Innovative Industrial Properties prices 9.25% Series B preferred stock offering

SAN DIEGO--()--October 08, 2026-- Innovative Industrial Properties, Inc. (the "Company") (NYSE: IIPR) announced today the pricing of an underwritten public offering of 2,000,000 shares of its 9.25% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the "Series B Preferred Stock"), at a price of $25.00 per share, for gross proceeds of $50,000,000. The Company granted the underwriters of the offering a 30-day option to purchase up to an additional 300,000 shares of the Company's Series B Preferred Stock at the public offering price to cover overallotments, if any. The Company plans to file an application to list the Series B Preferred Stock on the New York Stock Exchange under the symbol "IIPR Pr B." Shares of the Company's common stock also trade on the New York Stock Exchange under the symbol "IIPR." The offering is expected to close on October 19, 2026, subject to customary closing conditions. Stifel is acting as active bookrunner for the offering. A.G.P./Alliance Global Partners, Huntington Capital Markets and Oppenheimer & Co. are acting as passive bookrunners for the offering, and Academy Securities, Clear Street, Compass Point, Roberts & Ryan, Roth Capital Partners and Wolfe Capital Markets and Advisory are acting as co-managers for the offering. The Company intends to use the net proceeds from the offering to fund all or a portion of its remaining unfunded commitment under its previously announced mezzanine loan investment in the life science industry and to use any remaining net proceeds to fund investments consistent with its investment strategy and for general corporate purposes. This offering is being made only by means of a written prospectus. A copy of the final prospectus related to the offering may be obtained from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, 1201 Wills Street, Suite 600, Baltimore, MD 21231, or by email at SyndProspectus@stifel.com. The offering is being made pursuant to an effective automatic shelf registration statement on Form S-3 previously filed with the SEC on February 21, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. About Innovative Industrial Properties Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities and financial investments in the life science industry. This press release contains statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of

Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock >IIPR

Innovative Industrial Properties Plans to File an Application to List the Series B Preferred Stock on NYSE Under the Symbol 'IIPR Pr B' >IIPR

Innovative Industrial Properties Expects Offering to Close Oct. 19 >IIPR