8-K

UNITED STATES

SECURITIES ANDEXCHANGE COMMISSION

WASHINGTON,D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant toSection 13 or 15(d)

of the SecuritiesExchange Act of 1934

Date ofReport (Date of earliest event reported): September 16, 2022

Innovative IndustrialProperties, Inc.

(Exact nameof registrant as specified in its charter)

1389 CenterDrive, Suite 200

Park City, UT84098

(Address ofprincipal executive offices, including zip code)

Registrant’s

telephone number, including area code: (858) 997-3332

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities Registered pursuant to Section 12(b) of the Act:

Item 7.01Regulation FD Disclosure.

As previously disclosed in Part II, Item 1. Legal Proceedings in Innovative Industrial Properties, Inc.’s (the “Company”) Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, on July 25, 2022, IIP-CA 2 LP, a wholly owned subsidiary of the Company, filed a lawsuit against Kings Garden Inc., a tenant. The case was named IIP-CA 2 LP, a Delaware limited partnershipv. Kings Garden Inc., a Nevada corporation, CK Endeavors, Inc., a California corporation, and JM Endeavors, Inc., a California corporation, and was filed in the Superior Court of the State of California. On August 2, 2022, the case was amended to be named IIP-CA 2 LP,a Delaware limited partnership v. Kings Garden Inc., a Nevada corporation, CK Endeavors, Inc., a California corporation,  JM Endeavors,Inc., a California corporation, Michael King, an individual, Gary LaSalle, an individual, Charles Kieley, an individual, and Laurie Kibby,an individual (the “Lawsuit”).

On September 11, 2022, the parties to the Lawsuit entered into a confidential, conditional settlement agreement pertaining to matters related to the Lawsuit.

The information contained in this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements andExhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.