Innovative Industrial Properties Declares Second Quarter 2019 Dividends

Innovative Industrial Properties, Inc. (IIP), the first and only real
estate company on the New York Stock Exchange (NYSE: IIPR) focused on
the regulated U.S. cannabis industry, announced today that its board of
directors has declared a second quarter 2019 dividend of $0.60 per share
of common stock, representing an approximately 33% increase over IIP's
first quarter 2019 dividend of $0.45 per share of common stock, and a
140% increase over IIP's second quarter 2018 dividend of $0.25 per share
of common stock. The dividend is equivalent to an annualized dividend of
$2.40 per common share, and is the ninth consecutive quarterly dividend
payable to common stockholders declared since IIP completed its initial
public offering in December 2016.

Additionally, IIP announced today that its board of directors has
declared a regular quarterly dividend of $0.5625 per share of IIP's
9.00% Series A Cumulative Redeemable Preferred Stock.

The dividends are payable on July 15, 2019 to stockholders of record at
the close of business on June 28, 2019.

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.

This press release contains statements that IIP believes to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All
statements other than historical facts are forward-looking statements.
When used in this press release, words such as we “expect,” “intend,”
“plan,” “estimate,” “anticipate,” “believe” or “should” or the negative
thereof or similar terminology are generally intended to identify
forward-looking statements. Such forward-looking statements are subject
to risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements. Investors
should not place undue reliance upon forward-looking statements. IIP
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

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