IIPR · Innovative Industrial Properties Inc

Raised $146 Million of Attractively Priced Debt and Preferred Equity Since October 2025 Executed leases for 337,000 square feet in Q4'25 and Q1'26 To Date Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today results for the fourth quarter and full year ended December 31, 2025. Executive Chairman Remarks “During 2025, we made significant progress executing on our strategy to diversify the Company’s portfolio, strengthen our balance sheet, and actively resolve tenant-related matters," said Alan Gold, Executive Chairman of IIP. "Our strategic investment in IQHQ and establishment of a new $100 million revolving credit facility reflect our disciplined approach to capital allocation, while our ongoing tenant resolutions and new leasing activity demonstrate the underlying value of, and demand for, our real estate portfolio.” Full Year 2025 Highlights Total revenues of $266.0 million and net income attributable to common stockholders of $114.4 million,

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced today it will report its fourth quarter 2025 results after the close of trading on the New York Stock Exchange on Monday, February 23, 2026. Management will host an investor conference call at 9:00 a.m. Pacific Time on Tuesday, February 24, 2026, to discuss the company’s financial results and operations for the quarter. The call will be available through a live audio webcast at the Investor Relations section of the company’s website at www.innovativeindustrialproperties.com , or live by calling 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and asking to be joined to the Innovative Industrial Properties, Inc. conference call. The complete webcast will be archived for 90 days on the company’s website. A telephone playback of the conference call will also be available from 12:00 p.m. Pacific Time on Tuesday, February 24, 2026 until 8:59 p.m. Pacific Time on Tuesday, March 3, 2026 by calling 1‐800-770-2030

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) today announced the tax treatment of its 2025 distributions as follows: Security Description: Common Stock CUSIP: 45781V101 Ticker Symbol: IIPR Record Date Payable Date Total Distribution Per Share Allocable to 2025 Taxable Ordinary Dividend Return of Capital Long-Term Capital Gain Unrecaptured Section 1250 Gain Section 199A Dividend(1) 12/31/2024 01/15/2025 $1.900000 $1.070000 $0.970900 $0.099100 $0.000000 $0.000000 $0.970900 03/31/2025 04/15/2025 $1.900000 $1.900000 $1.724100 $0.175900 $0.000000 $0.000000 $1.724100 06/30/2025 07/15/2025 $1.900000 $1.900000 $1.724100 $0.175900 $0.000000 $0.000000 $1.724100 09/30/2025 10/15/2025 $1.900000 $1.900000 $1.724100 $0.175900 $0.000000 $0.000000 $1.724100 Totals $7.600000 $6.770000 $6.143200 $0.626800 $0.000000 $0.000000 $6.143200 Security Description: 9.00% Series A Cumulative Redeemable Preferred Stock CUSIP: 45781V200 Ticker Symbol: IIPR PR A Record Date Payable Date Total