Innovative Industrial Properties, Inc.

Good day and welcome to the Innovative Industrial Properties third quarter 2024 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 telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Brian Wolf, General Counsel. Please go ahead.

Thank you for joining the call. Presenting today are Alan Gold, Executive Chairman, Paul Smithers, President and Chief Executive Officer, David Smith, Chief Financial Officer, Catherine Hastings, Chief Operating Officer, and Ben Regan, Chief Investment Officer. Before we begin, I'd like to remind everyone that 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 8-K filed with the SEC. I'll now hand the call over to Alan. Alan?

Thank you, Brian. And thanks to all of you for joining us this morning on our third quarter 2024 earnings call. We had a solid third quarter where we generated $76.5 million in total revenues and $2.25 in AFFO per share. In light of the crosswinds that the regulated cannabis industry has been experiencing for a number of years now, which we have discussed in detail in past quarters, we are pleased overall with how our tenants and portfolio have performed. As noted on prior calls, we achieve these results without the full impact of the rents for new leases that we executed in 2023 and year-to-date, which we expect to commence based in part on these tenants obtaining requisite approvals to operate, in addition to certain pre-leased properties under development where construction needs to be completed. Ben and Catherine will provide further updates on our further progress here. On the investment front, we continue to be highly selective in our evaluation of opportunities, closing on a follow-on transaction with one of our tenant partners, MCP, in Maryland last month. Of course, we continue to have what I think is one of the most resilient capital positions amongst real estate companies generally. our total available liquidity exceeded $220 million as of quarter end, fully funding all remaining development commitments and continuing to provide us with ample dry powder for additional strategic investments. And we further enhanced that liquidity position just last week, expanding our revolving line of credit by $37.5 million and introducing two new banks to the syndicate, We continue to have one of the lowest levered balance sheets in the REIT industry at 11% debt to total gross assets. No variable rate debt, no debt maturities until May 2026. David will provide more detail as well on our financial results for the quarter and capital position. From a regulatory perspective, there's a fair amount to talk about as we digest the results of the most recent election cycles. and additional state program developments, in addition to the continued progress on potential rescheduling of cannabis from Schedule 1 to Schedule 3. I will now turn the call over to Paul to discuss our thoughts on election results, regulatory developments, and market dynamics. Paul?