Material Modifications to Rights of Security Holders. On November 2, 2026, Innovative Industrial Properties, Inc., a Maryland corporation ( the “Company”) filed with the State Department of Assessments and Taxation of the State of Maryland (the “SDAT”) the Articles Supplementary (the “Articles Supplementary”) to the Second Articles of Amendment and Restatement of the Company classifying and designating an additional 16,100,000 shares of the Company’s 9.25% Series B Cumulative Redeemable Prefe…

Results of Operations and Financial Condition. On November 2, 2026, Innovative Industrial Properties, Inc. (the “Company”) issued a press release regarding its financial results for the third quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. On November 2, 2026, the Company posted on its website, www.innovativeindustrialproperties.com, certain supplemental financial information for the third quarter ended…

Entry into a Material Definitive Agreement. Amendment Number Six to Loan Agreement On October 21, 2026, Innovative Industrial Properties, Inc. (the “Company”), through its operating partnership, IIP Operating Partnership, LP (“IIP OP”), entered into Amendment Number Six to Loan Agreement (the “Sixth Amendment”), by and among IIP OP, as borrower, East West Bank, as agent (in such capacity, the “Agent”) and a lender, and the other financial institutions party thereto as lenders (collectively wi…

of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October 2, 2025 (the “October 2025 8-K”), and such description is incorporated herein by reference, except that the maturity date of the Loan Agreement is now January 21, 2027, as described above. As of October 21, 2026, $62.5 million, in aggregate principal amount, was outstanding under the Loan Agreement. The foregoing description of the Sixth Amendment is not complete and is qualifi…

Entry into a Material Definitive Agreement. On October 8, 2026, Innovative Industrial Properties, Inc. (the “ Company ”) and IIP Operating Partnership, LP, the Company’s operating partnership (the “ Operating Partnership ”), entered into an underwriting agreement (the “ Underwriting Agreement ”) with Stifel, Nicolaus & Company, Incorporated, acting as representative of the several underwriters listed on Schedule I thereto (collectively, the “ Underwriters ”), pursuant to which the Company agr…

Material Modification to Rights of Security Holders. On October 13, 2026, the Company filed Articles Supplementary with the Maryland State Department of Assessments and Taxation to designate 2,300,000 shares of the Company’s authorized preferred stock as shares of 9.25% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share, with a liquidation preference of $25.00 per share, with the powers, preferences and privileges as set forth in the Articles Supplementary. The Article…

Entry into a Material Definitive Agreement. Sixth Amendment to Amended and Restated Mezzanine Loan Agreement On September 28, 2026 (the “ Closing Date ”), Innovative Industrial Properties, Inc. (the “ Company ”) through IIP Life Science Investments II LLC (“ IIP Life Science II ”), a wholly owned subsidiary of IIP Operating Partnership, LP, the Company’s operating partnership, entered into the Sixth Amendment (the “ Sixth Amendment ”) to Amended and Restated Mezzanine Loan and Security Agreem…

Other Events. As previously disclosed, Innovative Industrial Properties, Inc. (the “ Company ”) and its operating partnership, IIP Operating Partnership, LP, a Delaware limited partnership (the “ Operating Partnership ”), entered into separate equity distribution agreements (collectively, as amended, the “ Existing Equity Distribution Agreements ”) with each of BTIG, LLC, Jefferies LLC, Piper Sandler & Co., and Roth Capital Partners, LLC (or certain of their respective affiliates or agents),…

Results of Operations and Financial Condition. On August 3, 2026, Innovative Industrial Properties, Inc. (the “Company”) issued a press release regarding its financial results for the second quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. On August 3, 2026, the Company posted on its website, www.innovativeindustrialproperties.com, certain supplemental financial information for the second quarter ended June 30…

