Innovative Industrial Properties, Inc.

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Innovative Industrial Properties, Inc. First Quarter 2026 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star then the number 1 on your telephone keypad. I would now like to turn the call over to Eli Cantor, Director of Finance. Eli, 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, and Ben Regan, Chief Investment Officer. Before we begin, I'd like to remind everyone that some of the statements made during today's conference call including statements regarding our capital-raising activities and those regarding potential lease transactions that are subject to letters of intent or forward-looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995 and subject to risk and uncertainties. Actual results may differ materially, and we refer you to our SEC filings, specifically our most recent report on Forms 10-K and 10-Q, for a full discussion of risk factors that could cause actual results to differ materially from those contained in forward-looking statements. We are not obligated to update or revise any forward-looking statements, let it do to new information, future events, or otherwise accept as required by law. In addition, on today's call, we will discuss certain non-GAAP financial information, such as FFO, normalized FFO, and ASFO. 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 8K file with SEC. I'll now hand the call over to Alan.

Alan? Thanks, Eli. Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. First, I'd like to touch on the rescheduling of cannabis from Schedule 1 to 3, a significant regulatory development impacting the cannabis industry. In our view, the administration's recent action with respect to the medical cannabis market represents a major milestone for the industry and a clear sign of continued progress at the federal level. Although it does not yet extend to the broader adult use market, it reinforces momentum toward a rational regulatory environment. Against that backdrop, the first quarter represented a strong start to the year, and our team remained focused on disciplined execution across the business. While persistent inflation, elevated interest rates, and broader macroeconomic headwinds continue to challenge the operating environment, our team has worked tirelessly to optimize our portfolio, allocate capital thoughtfully, and maintain a strong and flexible balance sheet. We have been active on the debt and equity capital raising front, raising $128 million of gross proceeds year-to-date. In addition, we are working on several secured and unsecured financing transactions, that have not yet closed, totaling nearly $130 million, including a $56.5 million financing at a rate of 8.75 that we expect to be funded today. If completed, we expect to use the net proceeds of these financings to address our unsecured bond maturity this month and to provide additional capital to support future growth and the execution of our strategic priorities. This approach reflects our continued focus on disciplined capital management and maintaining balance sheet flexibility. As for the quarter, we generated total revenues of $69 million and AFFO of $53.4 million, or $1.88 per share, which was the same as last quarter. Operationally, we made meaningful progress across our portfolio as we continued to execute on our leasing strategies. During the quarter, we signed new leases at four properties totaling approximately 331,000 square feet, underscoring the progress we are building across the portfolio and the demand for our high-quality, mission-critical facilities. Turning to IQHQ, we continue to view this investment as a compelling strategic opportunity and an important extension of our platform. To date, we have funded $175 million of our $270 million commitment and continue to believe our entry point in timing of this investment will prove attractive over the long term. At the same time, we remain focused on executing across the business, driving performance in our existing portfolio, pursuing attractive opportunities in cannabis, and allocating capital where we see the strongest risk-adjusted returns. With a diversified platform spanning cannabis and life science, a strong balance sheet with demonstrated access to capital, and an experienced management team, we believe we are well positioned to build on our momentum and progress to deliver long-term value for our shareholders. With that, I'll turn the call over to Paul.