Innovative Industrial Properties, Inc.

Hello, everyone. Thank you for joining us and welcome to the Innovative Industrial Properties, Inc., Q3 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. Presenting today are 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 potential 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 risks and uncertainties. Actual results may differ materially, and we refer you to our SEC filings, specifically our most recent reports 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 the 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 such as FFO, normalized FFO, AFFO, and adjusted EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial measures which is available on the investor relations section of our website at www.innovativeindustrialproperties.com in our earnings release issued yesterday as well as in our 8K file with SEC. I'll now hand the call over to Alan.

Thanks Eli. Good morning everyone and thank you for joining our third quarter 2026 earnings call. The third quarter marked another period of significant execution for us, highlighted by the continued expansion of our life science investments, strong leasing activity across our existing portfolio, significant growth in our AFFO per share versus the second quarter, and disciplined capital allocation. Most notably, in September, we entered into a $245 million mezzanine loan commitment as a member of a lender syndicate. to IQHQ for Alewife Park, a premier life science campus in Cambridge, Massachusetts, one of the country's leading life science markets. This highly accretive investment builds on our existing relationship with IQHQ and is expected to generate an average interest rate of approximately 15.8% over the term of the loan. Together with our original $270 million commitment to IQHQ and an additional $30 million investment through the Preferred Equity Structure in September, we have now committed approximately $545 million to life sciences. Upon full funding, our life science investments are projected to account for approximately 26% of our total annualized income. We believe The current market environment continues to present compelling opportunities to deploy capital into the life science sector at attractive entry points. Our recent investments reflect both our confidence in the sector's long-term fundamentals and our disciplined approach to expanding our platform. At the same time, our team delivered strong leasing results across our cannabis portfolio. During the quarter, We executed new leases at six properties totaling approximately 604,000 square feet, followed by an additional 270,000 square foot lease subsequent to quarter end. Together, these transactions represent approximately 874,000 square feet of gross leasing activity since the beginning of the third quarter. bringing our total gross leasing activity year to date to approximately 1.3 million square feet across 12 properties or 15% of our total portfolio. Importantly, we continue to see strong interest across our portfolio reinforcing our confidence in the underlying value of our real estate with an active pipeline of additional transactions. We remain focused on building upon this momentum, driving occupancy, and positioning the portfolio for strong long-term performance. We delivered strong quarterly earnings as well with AFFO per share up 7% sequentially to $1.96 per share as we had continued recoveries of past due rents from certain tenants. On the capital front, and subsequent to quarter end, we completed a $54 million public offering of our 9.25% Series B preferred stock. We intend to use the net proceeds to fund all or a portion of our remaining commitment under our Alewife Park mezzanine loan commitment and for general corporate purposes. This transaction further demonstrates our ability to access the capital markets to fund attractive, accretive investments and support the continued growth and diversification of our platform. Taken together, we believe these accomplishments underscore our strong management team and ability to deploy capital into accretive investments while actively managing and maximizing the value of our existing portfolio. We believe the combination of our growing life science investments, leasing momentum, and financial flexibility positions us for future growth and long-term shareholder value creation. With that, I'll turn the call over to Paul. Paul?