1Q2025 4Q2024 3Q2024 2Q2024 1Q2024 Total Revenues $71,722 $76,744 $76,526 $79,793 $75,454 General and administrative expense $8,461 $8,891 $9,330 $9,661 $9,562 General and administrative expense / total revenues 12% 12% 12% 12% 13% Net income attributable to common stockholders $30,296 $39,461 $39,651 $41,655 $39,090 Net income attributable to common stockholders – diluted (“EPS”) $1.03 $1.36 $1.37 $1.44 $1.36 Funds from operations attributable to common stockholders – diluted (“FFO”)(1) $52,214 $57,701 $57,595 $58,677 $56,268 FFO per common share – diluted(1) $1.83 $2.02 $2.02 $2.06 $1.98 Normalized FFO attributable to common stockholders – diluted (“Normalized FFO”)(1) $52,588 $57,969 $57,805 $58,841 $56,414 Normalized FFO per common share – diluted(1) $1.84 $2.03 $2.02 $2.06 $1.98 Adjusted funds from operations attributable to common stockholders – diluted (“AFFO”)(1) $55,332 $63,361 $64,283 $65,501 $62,999 AFFO per common share – diluted(1) $1.94 $2.22 $2.25 $2.29 $2.21 Common stock dividend per share(2) $1.90 $1.90 $1.90 $1.90 $1.82 AFFO Payout Ratio(3) 98% 86% 84% 83% 82% Total Committed / Invested Capital(4) $2.5B $2.5B $2.5B $2.5B $2.4B % Leased – Operating Portfolio 98.4% 98.3% 95.7% 95.6% 95.2% 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, NormalizedFFO, 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. $2.21 $2.29 $2.25 $2.22 $1.94 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 AFFO(1) $1.98 $2.06 $2.02 $2.03 $1.84 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 Normalized FFO(1) $75,454 $79,793 $76,526 $76,744 $71,722 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 Total Revenues

Innovative Industrial Properties 6 March 31, December 31, (In thousands, except share and per share amounts) 2025 2024 Assets Real estate, at cost: Land $147,385 $146,772 Buildings and improvements 2,244,156 2,230,807 Construction in progress 60,494 62,393 Total real estate, at cost 2,452,035 2,439,972 Less accumulated depreciation (289,366) (271,190) Net real estate held for investment 2,162,669 2,168,782 Construction Loan receivable 22,800 22,800 Cash and cash equivalents 128,010 146,245 Investments 5,258 5,000 Right of use office lease asset 839 946 In-place lease intangible assets, net 7,170 7,385 Other assets, net 25,841 26,889 Total assets $2,352,587 $2,378,047 Liabilities and stockholders’ equity Liabilities: Notes due 2026, net $289,499 $297,865 Building improvements and construction funding payable 9,009 10,230 Accounts payable and accrued expenses 12,418 10,561 Dividends payable 55,244 54,817 Rent received in advance and tenant security deposits 53,403 57,176 Other liabilities 10,850 11,338 Total liabilities 430,423 441,987 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, 1,387,820 and 1,002,673 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 32,818 23,632 Common stock, par value $0.001 per share, 50,000,000 shares authorized: 28,378,181 and 28,331,833 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 28 28 Additional paid-in capital 2,125,109 2,124,113 Dividends in excess of earnings (235,791) (211,713) Total stockholders’ equity 1,922,164 1,936,060 Total liabilities and stockholders’ equity $2,352,587 $2,378,047 Balance Sheet

Innovative Industrial Properties 7 For the Three Months Ended For the Three Months Ended March 31, (In thousands, except share and per share amounts) 2025 2024 Revenues: Rental (including tenant reimbursements) $71,697 $74,914 Other 25 540 Total revenues 71,722 75,454 Expenses: Property expenses 7,379 6,709 General and administrative expense 8,461 9,562 Depreciation and amortization expense 18,391 17,150 Impairment loss on real estate 3,527 - Total expenses 37,758 33,421 Income from operations 33,964 42,033 Interest income 1,613 1,784 Interest expense (4,500) (4,389) Net income 31,077 39,428 Preferred stock dividends (781) (338) Net income attributable to common stockholders $30,296 $39,090 Net income attributable to common stockholders per share: Basic $1.05 $1.37 Diluted $1.03 $1.36 Weighted-average shares outstanding: Basic 28,275,549 28,145,017 Diluted 28,588,022 28,461,986 Net Income

