Exhibit 99.2

Innovative Industrial Properties Second Quarter 2022 Supplemental Financial Information

Innovative Industrial Properties 2 Overview Forward - Looking Statements 3 Company Overview 4 Financial Information Quarterly Performance Summary 5 Balance Sheet 6 Net Income 7 FFO, Normalized FFO, and AFFO Reconciliation 8 Historical Net Income 9 Historical FFO, Normalized FFO, and AFFO Reconciliation 10 Statements of Cash Flows 11 Portfolio Data Capital Commitments 12 Leasing Summary 13 Top Tenants Overview 14 Property List 15 – 17 Capitalization Senior Capital and Debt Summary 18 Capitalization 19 Definitions 20 – 21 Analyst Coverage 22 Senior Management Team and Board of Directors 23 Table of Contents

Innovative Industrial Properties 3 Forward - Looking Statements This Supplemental Financial Information Package include "forward - looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995 , Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended) that are subject to risks and uncertainties . In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward - looking statements . Likewise, our statements regarding anticipated growth in our funds from operations and anticipated market and regulatory conditions, our strategic direction, our dividend rate and policy, demographics, results of operations, plans and objectives are forward - looking statements . Forward - looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events . Forward - looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them . We do not guarantee that the transactions and events described will happen as described (or that they will happen at all) . You can identify forward - looking statements by the use of forward - looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases . You can also identify forward - looking statements by discussions of strategy, plans or intentions . The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward - looking statements : rates of default on leases for our assets, concentration of our portfolio of assets and limited number of tenants ; the estimated growth in and evolving market dynamics of the regulated cannabis market inflation dynamics ; the impact of the ongoing COVID - 19 pandemic, or future pandemics, on us, our business, our tenants, or the economy generally ; war and other hostilities, including the conflict in Ukraine ; our business and investment strategy ; our projected operating results ; actions and initiatives of the U . S . or state governments and changes to government policies and the execution and impact of these actions, initiatives and policies, including the fact that cannabis remains illegal under federal law ; availability of suitable investment opportunities in the regulated cannabis industry ; our understanding of our competition and our potential tenants’ alternative financing sources ; the demand for regulated cannabis facilities ; the expected medical - use or adult - use cannabis legalization in certain states ; shifts in public opinion regarding regulated cannabis ; the additional risks that may be associated with certain of our tenants cultivating, processing and/or dispensing adult - use cannabis in our facilities ; the state of the U . S . economy generally or in specific geographic areas ; economic trends and economic recoveries ; our ability to access equity or debt capital ; financing rates for our target assets ; our expected leverage ; our level of indebtedness, which could reduce funds available for other business purposes and reduce our operational flexibility ; covenants in our debt instruments, which may limit our flexibility and adversely affect our financial condition ; our ability to maintain our investment grade credit rating ; changes in the values of our assets ; our expected portfolio of assets ; our expected investments ; interest rate mismatches between our assets and our borrowings used to fund such investments ; changes in interest rates and the market value of our assets ; the degree to which any interest rate or other hedging strategies may or may not protect us from interest rate volatility ; the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters ; our ability to maintain our qualification as a REIT ; our ability to maintain our exemption from registration under the Investment Company Act of 1940 ; availability of qualified personnel ; and market trends in our industry, interest rates, real estate values, the securities markets or the general economy . The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance . In addition, we discussed a number of material risks in our most recent Annual Report on Form 10 - K and subsequent Quarterly Reports on Form 10 - Q . Those risks continue to be relevant to our performance and financial condition . Moreover, we operate in a very competitive and rapidly changing environment . New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward - looking statements . Any forward - looking statement made by us speaks only of the date on which we make it . We undertake no obligation to publicly update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as may be required by law . Stockholders and investors are cautioned not to unduly rely on such forward - looking statements when evaluating the information presented in our filings and reports . Market and industry data are included in this presentation . We have obtained substantially all of this information from internal studies, public filings, other independent published industry sources and market studies prepared by third parties . We believe these internal studies, public filings, other independent published industry sources and market studies prepared by third parties are reliable . However, this information may prove to be inaccurate . No representation or warranty is made as to the accuracy of such information . All amounts shown in this report are unaudited . This Supplemental Financial Information Package is not an offer to sell or solicitation to buy securities of Innovative Industrial Properties, Inc . Any offers to sell or solicitations to buy securities of Innovative Industrial Properties, Inc . shall be made only by means of a prospectus approved for that purpose .

