IIPR

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Innovative Industrial Properties Reports Third Quarter 2026 Results

$275 Million of Accretive Investment Activity During the Quarter

SAN DIEGO, CA – November 2, 2026 – Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today results for the third quarter ended September 30, 2026.

Executive Chairman Remarks

“We are pleased to report strong earnings with our AFFO per share up 7% compared to the second quarter, and are encouraged by the continued leasing momentum across our portfolio, reflecting our team's ongoing efforts to re-lease properties,” said Alan Gold, Executive Chairman of IIP. “At the same time, our recently announced $245 million mezzanine loan commitment at Alewife Park further expands our presence in the life science sector. Together, these initiatives reflect our focus on improving the performance of our existing portfolio while deploying capital into investments that we believe will drive earnings growth and create long-term value for our shareholders.”

Third Quarter 2026

Financial Results and Dividend

•Total revenues of $64.9 million and net income attributable to common stockholders of $28.7 million, or $0.99 per diluted share (all per share amounts in this press release are reported on a diluted basis unless otherwise noted).

•Adjusted funds from operations ("AFFO") of $54.8 million, or $1.96 per share

•Declared dividends to common stockholders totaling $1.90 per share. Since its inception, IIP has paid over $1.2 billion in common stock dividends to its stockholders.

Three Months EndedThree Months Ended

September 30, 2026September 30, 2025

AmountPer ShareAmountPer Share

Net income attributable to common stockholders$28,708 $0.99 $28,288 $0.97

Normalized FFO50,234 1.80 45,156 1.60

AFFO54,777 1.96 48,348 1.71

Amounts in thousands, except per share amounts. Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income in accordance with GAAP and other definitions of capitalized terms used herein, appear at the end of this release.

Life Science Investments

•In September, the Company entered into a $245.0 million mezzanine loan commitment to affiliates of IQHQ, Inc. in connection with Alewife Park, a life science campus located in Cambridge, Massachusetts, funding approximately $111.0 million at closing.

•The loan is expected to yield an interest rate of approximately 15.8% over the term of the loan, subject to a floor of 14.0%, and matures in February 2028, with a one-year extension option. The remaining $134.0 million is expected to be funded through the fourth quarter of 2027, subject to certain funding conditions.

•The Company also has the option to acquire up to an additional $155.0 million of mezzanine notes from another lender on the same terms, subject to certain conditions.

•In September, funded $30.0 million of IQHQ Series G preferred equity.

•As of September 30, 2026, the Company had funded an aggregate of $300.0 million of its strategic investment in IQHQ, Inc., consisting of a $100.0 million revolving credit facility and $200.0 million of Series G preferred equity.

Portfolio - Leasing and Dispositions

•During the three months ended September 30, 2026, the Company terminated 16 leases representing an aggregate of 1.2 million square feet, and entered into 6 leases representing 604,000 square feet.

•Subsequent to quarter end, the Company executed a new lease for its 270,000 square foot property in Saxton, Pennsylvania, contingent upon receipt of applicable cannabis license transfer approvals.

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•In October, the Company received repayment in full of the $49.0 million seller financing provided in connection with the sale in May of its Perth, New York property.

Portfolio - Select Tenant Updates

•The following table summarizes payments received and security deposits applied for certain defaulted tenants during the periods presented and the corresponding per share impact (in millions, except per share amounts):

Three Months Ended June 30, 2026Three Months Ended September 30, 2026

TenantPaymentsSecurity Deposit AppliedTotal Per Share(1) PaymentsSecurity Deposit AppliedTotal Per Share(1)

PharmaCann$1.2 $— $1.2 $0.04 $0.4 $— $0.4 $0.01

4Front0.7 — 0.7 0.02 2.0 — 2.0 0.07

Parallel4.4 — 4.4 0.15 — 2.8 2.8 0.10

The Cannabist Company2.5 0.8 3.3 0.11 1.9 1.0 2.9 0.10

Battle Green0.3 0.6 0.9 0.03 3.5 — 3.5 0.13

Total$9.1 $1.4 $10.5 $0.35 $7.8 $3.8 $11.6 $0.41

(1)For the three months ended June 30, 2026, the weighted-average diluted shares outstanding for FFO, Normalized FFO and AFFO was 28,972,371 shares. For the three months ended September 30, 2026, the weighted-average diluted shares outstanding for FFO, Normalized FFO and AFFO was 27,961,629 shares.