Innovative Industrial Properties 8 For the Three Months Ended March 31, (In thousands) 2025 2024 Cash flows from operating activities Net income $31,077 $39,428 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization 18,391 17,150 Impairment loss on real estate 3,527 - Other non-cash adjustments (11) 28 Stock-based compensation 2,078 4,315 Amortization of discounts on investments - (188) Amortization of debt discount and issuance costs 470 406 Changes in assets and liabilities Other assets, net 906 1,760 Accounts payable, accrued expenses and other liabilities 1,577 7,874 Rent received in advance and tenant security deposits (3,773) 793 Net cash provided by (used in) operating activities 54,242 71,566 Cash flows from investing activities Purchases of investments in real estate (7,857) - Funding of draws for improvements and construction (9,041) (16,505) Purchases of short-term investments (5,258) (20,026) Maturities of short-term investments 5,000 22,136 Net cash provided by (used in) investing activities (17,156) (14,395) Cash flows from financing activities Issuance of common stock, net of offering costs - 11,757 Repurchase of common stock (290) - Issuance of preferred stock, net of offering costs 9,186 - Principal payment on exchangeable senior notes - (4,436) Principal payment on notes due 2026 (8,697) - Payment of deferred financing costs - (112) Dividends paid to common stockholders (54,253) (51,489) Dividends paid to preferred stockholders (564) (338) Taxes paid related to net share settlement of equity awards (703) (750) Net cash provided by (used in) financing activities (55,321) (45,368) Net increase (decrease) in cash, cash equivalents and restricted cash (18,235) 11,803 Cash, cash equivalents and restricted cash, beginning of period 146,245 141,699 Cash, cash equivalents and restricted cash, end of period $128,010 $153,502 Supplemental disclosure of cash flow information: Cash paid during the period for interest, net of interest capitalized $81 $71 Supplemental disclosure of non-cash investing and financing activities: Accrual for current-period additions to real estate $6,093 $8,980 Accrual for common and preferred stock dividends declared 55,244 52,295 Statements of Cash Flows

Innovative Industrial Properties 9 For the Three Months Ended For the Three Months Ended March 31, (In thousands, except share and per share amounts) 2025 2024 Net income attributable to common stockholders $30,296 $39,090 Real estate depreciation and amortization 18,391 17,150 Impairment loss on real estate 3,527 - FFO attributable to common stockholders (basic) 52,214 56,240 Cash and non-cash interest expense on Exchangeable Senior Notes - 28 FFO attributable to common stockholders (diluted) 52,214 56,268 Litigation-related expense 406 146 Loss (gain) on partial repayment of Notes due 2026 (32) - Normalized FFO attributable to common stockholders (diluted) 52,588 56,414 Interest income on seller-financed note(1) 153 403 Deferred lease payments received on sales-type leases(2) 20 1,456 Stock-based compensation 2,078 4,315 Non-cash interest expense 470 388 Above-market lease amortization 23 23 AFFO attributable to common stockholders (diluted) $55,332 $62,999 FFO per common share – diluted $1.83 $1.98 Normalized FFO per common share – diluted $1.84 $1.98 AFFO per common share – diluted $1.94 $2.21 Weighted average common shares outstanding – basic 28,275,549 28,145,017 Restricted stock and restricted stock units ("RSUs") 312,473 278,890 Dilutive effect of Exchangeable Senior Notes - 38,079 Weighted average common shares outstanding – diluted 28,588,022 28,461,986 FFO, Normalized FFO, and AFFO Reconciliation 1) 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 March 31, 2025, as the transaction did not qualify for recognition as a completed sale. 2) 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 March 31, 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) 1Q2025 4Q2024 3Q2024 2Q2024 1Q2024 Revenues: Rental (including tenant reimbursements) $71,697 $76,717 $76,052 $79,253 $74,914 Other 25 27 474 540 540 Total revenues 71,722 76,744 76,526 79,793 75,454 Expenses: Property expenses 7,379 7,605 7,295 6,863 6,709 General and administrative expense 8,461 8,891 9,330 9,661 9,562 Depreciation and amortization expense 18,391 18,240 17,944 17,473 17,150 Impairment loss on real estate 3,527 - - - - Total expenses 37,758 34,736 34,569 33,997 33,421 Gain (loss) on sale of real estate - - - (3,449) - Income from operations 33,964 42,008 41,957 42,347 42,033 Interest income 1,613 2,553 2,685 3,966 1,784 Interest expense (4,500) (4,536) (4,427) (4,320) (4,389) Net income 31,077 40,025 40,215 41,993 39,428 Preferred stock dividends (781) (564) (564) (338) (338) Net income attributable to common stockholders $30,296 $39,461 $39,651 $41,655 $39,090 Net income attributable to common stockholders per share: Basic $1.05 $1.38 $1.38 $1.45 $1.37 Diluted $1.03 $1.36 $1.37 $1.44 $1.36 Weighted-average shares outstanding: Basic 28,275,549 28,254,565 28,254,565 28,250,843 28,145,017 Diluted 28,588,022 28,554,335 28,579,687 28,572,138 28,461,986 Historical Net Income

