Innovative Industrial Properties Announces Tax Treatment of 2025 Distributions

About this update from Innovative Industrial Properties, Inc.

SAN DIEGO, January 23, 2026 --( BUSINESS WIRE )--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 Security Description: 9.00% Series A Cumulative Redeemable Preferred Stock CUSIP: 45781V200 Ticker Symbol: IIPR PR A 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 . View source version on businesswire.com: https://www.businesswire.com/news/home/20260123602264/en/ Contacts Company Contact: David Smith Chief Financial Officer Innovative Industrial Properties, Inc. (858) 997-3332

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