Innovative Industrial Properties, Inc.

Hello, everyone. Thank you for joining us and welcome to the Innovative Industrial Properties, Inc. Q2 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Eli Kanter, Director of Finance.

Thank you for joining the call. Alan Gold, Executive Chairman, Paul Smithers, President and Chief Executive Officer, David Smith, Chief Financial Officer, and Ben Regin, 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 architectural lease transactions that are subject of letters of intent are 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, whether due to new information, future events, or otherwise except as required by law. In addition, on today's call, we will discuss certain non-GAAP financial information Thanks, Eli. Good morning, everyone, and thank you for joining our second quarter 2026 earnings call. This quarter was defined by strong execution across our platform.

Thank you for joining us. continue to see leasing activity across our cannabis portfolio and executed multiple strategic financing initiatives that further strengthened our balance sheet and enhanced our financial flexibility. Our investment in IQ HQ reflects our disciplined approach to capital deployment and ongoing portfolio diversification through opportunistic investment activity. Since our initial announcement in August of 2025, IQHQ has announced meaningful leasing activity and other operational developments across its portfolio. With the successful completion of our funding commitment, we continue to believe this investment is supported by the quality of the underlying assets and improving fundamentals in the life science sector. Importantly, our team remains actively engaged in evaluating a growing pipeline of opportunities in the life sciences sector. positioning IIPR to deploy capital selectively and accretively. Leasing execution was another key highlight of the quarter. Year-to-date, we have completed new leases at five properties totaling approximately 389,000 square feet while advancing several additional re-leasing initiatives. These efforts reflect the team's continued focus on driving occupancy, Stabilizing Assets, and Maximizing the Value of Our Cannabis Portfolio. Equally important, we delivered significant progress on the balance sheet. During the quarter, we completed approximately $150 million of secured term loan financings, efficiently addressed our $291 million senior debt maturity in May, and continue to utilize our ATM programs across both common and preferred equity. Most notably, we We successfully executed an upsized $402.5 million exchangeable notes offering, demonstrating strong investor demand and providing substantial growth capital. In connection with this transaction, we also repurchased approximately $80.5 million of our common stock. Taken together, these accomplishments highlight the strength of our platform, active portfolio management, consistent leasing execution, and Proven Access to Capital at Scale. With a fortified balance sheet, a differentiated investment strategy across cannabis and life sciences, and an experienced management team, we believe we are well positioned to continue creating long-term shareholder value. Now with that, I'll turn the call over to Paul.