Innovative Industrial Properties 4 Company Snapshot State Diversification (1) Pennsylvania 16.7% Michigan 12.2% Illinois 12.1% Massachusetts 12.0% California 11.1% New York 7.3% Florida 7.1% New Jersey 3.8% Maryland 3.8% Colorado 3.5% Other 10.4% Total 100% Company Overview Innovative Industrial Properties, Inc. (NYSE “IIPR”) is an internally managed real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized properties leased to experienced, state - licensed operators for their regulated cannabis facilities. Note : As of June 30 , 2022 , values in thousands except for share count, $ /PSF, or otherwise noted 1) Based on “Total Committed / Invested Capital” . Refer to “Definitions” for additional details . 2) Refer to “Capitalization” and “Definitions” for additional details . 3) Reflects annualized common stock dividend paid on July 15 , 2022 of $ 1 . 75 per share . The decision to declare or pay dividends is in the sole discretion of our board of directors in light of conditions then existing, and there can be no assurance that a dividend will be declared or paid for any time period in any amount . 4) Two Kings Garden Inc . leases were combined as a result of a merger of land parcels, and these properties are now reclassified as one property, bringing the total property count for the tenant from seven to six . Subsequent to June 30 , 2022 , Kings Garden Inc . , defaulted on its obligations to pay rent at all properties . 5) Includes approximately 2 . 5 million square feet under development or redevelopment . Market Capitalization (2) $3,073,441 Total States 19 Shares of Common Stock Outstanding 27,973,429 Total Rentable Square Feet (5) 8,578 Current Annualized Dividend ($) (3) $7.00 / share Total Committed Invested Capital per Square Foot $274 Total Committed / Invested Capital (1) $2,352,990 % Leased (4) 100% Total Properties (4) 110 Weighted Average Lease Term 16 Years

Innovative Industrial Properties 5 2022 2021 2Q2022 1Q2022 4Q2021 3Q2021 2Q2021 Total Revenues $70,511 $64,504 $58,943 $53,856 $48,867 General and administrative expense $8,707 $8,777 $6,450 $5,307 $5,604 General and administrative expense / total revenues 12% 14% 11% 10% 11% Net income attributable to common stockholders $39,876 $34,712 $28,292 $29,756 $29,001 Net income attributable to common stockholders – diluted (“EPS”) $1.42 $1.32 $1.14 $1.20 $1.17 Funds from operations attributable to common stockholders – diluted (“FFO”) (1) $55,177 $48,914 $42,377 $42,532 $40,721 FFO per common share – diluted (1) $1.97 $1.86 $1.61 $1.62 $1.56 Normalized FFO attributable to common stockholders – diluted (“Normalized FFO”) (1) $55,288 $49,127 $46,076 $42,532 $40,732 Normalized FFO per common share – diluted (1) $1.97 $1.87 $1.75 $1.62 $1.56 Adjusted funds from operations attributable to common stockholders – diluted (“AFFO”) (1) $60,059 $53,836 $48,570 $45,022 $42,982 AFFO per common share – diluted (1) $2.14 $2.04 $1.85 $1.71 $1.64 Common stock dividend per share (2) $1.75 $1.75 $1.50 $1.50 $1.40 AFFO Payout Ratio (3) 82% 86% 81% 88% 85% Total Committed / Invested Capital (4) $2.4B $2.1B $2.0B $1.8B $1.6B % Leased 100% 100% 100% 100% 100% Rent Collection % / Quarter (5) 99% 99% 99% 100% 101% Quarterly Performance Summary Note : Dollars in thousands except for $ /share or otherwise noted 1) Refer to “FFO, Normalized FFO, and AFFO Reconciliation” and “Definitions” for additional details . 2) Reflects quarterly common stock dividend declared in the quarter . 3) Calculated by dividing the common stock dividend declared per share by AFFO per common share – diluted . 4) Dollars in billions, refer to “Definitions” for additional details . 5) 2 Q 2021 rent collection was in excess of 100 % of contractually due rent as a result of stipulated rent paid by the receivership in place previously at the company’s Los Angeles, California property related to rent owed to the company by the receivership in 2020 . Subsequent to June 30 , 2022 , Kings Garden Inc . , a tenant at six properties, defaulted on its obligations to pay rent at all properties . Refer to “Definitions” for additional details . $1.64 $1.71 $1.85 $2.04 $2.14 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 AFFO (1) $1.56 $1.62 $1.75 $1.87 $1.97 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 Normalized FFO (1) $48,867 $53,856 $58,943 $64,504 $70,511 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 Total Revenues