Innovative Industrial Properties 11 2025 2024 (In thousands, except share and per share amounts) 1Q2025 4Q2024 3Q2024 2Q2024 1Q2024 Net income attributable to common stockholders $30,296 $39,461 $39,651 $41,655 $39,090 Real estate depreciation and amortization 18,391 18,240 17,944 17,473 17,150 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 (basic) 52,214 57,701 57,595 58,677 56,240 Cash and non-cash interest expense on Exchangeable Senior Notes - - - - 28 FFO attributable to common stockholders (diluted) 52,214 57,701 57,595 58,677 56,268 Litigation-related expense 406 268 210 164 146 Loss (gain) on partial repayment of Notes due 2026 (32) - - - - Normalized FFO attributable to common stockholders (diluted) 52,588 57,969 57,805 58,841 56,414 Interest income on seller-financed note(2) 153 30 268 403 403 Deferred lease payments received on sales-type leases(3) 20 568 1,452 1,462 1,456 Stock-based compensation 2,078 4,315 4,316 4,371 4,315 Non-cash interest expense 470 456 419 401 388 Above-market lease amortization 23 23 23 23 23 AFFO attributable to common stockholders (diluted) $55,332 $63,361 $64,283 $65,501 $62,999 FFO per common share – diluted $1.83 $2.02 $2.02 $2.06 $1.98 Normalized FFO per common share – diluted $1.84 $2.03 $2.02 $2.06 $1.98 AFFO per common share – diluted $1.94 $2.22 $2.25 $2.29 $2.21 Weighted average common shares outstanding – basic 28,275,549 28,254,565 28,254,565 28,250,843 28,145,017 Restricted stock and RSUs 312,473 299,770 299,770 300,582 278,890 PSUs - - 25,352 20,713 - Dilutive effect of Exchangeable Senior Notes - - - - 38,079 Weighted average common shares outstanding – diluted 28,588,022 28,554,335 28,579,687 28,572,138 28,461,986 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 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 March 31, 2025, 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 March 31, 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 Current Quarter Existing Total Rentable Purchase Additional Investment Investment Total State Closing / Execution Square Feet Price(1) Commitment / Commitment(1) / Commitment Investment / PSF(2) Acquisitions Maryland Feb-25 22 $7,750 - - $7,750 $352 Total / Wtd. Avg. 22 $7,750 - - $7,750 $352 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) Calculated as IIP’s total investment divided by the rentable square feet. 3) The 2Q 2024 TI commitment for AYR Florida was reduced by $2.5 million following an amendment to the lease in Q1 2025. Two Year Capital Commitment History(3) - - $14,000 $16,000 $49,100 - $5,570 $7,750 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 First Quarter Capital Commitments

Innovative Industrial Properties 13 # of Rentable Square Feet Rentable Square Feet Tenant State Closing / Execution Leases # % of Total Portfolio Non-Cannabis Tenant California Jan-25 1 6 0% Total 1 6 0% Note: Rentable square feet values in thousands. 1) The commencement date under certain of these leases is conditionedupon, 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 March 31, 2025(1) - - 0% 0% 1% 2% 1% 0% 2% 12% 82% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Representing $306 Million in Annualized Base Rent Expiring Leases(3) 1 - 1 4 2 2 5 1 14 19 58 Lease Expiration Schedule as of March 31, 2025(2)

Innovative Industrial Properties 14 IIP Portfolio Full Year 2024(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) $49,706 16.2% 697 $71 11 Private Co. Private Co. Private Co. MSO 2 Ascend Wellness Holdings 30,873 10.1% 624 49 4 $562 $116 $72 MSO 3 Green Thumb Industries 22,535 7.4% 664 34 3 1,137 371 1,375 MSO 4 Curaleaf 20,566 6.7% 578 36 8 1,343 301 700 MSO 5 Trulieve 19,562 6.4% 740 26 6 1,186 420 727 MSO 6 The Cannabist Company 18,173 5.9% 588 31 21 459 55 23 MSO 7 4Front Ventures(8) 17,750 5.8% 488 36 4 NA NA 10 MSO 8 Holistic Industries 16,932 5.5% 298 57 4 Private Co. Private Co. Private Co. MSO 9 Cresco Labs 16,726 5.5% 379 44 5 724 200 252 MSO 10 Parallel 16,034 5.2% 593 27 2 Private Co. Private Co. Private Co. MSO Top 10 Tenants Total $228,857 74.7% 5,649 $41 68 Top Tenants 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 year ended December 31, 2024. 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 3/31/2025. 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 Operator 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.

