Innovative Industrial Properties Announces Tax Treatment of 2025 Distributions

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 Distribution Per Share Allocable to 2025 Taxable Ordinary Dividend Return of Capital Long-Term Capital Gain Unrecaptured Section 1250 Gain Section 199A Dividend(1) 03/31/2025 04/15/2025 $0.562500 $0.562500 $0.510400 $0.052100 $0.000000 $0.000000 $0.510400 06/30/2025 07/15/2025 $0.562500 $0.562500 $0.510400 $0.052100 $0.000000 $0.000000 $0.510400 09/30/2025 10/15/2025 $0.562500 $0.562500 $0.510400 $0.052100 $0.000000 $0.000000 $0.510400 Totals $1.687500 $1.687500 $1.531200 $0.156300 $0.000000 $0.000000 $1.531200 (1) These amounts are a subset of, and included in, Taxable Ordinary Dividend amounts. As previously disclosed by IIP on January 27, 2025 in its press release announcing the tax treatment of 2024 dividends, the common stock distribution with a record date of December 31, 2024 was a split-year distribution, with $0.83 allocable to 2024 for federal income tax purposes and $1.07 allocable to 2025 for federal income tax purposes. The preferred stock distribution with a record date of December 31, 2024 was all allocable to 2024 for federal income tax purposes. IIP did not incur any foreign taxes in 2025. Stockholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of IIP’s distributions. About Innovative Industrial Properties Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Additional information is available at www.innovativeindustrialproperties.com. Company Contact: David Smith Chief Financial Officer Innovative Industrial Properties, Inc. (858) 997-3332 Source: Innovative Industrial Properties, Inc.