Innovative Industrial Properties 6 June 30, December 31, (In thousands, except share and per share amounts) 2022 2021 Assets Real estate, at cost: Land $136,123 $122,386 Buildings and improvements 1,220,821 979,417 Tenant improvements 699,856 620,301 Construction in progress 68,909 - Total real estate, at cost 2,125,709 1,722,104 Less accumulated depreciation (109,100) (81,938) Net real estate held for investment 2,016,609 1,640,166 Construction loan receivable 17,698 12,916 Cash and cash equivalents 45,432 81,096 Restricted cash 530 5,323 Investments 309,442 324,889 Right of use office lease asset 1,921 1,068 In-place lease intangible assets, net 9,535 9,148 Other assets, net 24,515 9,996 Total assets $2,425,682 $2,084,602 Liabilities and stockholders’ equity Exchangeable Senior Notes, net $6,374 $32,232 Notes due 2026, net 294,478 293,860 Tenant improvements and construction funding payable 31,210 46,274 Accounts payable and accrued expenses 6,428 7,718 Dividends payable 49,439 38,847 Rent received in advance and tenant security deposits 59,899 52,805 Other liabilities 2,082 1,167 Total liabilities 449,910 472,903 Stockholders’ equity: Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 14,009 14,009 Common stock, par value $0.001 per share, 50,000,000 shares authorized: 27,973,429 and 25,612,541 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 28 26 Additional paid-in capital 2,056,568 1,672,882 Dividends in excess of earnings (94,833) (75,218) Total stockholders’ equity 1,975,772 1,611,699 Total liabilities and stockholders ’ equity $2,425,682 $2,084,602 Balance Sheet

Innovative Industrial Properties 7 For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2022 2021 2022 2021 Revenues: Rental (including tenant reimbursements) $69,995 $48,867 $134,109 $91,752 Other 516 - 906 - Total revenues 70,511 48,867 135,015 91,752 Expenses: Property expenses 2,427 482 4,409 1,252 General and administrative expense 8,707 5,604 17,484 11,204 Depreciation and amortization expense 15,233 9,841 29,101 18,680 Total expenses 26,367 15,927 50,994 31,136 Income from operations 44,144 32,940 84,021 60,616 Interest and other income 581 91 638 215 Interest expense (4,504) (3,692) (9,270) (5,565) Loss on exchange of Exchangeable Senior Notes (7) - (125) - Net income 40,214 29,339 75,264 55,266 Preferred stock dividends (338) (338) (676) (676) Net income attributable to common stockholders $39,876 $29,001 $74,588 $54,590 Net income attributable to common stockholders per share: Basic $1.42 $1.21 $2.77 $2.27 Diluted $1.42 $1.17 $2.75 $2.22 Weighted-average shares outstanding: Basic 27,850,561 23,889,761 26,741,568 23,889,580 Diluted 28,036,690 26,168,682 27,159,774 26,166,494 Net Income