Innovative Industrial Properties 15 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 1 4Front Ventures Illinois Matteson 8/3/2021 100.0% 250 - 250 $71,684 $66 $71,750 $287 2 4Front Ventures Washington Olympia 12/17/2020 100.0% 114 - 114 17,500 - 17,500 154 3 4Front Ventures* Massachusetts Holliston 1/28/2022 100.0% 57 - 57 16,000 - 16,000 281 4 4Front Ventures Massachusetts Georgetown 12/17/2020 100.0% 67 - 67 15,500 - 15,500 231 5 Ascend Wellness Holdings Illinois Barry 12/21/2018 100.0% 166 - 166 71,000 - 71,000 428 6 Ascend Wellness Holdings Massachusetts Athol 4/2/2020 100.0% 199 - 199 63,900 - 63,900 321 7 Ascend Wellness Holdings New Jersey Franklin 2/10/2022 100.0% 114 - 114 55,000 - 55,000 482 8 Ascend Wellness Holdings Michigan Lansing 7/2/2019 100.0% 145 - 145 24,150 - 24,150 167 9 AYR Wellness Florida Ocala 6/7/2024 100.0% 47 98 145 28,963 11,537 40,500 279 10 AYR Wellness Ohio Akron 5/14/2019 100.0% 11 - 11 3,550 - 3,550 323 11 Battle Green Ohio Columbus 3/3/2023 100.0% 157 - 157 45,257 1,243 46,500 296 12 Calyx Peak Missouri Smithville 9/17/2021 100.0% 83 - 83 28,250 - 28,250 340 13 Cresco Labs Michigan Marshall 4/22/2020 100.0% 115 - 115 32,000 - 32,000 278 14 Cresco Labs Illinois Kankakee 10/22/2019 100.0% 51 - 51 25,496 104 25,600 502 15 Cresco Labs Illinois Joliet 10/22/2019 100.0% 39 - 39 20,950 - 20,950 537 16 Cresco Labs Ohio Yellow Springs 1/24/2020 100.0% 50 - 50 12,927 618 13,545 271 17 Curaleaf Pennsylvania Chambersburg 12/20/2019 100.0% 179 - 179 60,889 751 61,640 344 18 Curaleaf Illinois Litchfield 10/30/2019 100.0% 127 - 127 40,000 - 40,000 315 19 Curaleaf New Jersey Blue Anchor 7/13/2020 100.0% 123 - 123 35,000 - 35,000 285 20 Curaleaf Massachusetts Webster 9/1/2022 100.0% 104 - 104 21,500 - 21,500 207 21 Curaleaf North Dakota Fargo 12/20/2019 100.0% 33 - 33 12,190 - 12,190 369 22 Curran Highway Massachusetts North Adams 5/26/2021 - 71 - 71 26,800 - 26,800 377 23 Emerald Growth Michigan Harrison Township 6/7/2019 100.0% 45 - 45 10,000 - 10,000 222 24 Gold Flora California Desert Hot Springs 10/15/2021 100.0% 204 - 204 63,500 - 63,500 311 25 Gold Flora California North Palm Springs 5/12/2020 100.0% 70 - 70 18,107 - 18,107 259 26 Green Thumb Industries Pennsylvania Danville 11/12/2019 100.0% 300 - 300 94,600 - 94,600 315 27 Green Thumb Industries Illinois Oglesby 3/6/2020 100.0% 266 - 266 50,000 - 50,000 188 28 Green Thumb Industries Ohio Toledo 1/31/2020 100.0% 98 - 98 32,200 - 32,200 329 29 Holistic Industries Maryland Capitol Heights 5/26/2017 100.0% 72 - 72 33,719 31 33,750 469 30 Holistic Industries Pennsylvania New Castle 6/10/2020 100.0% 108 - 108 25,629 21 25,650 238 31 Holistic Industries Massachusetts Monson 7/12/2018 100.0% 55 - 55 19,750 - 19,750 359 32 Jushi Pennsylvania Scranton 4/6/2018 100.0% 145 - 145 45,800 - 45,800 316 33 Lume Cannabis Company Michigan Dimondale 8/2/2018 100.0% 56 - 56 17,402 397 17,799 318 34 Maryland Cultivation Processing (MCP) Maryland Hagerstown 4/13/2022 100.0% 84 - 84 25,000 - 25,000 298 35 Maryland Cultivation Processing (MCP) Maryland Hagerstown 10/2/2024 100.0% 23 - 23 5,570 - 5,570 242 36 Mitten Extracts Michigan Dimondale 4/16/2021 100.0% 201 - 201 70,927 1,152 72,079 359 37 Parallel Florida Lakeland 9/18/2020 100.0% 220 - 220 56,400 - 56,400 256 38 Parallel Florida Wimauma 3/11/2020 100.0% 373 - 373 51,500 - 51,500 138 39 PharmaCann New York Hamptonburgh 12/19/2016 100.0% 186 48 234 130,628 8,872 139,500 596 40 PharmaCann Michigan Warren 10/9/2019 100.0% 205 - 205 83,595 - 83,595 408 41 PharmaCann Massachusetts Holliston 5/31/2018 100.0% 58 - 58 30,500 - 30,500 526 42 PharmaCann Illinois Dwight 10/30/2019 100.0% 66 - 66 28,000 - 28,000 424 43 PharmaCann Pennsylvania Olyphant 8/7/2019 100.0% 56 - 56 28,000 - 28,000 500 44 PharmaCann Ohio Buckeye Lake 3/13/2019 100.0% 58 - 58 20,000 - 20,000 345 45 Sacramento CA (Undisclosed Tenant) California Sacramento 2/8/2019 100.0% 43 - 43 12,710 - 12,710 296 46 Texas Original Texas Bastrop 6/14/2022 100.0% - 85 85 21,500 500 22,000 259 47 The Cannabist Company Pennsylvania Saxton 5/20/2019 100.0% 270 - 270 42,891 109 43,000 159 48 The Cannabist Company Virginia Richmond 1/15/2020 100.0% 82 - 82 19,750 - 19,750 241 49 The Cannabist Company New Jersey Vineland 7/16/2020 100.0% 50 - 50 11,820 - 11,820 236 50 The Cannabist Company Colorado Denver 10/30/2018 100.0% 58 - 58 11,250 - 11,250 194 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 March 31, 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 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 51 The Cannabist Company Colorado Denver 12/14/2021 100.0% 18 - 18 $9,917 - $9,917 $551 52 The Cannabist Company Colorado Denver 12/14/2021 100.0% 12 - 12 3,276 - 3,276 273 53 The Pharm Arizona Willcox 12/15/2017 100.0% 358 - 358 20,000 - 20,000 56 54 TILT Holdings Pennsylvania White Haven 2/15/2023 100.0% 58 - 58 15,000 - 15,000 259 55 Tri-Mountain Pure** Pennsylvania Pittsburgh 5/13/2021 100.0% 239 - 239 68,038 394 68,432 286 56 Trulieve Massachusetts Holyoke 7/26/2019 100.0% 150 - 150 43,500 - 43,500 290 57 Trulieve Florida Alachua 1/22/2021 100.0% 295 - 295 41,650 - 41,650 141 58 Trulieve Maryland Hancock 8/13/2021 100.0% 115 - 115 29,515 - 29,515 257 59 Trulieve Florida Quincy 10/23/2019 100.0% 120 - 120 17,000 - 17,000 142 60 Trulieve*** Nevada Las Vegas 7/12/2019 100.0% 43 - 43 9,600 - 9,600 223 61 Trulieve Arizona Cottonwood 4/27/2022 100.0% 17 - 17 5,238 - 5,238 308 62 Verdant California Cathedral