•PharmaCann

•In August 20

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Innovative Industrial Properties Reports Second Quarter 2026 Results

Significant Liquidity of $300 Million Available to Support Strategic Growth

SAN DIEGO, CA – August 3, 2026 – Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today results for the second quarter ended June 30, 2026.

Executive Chairman Remarks

“Our second quarter activity reflects the continued execution of our strategy across multiple fronts by our management team. We completed the funding of our $270 million investment in IQHQ, generated meaningful leasing momentum across our portfolio and proactively strengthened our balance sheet through a series of successful capital markets transactions," said Alan Gold, Executive Chairman of IIP. "With substantial liquidity, conservative leverage and demonstrated access to multiple sources of capital, we believe we are well positioned to pursue attractive, accretive growth opportunities to deliver long-term value to our shareholders.”

Second Quarter 2026

Financial Results and Dividend

•Total revenues of $63.3 million and net income attributable to common stockholders of $40.7 million, or $1.36 per diluted share (all per share amounts in this press release are reported on a diluted basis unless otherwise noted).

•Adjusted funds from operations ("AFFO") of $53.0 million, or $1.83 per share

•Declared dividends to common stockholders totaling $1.90 per share. Since its inception, IIP has paid over $1.2 billion in common stock dividends to its stockholders.

•Completed an upsized private offering of $402.5 million aggregate principal amount of 6.0% exchangeable senior notes due 2029 (the "Exchangeable Notes").

Three Months EndedThree Months Ended

June 30, 2026June 30, 2025

(in thousands, except per share amounts)AmountPer ShareAmountPer Share

Net income attributable to common stockholders$40,665 $1.36 $25,146 $0.86

Normalized FFO49,214 1.70 45,228 1.60

AFFO53,009 1.83 48,399 1.71

Definitions of the above-mentioned non-GAAP financial measures, together with reconciliations to net income in accordance with GAAP and other definitions of capitalized terms used herein, appear at the end of this release.

IQHQ Investment

•Funded $120.0 million of Series G preferred equity during the second quarter.

•As of June 30, 2026, the Company had fully funded an aggregate of $270.0 million of its strategic investment in IQHQ, Inc., consisting of a $100.0 million revolving credit facility and $170.0 million of Series G preferred equity.

Portfolio - Leasing and Dispositions

•In April 2026, executed a 58,000 square foot full-building lease in Buckeye Lake, Ohio with Curaleaf, a public multi-state operator.

•In May 2026, the Company sold a land parcel located in San Marcos, Texas for approximately $3.3 million in gross proceeds. The Company recorded a loss on sale of $4.9 million in connection with the transaction.

•In May 2026, the Company sold a property located in Perth, New York for $88.5 million pursuant to a tenant purchase option and provided $49.0 million of seller financing. The Company recorded a gain on sale of $16.7 million in connection with the transaction.

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Portfolio - Select Tenant Updates

•The following table summarizes payments received from certain defaulted tenants during the periods presented and the corresponding per share impact (in thousands, except per share amounts):

Three Months Ended March 31, 2026Three Months Ended June 30, 2026Q3'26 To Date

TenantTotal Payments Per Share(1) Total Payments Per Share(1) Total Payments Per Share(1)

PharmaCann3,244 0.11 1,229 0.04 81 —

4Front225 0.01 675 0.02 400 0.01

Total$3,469 $0.12 $1,904 $0.06 $481 $0.01

(1)For the three months ended June 30, 2026, the weighted-average diluted shares outstanding for FFO, Normalized FFO and AFFO was 28,972,371 shares, which was also used to calculate the total payments per share for the period Q3'26 To Date.

•PharmaCann

•During the second quarter of 2026, the Ohio and Pennsylvania courts released $0.6 million and $0.3 million, respectively, to the Company comprised of the rent payments previously required to be escrowed with the courts by PharmaCann.

•As previously disclosed, the Company has resolved all pending litigation with PharmaCann with respect to PharmaCann's prior lease defaults. The settlement agreement that the Company has entered into with PharmaCann includes monetary judgments for amounts owed by PharmaCann under the leases for New York, Ohio and Pennsylvania. In April 2026, PharmaCann surrendered the Ohio premises and the Company immediately entered into a new lease with Curaleaf. PharmaCann has remained in possession past the surrender dates for the New York and Pennsylvania properties with the Company's consent and is in cooperation with the

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

Innovative Industrial Properties Reports First Quarter 2026 Results

$128 Million of Equity and Debt Capital Raised Year-To-Date

Executed Leases for 389,000 Square Feet Year-To-Date

SAN DIEGO, CA – May 4, 2026 – Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today results for the first quarter ended March 31, 2026.