Innovative Industrial Properties 8 For the Three Months Ended For the Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2022 2021 2022 2021 Net income attributable to common stockholders $39,876 $29,001 $74,588 $54,590 Real estate depreciation and amortization 15,233 9,841 29,101 18,680 FFO attributable to common stockholders (basic) 55,109 38,842 103,689 73,270 Cash and non-cash interest expense on Exchangeable Senior Notes 68 1,879 402 3,752 FFO attributable to common stockholders (diluted) 55,177 40,721 104,091 77,022 Acquisition-related expense - 11 95 19 Financing expense 104 - 104 - Loss on exchange of Exchangeable Senior Notes 7 - 125 - Normalized FFO attributable to common stockholders (diluted) 55,288 40,732 104,415 77,041 Stock-based compensation 4,437 2,132 8,816 4,233 Non-cash interest expense 311 118 618 118 Above-market lease amortization 23 - 46 - AFFO attributable to common stockholders (diluted) $60,059 $42,982 $113,895 $81,392 FFO per common share – diluted $1.97 $1.56 $3.83 $2.94 Normalized FFO per common share – diluted $1.97 $1.56 $3.84 $2.94 AFFO per common share – diluted $2.14 $1.64 $4.19 $3.11 Weighted average common shares outstanding – basic 27,850,561 23,889,761 26,741,568 23,889,580 Restricted stock and restricted stock units ("RSUs") 82,387 96,230 113,858 94,223 Performance share unitis ("PSUs") - - - - Dilutive effect of Exchangeable Senior Notes 103,742 2,182,691 304,348 2,182,691 Weighted average common shares outstanding – diluted 28,036,690 26,168,682 27,159,774 26,166,494 FFO, Normalized FFO, and AFFO Reconciliation

Innovative Industrial Properties 9 2022 2021 (In thousands, except share and per share amounts) 2Q2022 1Q2022 4Q2021 3Q2021 2Q2021 Revenues: Rental (including tenant reimbursements) $69,995 $64,114 $58,943 $53,856 $48,867 Other 516 390 - - - Total revenues 70,511 64,504 58,943 53,856 48,867 Expenses: Property expenses 2,427 1,982 1,826 1,365 482 General and administrative expense 8,707 8,777 6,450 5,307 5,604 Depreciation and amortization expense 15,233 13,868 12,205 10,891 9,841 Total expenses 26,367 24,627 20,481 17,563 15,927 Income from operations 44,144 39,877 38,462 36,293 32,940 Interest and other income 581 57 72 110 91 Interest expense (4,504) (4,766) (6,212) (6,309) (3,692) Loss on exchange of Exchangeable Senior Notes (7) (118) (3,692) - - Net income 40,214 35,050 28,630 30,094 29,339 Preferred stock dividends (338) (338) (338) (338) (338) Net income attributable to common stockholders $39,876 $34,712 $28,292 $29,756 $29,001 Net income attributable to common stockholders per share: Basic $1.42 $1.35 $1.18 $1.24 $1.21 Diluted $1.42 $1.32 $1.14 $1.20 $1.17 Weighted-average shares outstanding: Basic 27,850,561 25,620,253 23,941,930 23,890,537 23,889,761 Diluted 28,036,690 26,340,224 26,263,585 26,260,704 26,168,682 Historical Net Income