City 3/25/2022 100.0% 23 - 23 15,250 - 15,250 663 63 Verdant Maryland Frederick 2/21/2025 100.0% 22 - 22 7,750 - 7,750 352 64 Vireo New York Perth 10/23/2017 100.0% 389 - 389 81,358 - 81,358 209 65 Vireo Minnesota Otsego 11/8/2017 100.0% 89 - 89 9,710 - 9,710 109 Operating: Cannabis - Industrial Subtotal / Wtd. Avg. 98.8% 7,702 231 7,933 $2,166,057 $25,794 $2,191,851 $276 Operating: Cannabis - Retail 66 Curaleaf North Dakota Dickinson 12/14/2021 100.0% 5 - 5 $2,045 - $2,045 $409 67 Curaleaf North Dakota Devils Lake 12/14/2021 100.0% 4 - 4 1,614 - 1,614 404 68 Curaleaf Pennsylvania Bradford 12/14/2021 100.0% 3 - 3 1,058 - 1,058 353 69 Green Peak (Skymint) Michigan East Lansing 10/25/2019 100.0% 3 - 3 3,372 28 3,400 1,133 70 Green Peak (Skymint) Michigan Lansing 11/4/2019 100.0% 14 - 14 2,225 - 2,225 159 71 Green Peak (Skymint) Michigan Flint 11/4/2019 100.0% 6 - 6 2,180 - 2,180 363 72 PharmaCann Colorado Commerce City 2/21/2020 100.0% 5 - 5 2,300 - 2,300 460 73 PharmaCann Colorado Aurora 12/14/2021 100.0% 2 - 2 1,674 - 1,674 837 74 PharmaCann Colorado Berthoud 12/14/2021 100.0% 6 - 6 1,406 - 1,406 234 75 PharmaCann Colorado Mancos 12/14/2021 100.0% 4 - 4 1,148 - 1,148 287 76 PharmaCann Colorado Pueblo 2/19/2020 100.0% 3 - 3 1,049 - 1,049 350 77 Schwazze Colorado Ordway 12/14/2021 100.0% 2 - 2 400 - 400 200 78 Schwazze Colorado Rocky Ford 12/14/2021 100.0% 13 - 13 400 - 400 31 79 Schwazze Colorado Las Animas 12/14/2021 100.0% 2 - 2 400 - 400 200 80 South Mason Drive Michigan Newaygo 11/8/2019 - 2 - 2 995 - 995 498 81 The Cannabist Company Colorado Denver 12/14/2021 100.0% 4 - 4 7,338 - 7,338 1,834 82 The Cannabist Company Colorado Pueblo 12/14/2021 100.0% 6 - 6 4,878 - 4,878 813 83 The Cannabist Company Colorado Aurora 12/14/2021 100.0% 5 - 5 4,229 - 4,229 846 84 The Cannabist Company Colorado Glenwood Springs 12/14/2021 100.0% 4 - 4 4,187 - 4,187 1,047 85 The Cannabist Company Colorado Fort Collins 12/14/2021 100.0% 5 - 5 3,977 - 3,977 795 86 The Cannabist Company Colorado Aurora 12/14/2021 100.0% 4 - 4 3,601 - 3,601 900 87 The Cannabist Company New Jersey Vineland 7/16/2020 100.0% 4 - 4 2,165 - 2,165 541 88 The Cannabist Company Colorado Aurora 12/14/2021 100.0% 5 - 5 1,991 - 1,991 398 89 The Cannabist Company Colorado Englewood 12/14/2021 100.0% 4 - 4 1,778 - 1,778 445 90 The Cannabist Company Colorado Trinidad 12/14/2021 100.0% 9 - 9 1,728 - 1,728 192 91 The Cannabist Company Colorado Silver Plume 12/14/2021 100.0% 4 - 4 1,444 - 1,444 361 92 The Cannabist Company Colorado Black Hawk 12/14/2021 100.0% 4 - 4 1,321 - 1,321 330 93 The Cannabist Company Colorado Edgewater 12/14/2021 100.0% 5 - 5 1,089 - 1,089 218 94 The Cannabist Company Colorado Sheridan 12/14/2021 100.0% 2 - 2 890 - 890 445 95 The Pharm Arizona Phoenix 9/19/2019 100.0% 2 - 2 2,500 - 2,500 1,250 96 Verano Pennsylvania Harrisburg 3/23/2022 100.0% 3 - 3 2,750 - 2,750 917 97 Wilder Road Michigan Bay City 11/4/2019 - 4 - 4 1,740 - 1,740 435 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 March 31, 2025. **Includes an additionaltwo 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 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 Operating: Cannabis - Retail Subtotal / Wtd. Avg. 96.1% 148 - 148 $69,870 $28 $69,898 $472 Operating: Cannabis - Industrial / Retail 98 Cresco Labs Massachusetts Fall River 6/30/2020 100.0% 124 - 124 $27,202 $1,548 $28,750 $232 99 Holistic Industries Michigan Madison Heights 9/1/2020 100.0% 63 - 63 28,500 - 28,500 452 100 Kaya Cannabis Colorado Denver 12/14/2021 100.0% 6 - 6 1,299 - 1,299 217 101 Schwazze Colorado Pueblo 12/14/2021 100.0% 8 - 8 2,165 - 2,165 271 102 Sozo Michigan Warren 5/14/2021 100.0% 85 - 85 17,230 - 17,230 203 103 The Cannabist Company Colorado Denver 12/14/2021 100.0% 33 - 33 8,206 - 8,206 249 104 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% 423 - 423 $124,602 $1,548 $126,150 $298 Operating: Non-Cannabis 105 Non-Cannabis Tenant Michigan Traverse City 11/25/2019 100.0% 2 - 2 $1,272 - $1,272 $636 106 North Anza Road California Palm Springs 4/16/2019 - 24 - 24 6,309 - 6,309 263 107 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. 33.1% 48 - 48 $13,369 - $13,369 $279 Operating Portfolio Total / Wtd. Avg. 98.4% 8,321 231 8,552 $2,373,899 $27,369 $2,401,268 $281 Dev. / Redev. Properties(3) 108 Inland Center Drive California San Bernardino 11/16/2020 - - 192 192 $35,819 - $35,819 $187 109 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) 110 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. 96.7% 8,377 666 9,043 $2,453,478 $27,369 $2,480,847 $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 $169 $307,300 $318 3 Massachusetts 91.2% 989 - 989 $304,652 $1,548 $306,200 $310 4 Michigan 99.1% 946 - 946 $295,587 $1,577 $297,164 $314 5 New York 100.0% 575 48 623 $211,986 $8,872 $220,858 $355 6 Florida 100.0% 1,055 98 1,153 $195,513 $11,537 $207,050 $180 7 California 76.8% 442 372 814 $193,013 - $193,013 $237 8 Ohio 100.0% 374 - 374 $113,934 $1,861 $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 March 31, 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 18 Date Maturity / Wtd. Amount Loan # City State Loan Type Executed Avg. Maturity Outstanding Commitment 1 Coachella California Senior Secured 6/25/2021 0.3 Years $22,800 $23,000 2 Needles(1) California Senior Secured 3/3/2023 2.9 Years 16,100 16,100 Loan Portfolio Total / Wtd. Avg. 1.4 Years $38,900 $39,100 Secured 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.

