IIPR

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

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

Innovative Industrial Properties Reports Fourth Quarter and Full Year 2025 Results

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

SAN DIEGO, CA – February 23, 2026 – 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, or $3.93 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 $205.4 million, or $7.24 per diluted share

•Declared dividends to common stockholders totaling $7.60 per share, increasing IIP’s common stock dividends declared each year since its inception in 2016. Since its inception, IIP has paid over $1.1 billion in common stock dividends to its stockholders.

•In August, announced a strategic and diversifying investment of up to $270.0 million in IQHQ, Inc., a premier life science real estate platform ("IQHQ"), including a fully funded $100.0 million revolving credit facility and $170.0 million of preferred equity, of which $50.0 million had been funded as of year end.

•Signed new leases comprising 339,000 square feet and totaling 4% of the total portfolio’s rentable square feet.

•Issued 1,016,852 shares of Series A Preferred Stock under IIP's "at-the-market" equity offering program ("ATM Program") for $24.1 million in net proceeds.

•Closed on a new three-year, $100.0 million secured revolving credit facility with a federally regulated commercial bank that bears interest at one-month SOFR + 200 basis points.

Year Ended Year Ended

December 31, 2025 December 31, 2024

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

Net income attributable to common stockholders $114,435 $3.93 $159,857 $5.52

Normalized FFO 193,522 6.82 237,071 8.31

AFFO

205,412 7.24 256,144 8.98

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.

Fourth Quarter 2025 and Recent Highlights

Financial Results and Dividend

•Total revenues of $66.7 million and net income attributable to common stockholders of $30.7 million, or $1.06 per share.

•AFFO of $53.3 million, or $1.88 per share.

•Paid a quarterly dividend of $1.90 per common share on January 15, 2026 to stockholders of record as of December 31, 2025.

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Three Months Ended December 31, 2025 Three Months Ended December 31, 2024

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

Net income attributable to common stockholders $30,705 $1.06 $39,461 $1.36

Normalized FFO 50,377 1.78 58,567 2.05

AFFO

53,333 1.88 63,361 2.22

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 December 31, 2025, 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. The Company remains committed to funding up to an additional $120.0 million of preferred equity, in multiple tranches between the second quarter of 2026 and the second quarter of 2027.

Portfolio - Leasing

•In November 2025, executed a 70,000 square foot full-building lease for IIP’s North Palm Springs, California property to a private California operator.

•In November 2025, executed a 58,000 square foot full-building lease for IIP’s Holliston, Massachusetts property to Perpetual Brands, a private Massachusetts operator.

•In January 2026, executed a 204,000 square foot full-building lease for IIP's Desert Hot Springs, California property to Gramlin, a private California operator.

Portfolio - Tenant Updates

•The following table summarizes payments received fr