Innovative Industrial Properties 10 2022 2021 (In thousands, except share and per share amounts) 2Q2022 1Q2022 4Q2021 3Q2021 2Q2021 Net income attributable to common stockholders $39,876 $34,712 $28,292 $29,756 $29,001 Real estate depreciation and amortization 15,233 13,868 12,205 10,891 9,841 FFO attributable to common stockholders (basic) 55,109 48,580 40,497 40,647 38,842 Cash and non-cash interest expense on Exchangeable Senior Notes 68 334 1,880 1,885 1,879 FFO attributable to common stockholders (diluted) 55,177 48,914 42,377 42,532 40,721 Acquisition-related expense - 95 7 - 11 Financing expense 104 - - - - Loss on exchange of Exchangeable Senior Notes 7 118 3,692 - - Normalized FFO attributable to common stockholders (diluted) 55,288 49,127 46,076 42,532 40,732 Stock-based compensation 4,437 4,379 2,192 2,191 2,132 Non-cash interest expense 311 307 298 299 118 Above-market lease amortization 23 23 4 - - AFFO attributable to common stockholders (diluted) $60,059 $53,836 $48,570 $45,022 $42,982 FFO per common share – diluted $1.97 $1.86 $1.61 $1.62 $1.56 Normalized FFO per common share – diluted $1.97 $1.87 $1.75 $1.62 $1.56 AFFO per common share – diluted $2.14 $2.04 $1.85 $1.71 $1.64 Weighted average common shares outstanding – basic 27,850,561 25,620,253 23,941,930 23,890,537 23,889,761 Restricted stock and RSUs 82,387 110,457 98,093 98,093 96,230 PSUs - 102,333 81,414 78,582 - Dilutive effect of Exchangeable Senior Notes 103,742 507,181 2,142,148 2,193,492 2,182,691 Weighted average common shares outstanding – diluted 28,036,690 26,340,224 26,263,585 26,260,704 26,168,682 Historical FFO, Normalized FFO, and AFFO Reconciliation

Innovative Industrial Properties 11 For the Six Months Ended June 30, (In thousands) 2022 2021 Cash flows from operating activities Net income $75,264 $55,266 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 29,101 18,680 Loss on exchange of Exchangeable Senior Notes 125 - Other non-cash adjustments 127 47 Stock-based compensation 8,816 4,233 Amortization of discounts on short-term investments (513) (199) Amortization of debt discount and issuance costs 689 1,174 Changes in assets and liabilities Other assets, net 2,568 220 Accounts payable, accrued expenses and other liabilities (1,290) 2,278 Rent received in advance and tenant security deposits 7,094 7,693 Net cash provided by operating activities 121,981 89,392 Cash flows from investing activities Purchases of investments in real estate (129,562) (99,073) Funding of draws for tenant improvements and construction (291,408) (152,052) Funding of construction loan and other investments (21,360) (6,000) Deposits in escrow for acquisitions (600) (150) Purchases of short-term investments (219,040) (439,878) Maturities of short-term investments 235,000 410,000 Net cash used in investing activities (426,970) (287,153) Cash flows from financing activities Issuance of common stock, net of offering costs 351,988 - Gross proceeds from issuance of Notes due 2026 - 300,000 Payment of deferred financing costs from issuance of Notes due 2026 - (6,484) Dividends paid to common stockholders (84,339) (61,387) Dividends paid to preferred stockholders (676) (676) Taxes paid related to net share settlement of equity awards (2,441) (3,384) Net cash provided by financing activities 264,532 228,069 Net (decrease) increase in cash, cash equivalents and restricted cash (40,457) 30,308 Cash, cash equivalents and restricted cash, beginning of period 86,419 126,006 Cash, cash equivalents and restricted cash, end of period $45,962 $156,314 Supplemental disclosure of cash flow information: Cash paid during the period for interest $8,876 $2,696 Supplemental disclosure of non-cash investing and financing activities: Accrual for draws for tenant improvements and construction funding $31,210 $60,670 Deposits applied for acquisitions 25 200 Accrual for common and preferred stock dividends declared 49,439 33,922 Accrual for deferred financing costs - 196 Exchange of Exchangeable Senior Notes for common stock 26,665 - Operating lease liability for obtaining right of use asset 1,017 - Statements of Cash Flows