Innovative Industrial Properties 19 Interest Rate / Preferred Rate / Maturity / Wtd. As of (In thousands, except share and per share amounts) Wtd. Avg. Rate Avg. Maturity March 31, 2025 Unsecured debt: Notes due 2026 5.50% 1.2 Years 291,215 Total Unsecured Debt 5.50% 1.2 Years $291,215 Gross Debt 5.50% 1.2 Years $291,215 Series A Preferred Stock: Redemption price per share $25.00 Shares outstanding 1,387,820 Total Preferred Equity 9.00% $34,696 Total Senior Capital 5.87% $325,911 Equity Market Capitalization: Stock Price as of 03/31/2025 $54.09 Shares outstanding 28,378,181 Equity Market Capitalization $1,534,976 Covenant (1) March 31, 2025 Debt / Total Gross Assets <60% 11% Secured Debt <40% - Unencumbered Total Gross Assets / Unsecured Debt >150% 908% Debt Service Coverage Ratio >1.5x 16.8x 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 20 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% Exchangeable 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 operating performance equal to net income (computed in accordance with 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. 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 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 our 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. 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 these measures are observed by management to also be the predominant measures used by the REIT industry and by 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. • 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 21 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 nature and/or not related to our 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 our 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 our operating performance on an ongoing basis. Normalized FFO is used by management in evaluating the performance of our 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. • 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 reimburse certain tenants and sellers for completion of construction and improvements at the properties. Excludes loans listed in the section entitled “Secured 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 Redevelopment Properties and Pre-Leased Redevelopment Properties. Includes leases that are in default, as disclosed in our 8-K's filed on March 14, 2025 and March 28, 2025.