Other Events. Innovative Industrial Properties, Inc. (the “Company”), through indirect, wholly owned subsidiaries serving as landlords, previously entered into leases (collectively, the “Leases”) with certain affiliates of SH Parent, Inc., as the respective tenants, and SH Parent, Inc., as guarantor (collectively, “Parallel”) for two properties in Florida that the Company owns, which represented approximately 5.2% of the Company’s annualized contractual rent and income from loans and securiti…

Entry into a Material Definitive Agreement. Indenture and Notes On June 15, 2026, IIP Operating Partnership, LP (the “Operating Partnership”), the operating partnership of Innovative Industrial Properties, Inc. (the “Company”), issued $402,500,000 aggregate principal amount of 6.00% exchangeable senior notes due 2029 (the “Notes”) to BTIG, LLC and certain other initial purchasers (collectively, the “Initial Purchasers”) pursuant to a Purchase Agreement, dated as of June 9, 2026 (the “Purchase…

Other Events. Concurrently with the offering of the Notes, the Company used approximately $80.5 million of the net proceeds from the offering to fund the repurchase of 1,334,466 shares of the Company’s common stock in privately negotiated transactions effected through the Initial Purchasers at a price per share of $60.34, the last reported sale price per share of the Company’s common stock on the New York Stock Exchange on June 9, 2026. This Current Report on Form 8-K is neither an offer to s…

Unregistered Sales of Equity Securities. The information set forth under

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under

Other Events. Purchase Agreement On June 9, 2026, the Company and IIP Operating Partnership, LP, the operating partnership subsidiary of the Company (the “Operating Partnership”), entered into a purchase agreement (the “Purchase Agreement”) with BTIG, LLC, as representative of the initial purchasers (collectively, the “Initial Purchasers”), pursuant to which the Operating Partnership agreed to sell, and the Initial Purchasers severally agreed to purchase, $402.5 million aggregate principal am…

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Entry into a Material Definitive Agreement. The disclosure under

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On May 22, 2026, Innovative Industrial Properties, Inc. (the “Company”) entered into an ATM Advance Agreement (the “Loan Agreement”) with A.G.P./Alliance Global Partners (“Lender”). The proceeds of the Loan Agreement are expected to be used for general corporate purposes, including the repayment of the Company’s 5.50% Senior Notes due May 2026. The Loan Agreement provides for a t…

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On May 19, 2026, each of IIP-MD 1 LLC and IIP-NJ 3 LLC, each a Delaware limited liability company (each, a “Borrower” and collectively, the “Borrowers”) and an indirect subsidiary of Innovative Industrial Properties, Inc. (the “Company”), entered into separate loan agreements with Amalgamated Bank, a bank organized under the laws of the State of New York (the “Lender”), consistin…

Entry into a Material Definitive Agreement. The disclosure under

Entry into a Material Definitive Agreement. The disclosure under

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On May 18, 2026, each of IIP-MA 7 LLC and IIP-PA 6 LLC, each a Delaware limited liability company (each, a “Borrower” and collectively, the “Borrowers”) and an indirect subsidiary of Innovative Industrial Properties, Inc. (the “Company”), entered into separate loan agreements with Amalgamated Bank, a bank organized under the laws of the State of New York (the “Lender”), consistin…

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On May 5, 2026, IIP-OH 2 LLC, IIP-NJ 1 LLC, IIP-FL 4 LLC, IIP-FL 2 LLC, IIP-NY 2 LLC, IIP-MI 7 LLC, IIP-VA 1 LLC and IIP-PA 5 LLC, each a Delaware limited liability company (individually, “Borrower” and collectively, the “Borrowers”) and an indirect subsidiary of Innovative Industrial Properties, Inc. (the “Company”), entered into a loan agreement (the “Loan Agreement”) with Thor…

Entry into a Material Definitive Agreement. The disclosure under

Results of Operations and Financial Condition. On May 4, 2026, Innovative Industrial Properties, Inc. (the “Company”) issued a press release regarding its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. On May 4, 2026, the Company posted on its website, www.innovativeindustrialproperties.com, certain supplemental financial information for the first quarter ended March 31, 2026…