Innovative Industrial Properties 12 Current Quarter Rentable Purchase Additional Existing Total Total State Closing / Execution Square Feet (1) Price (2) Commitment Investment (2) Investment Investment / PSF (3) Acquisitions Maryland Apr-22 84 $25,000 - - $25,000 $298 Arizona Apr-22 17 5,238 - - 5,238 308 Massachusetts May-22 104 40,000 - - 40,000 385 Texas (4) Jun-22 85 12,040 9,960 - 22,000 259 Acquisitions Subtotal / Wtd. Avg. 290 $82,278 $9,960 - $92,238 $318 Amendments New York Apr-22 225 - $45,000 $63,500 $108,500 $482 Illinois Jun-22 127 - 10,931 29,069 40,000 315 Michigan Jun-22 85 - 1,230 16,000 17,230 203 Pennsylvania Jun-22 179 - 35,000 26,640 61,640 344 Pennsylvania Jun-22 300 - 55,000 39,600 94,600 315 Amendments Subtotal / Wtd. Avg. 916 - $147,161 $174,809 $321,970 $351 Totals / Wtd. Avg. 1,206 $82,278 $157,121 $174,809 $414,208 $343 Capital Commitments Second Quarter Capital Commitments Two Year Capital Commitment History Note : Values in thousands except for $ /PSF 1) Includes expected rentable square feet at completion of construction for certain properties . 2) Excludes transaction costs . 3) Calculated as IIP’s total investment divided by the rentable square feet . 4) The tenant is expected to complete future building improvements at the property, for which we agreed to fund draws of up to approximately $ 10 . 0 million . $130,385 $83,375 $114,675 $131,850 $164,315 $132,657 $66,908 $92,238 $22,384 $65,525 $20,395 $45,100 $43,000 $43,400 $40,800 $147,161 $152,769 $148,900 $135,070 $176,950 $207,315 $176,057 $107,708 $239,399 3Q2020 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 Acquisitions Amendments

Innovative Industrial Properties 13 # of Rentable Square Feet Annualized Base Rent Year Leases # % $ % 2022 - - - - - 2023 - - - - - 2024 - - - - - 2025 - - - - - 2026 - - - - - 2027 - - - - - 2028 - - - - - 2029 1 120 1% $1,984 1% 2030 2 153 2% 5,334 2% 2031 6 183 2% 5,286 2% Therafter 101 8,122 95% 266,113 95% Total 110 8,578 100% $278,717 100% Note : Square footage and dollars in thousands 1) As a % of annualized base rent, refer to “Definitions” for additional details . Subsequent to June 30 , 2022 , Kings Garden Inc . , a tenant at six properties, defaulted on its obligations to pay rent at all properties . Leasing Summary - - - - - - - 1% 2% 2% 95% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Thereafter Lease Expiration Schedule as of June 30, 2022 (1) No Expiring Leases Until 2029

