Innovative Industrial Properties Announces Tax Treatment of 2019 Distributions

Innovative Industrial Properties, Inc. (the "Company”) (NYSE: IIPR) today announced the tax treatment of its 2019 distributions as follows:

1. These amounts are a subset of, and included in, Taxable Ordinary Dividend amounts.

The common stock distribution with a record date of December 31, 2019 will be a split-year distribution with $0.51 allocable to 2019 for federal income tax purposes and $0.49 allocable to 2020 for federal income tax purposes.

As previously disclosed by the Company on February 11, 2019 in its press release announcing the tax treatment of 2018 dividends, the common stock distribution with a record date of December 31, 2018 was a split-year distribution with $0.200113 allocable to 2018 for federal income tax purposes and $0.149887 allocable to 2019 for federal income tax purposes, and the 9.00% Series A Cumulative Redeemable Preferred Stock distribution with a record date of December 31, 2018 was allocable entirely to 2018 for federal income tax purposes.

The Company did not incur any foreign taxes in 2019. Stockholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's distributions.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.

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