Innovative Industrial Properties 22 Analyst Coverage Analyst Research Firms Contact Information Aaron Grey Alliance Global Partners Email: agrey@allianceg.com Phone: 888-543-4448 Tom Catherwood BTIG Email: tcatherwood@btig.com Phone: 212-738-6140 Merrill Ross Compass Point Research and Trading Email: mross@compasspointllc.com Phone: 202-534-1392 Aaron Hecht JMP Securities Email: ahecht@jmpsecurities.com Phone: 415-835-3963 Alexander Goldfarb Piper Sandler Email: alexander.goldfarb@psc.com Phone: 212-466-7937 Bill Kirk Roth Capital Partners Email: bkirk@roth.com Phone: 203-355-3473 Andy Liu Wolfe Research Email: aliu@wolferesearch.com Phone: 646-582-9257 Investor Relations Email: ir@iipreit.com Phone: 858-997-3332

Innovative Industrial Properties 23 Senior Management Team and Board of Directors Senior Management Name Title Alan Gold Executive Chairman Paul Smithers President, Chief Executive Officer and Director David Smith Chief Financial Officer and 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 Board of Directors Name Title Alan Gold Executive Chairman Paul Smithers President, Chief Executive Officer and Director Gary Kreitzer Vice Chairman (Independent) David Stecher Director (Independent) Scott Shoemaker, MD Director (Independent) Mary Allis Curran Director (Independent)

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

Innovative Industrial Properties 2 This presentation and our associated comments includes "forward-looking statements" (within the meaning of the Private Securities 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 particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth in our 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 presentation 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. 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 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 presentation 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 Properties, Inc. shall be made only by means of a prospectus approved for that purpose. FORWARD LOOKING STATEMENTS

Innovative Industrial Properties 3 NNN cannabis REIT • Large diversified portfolio of $2.5B of cannabis real estate • Diversified across 19 states and 31 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 March 31, 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 April 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. Excludes non-cannabis tenants. (5) BDSA Legal Cannabis Market Forecast (March 2025). IIPR AT A GLANCE $2.5B Total Committed / Invested Capital(1) 110 Total Properties 9.0M Total Rentable Square Feet 19 U.S. States $7.60 Q1 2025 Annualized Dividend(2) $71.7M Q1 2025 Total Revenue 13.5 Years Weighted Average Lease Length(3) COMPANY SPOTLIGHT

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 March 2025, 41 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

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

Innovative Industrial Properties 6 Balance Sheet Statistics $291.2 Million 2025 2026 2027 2028 2029 Thereafter Notes Due 2026 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 Capital Structure(3) Debt Maturity Profile Note: As of March 31, 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 3/31/2025. $0.0B $0.5B $1.0B $1.5B $1.5B in Common Equity $34.7M in Preferred Equity $291.2M in Gross Debt 11% Debt to Total Gross Assets(1) 17x Debt Service Coverage Ratio(1) $220+ Million Liquidity Available(2) IIPR is One of the Lowest Leveraged Public REITs STRONG, LOW LEVERAGED BALANCE SHEET

Innovative Industrial Properties 7 PORTFOLIO OVERVIEW IIPR has a geographically diversified portfolio of properties throughout the United States Note: Data as of March 31, 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) State ABR ($000s)(1) % of ABR(1) # of Properties Square Feet (000s) Illinois $44,276 14.5% 7 965 Pennsylvania 41,384 13.5% 10 1,361 Massachusetts 38,962 12.7% 10 989 New York 32,855 10.7% 2 623 Michigan 31,305 10.2% 14 946 Florida 29,404 9.6% 5 1,153 Ohio 17,753 5.8% 5 374 New Jersey 13,658 4.5% 4 291 Maryland 13,457 4.4% 5 316 California 12,433 4.1% 8 814 Total – Top 10 States $275,487 90.0% 70 7,832 0-5% 5-10% 10-15% No Presence 2% Retail 92% Industrial(2) 6% Industrial / Retail

Innovative Industrial Properties 8 Tenant ABR ($000s) ABR (%)(1) Square Feet (000s) ABR/SF $49,706 16.2% 697 $71 30,873 10.1% 624 49 22,535 7.4% 664 34 20,566 6.7% 578 36 19,562 6.4% 740 26 18,173 5.9% 588 31 17,750 5.8% 488 36 16,932 5.5% 298 57 16,726 5.5% 379 44 16,034 5.2% 593 27 Total $228,857 74.7% 5,649 $41 TOP 10 TENANTS Note: Data as of March 31, 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. Excludes non-cannabis tenants from tenant count. 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 62% Public 38% 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 30 31 31 2016 2017 2018 2019 2020 2021 2022 2023 2024 3/31/25 Invested Capital # of Tenants Total Committed / Invested Capital & Tenant Growth (2) Tenant Composition(1)(3) Operator Type (4) 90% MSO 10% SSO (5) (6)

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 AFFO Payout(3): 82% 90% 86% 89% 86% 84% 80% 84% 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 18. (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.