Executive Chairman Remarks

“We are encouraged by the pace of leasing activity year-to-date, including nearly 400,000 square feet of executed leases, which underscores the ongoing demand for our properties," said Alan Gold, Executive Chairman of IIP. "At the same time, we have taken deliberate steps to fortify our balance sheet through equity and debt capital raising activity, and have additional secured and unsecured debt financings underway totaling nearly $130 million, to be used to address our upcoming bond maturity and position us for growth.”

First Quarter 2026 and Second Quarter to Date Highlights

Financial Results and Dividend

•Total revenues of $69.0 million and net income attributable to common stockholders of $30.2 million, or $1.02 per diluted share (all per share amounts in this press release are reported on a diluted basis unless otherwise noted).

•Adjusted funds from operations ("AFFO") of $53.4 million, or $1.88 per share

•Declared dividends to common stockholders totaling $1.90 per share. Since its inception, IIP has paid over $1.1 billion in common stock dividends to its stockholders.

Three Months Ended Three Months Ended

March 31, 2026 March 31, 2025

(in thousands, except per share amounts) Amount Per Share Amount Per Share

Net income attributable to common stockholders $30,155 $1.02 $30,296 $1.03

Normalized FFO 50,585 1.78 52,761 1.85

AFFO

53,434 1.88 55,332 1.94

Definitions of the above-mentioned non-GAAP financial measures,

together with reconciliations to net income in accordance with GAAP and other definitions of capitalized terms used herein, appear at the end of this release.

IQHQ Investment

•As of March 31, 2026, the Company had funded an aggregate of $150.0 million of its strategic investment in IQHQ, Inc., consisting of a fully funded $100.0 million revolving credit facility and $50.0 million of Series G preferred equity. Subsequent to quarter end, the Company funded an additional $25.0 million of Series G preferred equity. The Company remains committed to funding up to an additional $95.0 million of preferred equity, in multiple tranches through the second quarter of 2027.

Portfolio - Leasing

•In January 2026, executed a 204,000 square foot full-building lease in Desert Hot Springs, California with Gramlin, a private California

operator.

•In March 2026, executed a 5,000 square foot lease in Palm Springs, California.

•In March 2026, executed a 56,000 square foot full-building lease in Palm Springs, California with Gramlin, a private California operator.

•In March 2026, executed a 66,000 square foot full-building lease in Dwight, Illinois with Grown Rogue, a public multi-state operator.

•In April 2026, executed a 58,000 square foot full-building lease in Buckeye Lake, Ohio with Curaleaf, a public multi-state operator.

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Portfolio - Tenant Updates

•The following table summarizes payments received from certain defaulted tenants during the periods presented and the corresponding per share impact (in thousands, except per share amounts):

Three Months Ended

December 31, 2025

Three Months Ended

March 31, 2026

Q2'26 To Date

Tenant Total Payments Per Share(1) Total Payments Per Share(1) Total Payments Per Share(1)

Gold Flora $3,738 $0.13 $1,500 $0.05 $— $—

PharmaCann 242 0.01 3,244 0.11 850 0.03

4Front — — 225 0.01 400 0.01

Total $3,980 $0.14 $4,969 $0.17 $1,250 $0.04

(1)For the three months ended December 31, 2025, the weighted-average common stock outstanding was 28,303,530 shares. For the three months ended March 31, 2026, the weighted-average common stock outstanding was 28,467,184 shares, which was also used to calculate the total payments per share for the period Q2'26 To Date.

•PharmaCann

•During the first quarter of 2026, the Ohio and Pennsylvania courts released $1.7 million and $1.3 million, respectively, to the Company comprised of the rent payments previously required to be escrowed with the court by PharmaCann.

•As previously disclosed, the Company has resolved all pending litigation with PharmaCann with respect to PharmaCann's prior lease defaults. The settlement agreement that the Company has entered into with PharmaCann includes monetary judgments for amounts owed by PharmaCann under the leases for New York, Ohio and Pennsylvania and mandates the turnover of these properties to the Company by May 20, 2026 for the New York and Pennsylvania properties and by May 26, 2026 for the Ohio proper