Innovative Industrial Properties, Inc. (NYSE:IIPR) Q2 2023 Earnings Conference Call August 3, 2023 1:00 PM ET

Company Participants

Brian Wolfe - VP, General Counsel & Company Secretary

Alan Gold - Executive Chairman

Paul Smithers - President, CEO & Director

Ben Regin - CIO

Catherine Hastings - COO

David Smith - CFO & Treasurer

Conference Call Participants

William Catherwood - BTIG

Eric Des Lauriers - Craig-Hallum

Alexander Goldfarb - Piper Sandler & Co.

Andrew Rosivach - Wolfe Research

Scott Fortune - ROTH MKM Partners

Operator

Good day, and welcome to the Innovative Industrial Properties, Inc. Second Quarter 2023 Earnings Conference Call. [Operator Instructions].

I would now like to turn the conference over to Brian Wolfe, General Counsel. Please go ahead, Mr. Wolfe.

Brian Wolfe

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 Regin, 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'll 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?

Alan Gold

Thank you, Brian, and welcome, everyone. We are pleased to report another solid quarter of operations and financial results. We believe we have positioned ourselves well in this context with one of the strongest and most experienced teams of real estate professionals in the cannabis industry, a high-quality portfolio and arguably a conservative and flexible balance sheet with a 12% debt to total gross assets, no variable rate debt and no meaningful debt maturities until 2026.