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

Innovative Industrial Properties 11 © GeoNames, Microsoft, TomTom Powered by Bing Market Overview U.S. CANNABIS MARKET CONTINUES TO GROW Increasing U.S. Acceptance (3) Industry Revenue Comparison(1) Growing U.S. Legalization(4) (1) BDSA Legal Cannabis Market Forecast (March 2025), Distilled Spirits Council of the United States. (2) Pew Research Center (March 2024). (3) Gallup News Service: October 2-23, 2023 – Final Topline. (4) National Conference of State Legislatures (www.ncsl.org), MJBizDaily (mjbizdaily.com). Other, N/A Adult-Use Medical-Use 70% - 15% 30% 45% 60% 75% % Americans Supporting Legalization $37B $37B $14B $31B $44B - $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 2024 US Spirits Market 2024 US Beer Market 2024 US Wine Market Est. 2024 US Legal Cannabis Sales Projected 2029 US Legal Cannabis Sales Forecast • Market Growth: The U.S. legal cannabis sales market grew 6% to $31.4 billion in 2024 vs. a 1% decline for the U.S. Spirits Market to $37.2 billion in the same period(1) • Emerging Adult-Use Markets: Projected to drive meaningful growth through 2029, in particular NY, NJ, OH, PA, MN, CT, and MD(1) • Expansion of Legalization:. Approximately 74% of Americans live in a state where marijuana is legal for either recreational or medical use and 54% of Americans live in a state where the recreational use of marijuana is legal(2)

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) 88% 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 (March 2024). US Legal Cannabis Sales Forecast (1)

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

Innovative Industrial Properties 14 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

Innovative Industrial Properties 15 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.

Innovative Industrial Properties 16 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 Catherine Hastings Ben Regin • 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 Tracie Hager Kelly Spicher • 30+ years of experience in property management • Former VP, Property Management at BioMed Realty SVP, Asset Management SENIOR MANAGEMENT TEAM

Innovative Industrial Properties 17 APPENDIX

Innovative Industrial Properties 18 AFFO RECONCILIATION Years Ended December 31, 2024 2023 2022 2021 2020 2019 2018 2017 Net income attributable to common stockholders $159,857 $164,236 $153,034 $112,638 $64,378 $22,123 $5,633 $(395) Real estate depreciation and amortization 70,807 67,194 61,303 41,776 28,025 8,599 2,629 915 Loss (gain) on sale of real estate — — (3,601) — — — — — Disposition-contingent lease termination fee, net of loss on sale of real estate(1) (451) — — — — — — — FFO attributable to common stockholders (basic) $230,213 $231,430 $210,736 $154,414 $92,403 $30,722 $8,262 $520 Cash and non-cash interest expense on Exchangeable Senior Notes 28 219 546 7,517 — — — — FFO attributable to common stockholders (diluted) $230,241 $231,649 $211,282 $161,931 $92,403 $30,722 $8,262 $520 Acquisition-related expense — — — — 94 97 — — Financing expense — — 367 — 211 — — — Litigation-related expense 788 2,480 3,010 — — — — — Loss (gain) on induced exchange of Exchangeable Senior Notes — (22) 125 3,692 — — — — Normalized FFO attributable to common stockholders (diluted) 231,029 234,107 214,784 165,623 92,708 30,819 8,262 520 Interest income on seller-financed note(2) 1,104 1,342 — — — — — — Deferred lease payments received on sales-type leases(3) 4,938 — — — — — — — Stock-based compensation 17,317 19,581 17,507 8,616 3,330 2,495 1,465 1,719 Severance — — — — — — — 113 Non-cash interest expense 1,664 1,375 1,255 715 2,040 1,678 — — Above-market lease amortization 92 92 91 4 — — — — AFFO attributable to common stockholders (diluted) $256,144 $256,497 $233,637 $174,958 $98,078 $34,992 $9,727 $2,352 FFO per common share – diluted $8.07 $8.20 $7.64 $6.17 $4.72 $2.88 $1.13 $0.15 Normalized FFO per common share – diluted $8.10 $8.29 $7.76 $6.31 $4.74 $2.88 $1.13 $0.15 AFFO per common share – diluted $8.98 $9.08 $8.45 $6.66 $5.01 $3.28 $1.34 $0.67 Weighted average common shares outstanding – basic 28,226,402 27,977,807 27,345,047 23,903,017 19,443,602 10,546,016 7,138,952 3,375,284 Restricted stock and RSUs 294,780 196,821 116,046 96,174 114,017 138,052 146,849 131,861 PSUs — — — 81,414 — — — — Dilutive effect of Exchangeable Senior Notes 9,468 81,169 202,076 2,180,550 — — — — Weighted average common shares outstanding – diluted 28,530,650 28,255,797 27,663,169 26,261,155 19,557,619 10,684,068 7,285,801 3,507,145 (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.