Innovative Industrial Properties, Inc.

Hello. Welcome to the Innovative Industrial Properties Inc. Q1 2022 Earnings Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question, please press star, then two. Please note, today's event is being recorded. I now would like to turn the conference over to Brian Wolfe. Mr. Wolfe, please go ahead.

Thank you for joining the call. Presenting today are Alan Gold, Executive Chairman, Paul Smithers, President and Chief Executive Officer, Catherine Hastings, Chief Financial Officer, Ben Regan, Vice President of Investments, and Griffin Marquart, Director of Construction Management. Before we begin, I'd like to remind everyone that many of the statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties, and other factors. Please refer to the documents filed by the company with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition, on today's call, we will discuss certain non-GAAP financial information, such as FFO, normalized FFO, and adjusted FFO. You can find this information, together with reconciliations to the most directly comparable GAAP financial measure, in our earnings release issued yesterday, as well as in our AK filed with the SEC. I'll now hand the call over to Alan. Alan?

Thank you, Brian, and welcome, everyone. As you know, our general approach has been to host an earnings call every other quarter, with our next regularly scheduled earnings call being to report the second quarter results in early August. That said, we wanted more time to discuss with you all as the owners of our company about how we evaluate our investment opportunities and walk through some of the analysis we employed on certain investments we've made to date. We felt this is the best venue to discuss with all of our stockholders and to answer any additional questions that you may have on these topics or any other topic that we can address. Since we began with our initial public offering and the first real estate transaction in 2016, we have always strived to be as transparent as we can about our business and the industry we serve, and we continually review our communications with our stockholders. including feedback on information that stockholders request. With that in mind, we are working on creating an investor supplement to our quarterly earnings, which we expect to introduce in connection with our second quarter earnings and conference call, and will provide more property-level detail describing the real estate we invested. For our call today, we plan to focus on two of our tenant partners, Parallel and King's Gardens. and do a deeper dive into our underwriting fundamentals as applied specifically to these two private company tenants. Paul will touch on the evolution of market dynamics of the states where these properties are located, Florida, Texas, Pennsylvania, and California. Ben will provide detail regarding tenant and project underwriting as applied to these two tenants. And Griffin, our Director of Construction Management will take a deeper dive into each property's improvements. Griffin, who worked with me at BioMid Realty Trust, is joining us for the first time on this call and is one of our team of construction management professionals who are charged with oversight of the evaluation of existing real estate we are evaluating for purchase and review of plans and progress for properties that we acquire with ongoing or future improvement plans. Now, finally, Kat will review our financial results for the quarter, which we are very proud to report consists of another quarter of successful execution, a strong capital position, and strong investment activity, especially in terms of both new property acquisitions and additional investments in key improvements at certain properties that are critical for our tenant partners as they ramp production to meet demand. Now, before I turn the call over to Paul, I want to reiterate our appreciation for you all as long-term owners of our company, and we are confident in our belief that through our thoughtful analysis and underwriting, we can continue to place your capital with prime real estate opportunities in this nascent high-growth industry. With that, I'd like to turn the call over to Paul. Paul?