Innovative Industrial Properties 14 IIP Portfolio Calendar Year 2021 (3) Tenant Information Total Invested Capital (1) Investment # of Adjusted Market MSO #Tenant $ % Square Feet (2) / Square Feet Leases Revenue EBITDA (4) Capitalization (5) / SSO (6) 1PharmaCann $306,172 13.0% 688 $445 11 Private Co. Private Co. Private Co. MSO 2Parallel 203,050 8.6% 895 227 4 Private Co. Private Co. Private Co. MSO 3Ascend Wellness (AWH) 199,050 8.5% 624 319 4 $332 $79 $367 MSO 4Green Thumb Industries 176,800 7.5% 606 292 3 894 308 1,884 MSO 5 Kings Garden (7) 155,855 6.6% 567 275 6 Private Co. Private Co. Private Co. SSO 6Curaleaf 153,547 6.5% 474 324 7 1,210 298 3,589 MSO 7Columbia Care 147,834 6.3% 584 253 21 460 58 534 MSO 8 Trulieve (8) 146,503 6.2% 740 198 6 938 385 2,283 MSO 9Cresco Labs 120,845 5.1% 373 324 5 822 194 770 MSO 10Holistic Industries 119,900 5.1% 333 360 5 Private Co. Private Co. Private Co. MSO 114Front Ventures 99,250 4.2% 488 203 4 105 34 352 MSO 12Green Peak (Skymint) 90,611 3.9% 288 315 8 Private Co. Private Co. Private Co. SSO 13Goodness Growth (f/k/a Vireo Health) 72,770 3.1% 453 161 2 54 (9) 158 MSO 14Gold Flora 60,000 2.6% 201 299 1 Private Co. Private Co. Private Co. SSO 15Jushi 45,800 2.0% 129 355 1 209 17 276 MSO Top 15 Tenants Total $2,097,986 89.2% 7,443 $282 88 Top Tenants Overview 1) Dollars in thousands, see “Definitions” for additional details . 2) Square feet in thousands . 3) Dollars in millions, based on each company’s public securities filings and earnings release, available at www . sec . gov, www . sedar . com, or each company’s respective website, for the year ended December 31 , 2021 . 4) Adjusted EBITDA is a non - GAAP financial measure utilized in the industry . For definitions and reconciliations of Adjusted EBITDA to net income, see each company’s public securities filings, available at www . sec . gov or www . sedar . com . 5) Dollars in millions, per S&P Capital IQ Pro as of 06 / 30 / 2022 . 6) “MSO” means the tenant (or guarantor) conducts cannabis operations in more than one state . “SSO” means the tenant (or guarantor) conducts cannabis operations in a single state . 7) Subsequent to June 30 , 2022 , Kings Garden Inc . , a tenant at six properties, defaulted on its obligations to pay rent at all properties . 8) Includes our Nevada property . Subsequent to June 30 , 2022 , the transfer of the license was completed to a subsidiary of Harvest Health & Recreation Inc . (“Harvest”), which is a subsidiary of Trulieve Inc . Harvest executed a lease guaranty in favor of IIP for tenant’s obligations at the property .

Innovative Industrial Properties 15 Note : Square footage and dollars in thousands except for $ /PSF . “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which can consist of industrial and/or greenhouse space . *Subsequent to June 30 , 2022 , the transfer of the license was completed to a subsidiary of Harvest Health & Recreation Inc . (“Harvest”), which is a subsidiary of Trulieve Inc . Harvest executed a lease guaranty in favor of IIP for tenant’s obligations at the property . 1) Existing square footage for properties where there is no active development or redevelopment . 2) Estimated square footage upon completion of development or redevelopment . Property List Square Feet Invested / Committed Capital Date % Under Dev. Total / #Tenant State City Acquired Leased In Place (1) / Redev. (2) Total Invested Committed Total Square Feet Industrial 1PharmaCann New York Hamptonburgh 12/19/2016 100% 80 145 225 $56,881 $51,619 $108,500 $482 2PharmaCann Michigan Warren 10/9/2019 100% 205 - 205 83,045 550 83,595 408 3PharmaCann Massachusetts Holliston 5/31/2018 100% 58 - 58 30,500 - 30,500 526 4PharmaCann Illinois Dwight 10/30/2019 100% 66 - 66 28,000 - 28,000 424 5PharmaCann Pennsylvania Scott Township 8/7/2019 100% 56 - 56 28,000 - 28,000 500 6PharmaCann Ohio Buckeye Lake Village 3/13/2019 100% 58 - 58 20,000 - 20,000 345 7Parallel Pennsylvania Pittsburgh 5/13/2021 100% 209 30 239 67,750 - 67,750 283 8Parallel Florida Lakeland 9/18/2020 100% 65 155 220 56,400 - 56,400 256 9Parallel Florida Wimauma 3/11/2020 100% 373 - 373 51,500 - 51,500 138 10Ascend Wellness (AWH) Illinois Barry 12/21/2018 100% 166 - 166 71,000 - 71,000 428 11Ascend Wellness (AWH) Massachusetts Athol 4/2/2020 100% 128 71 199 63,900 - 63,900 321 12Ascend Wellness (AWH) New Jersey Franklin 2/10/2022 100% 80 34 114 39,500 500 40,000 351 13Ascend Wellness (AWH) Michigan Lansing 7/2/2019 100% 145 - 145 24,150 - 24,150 167 14Green Thumb Industries Pennsylvania Danville 11/12/2019 100% 300 - 300 94,600 - 94,600 315 15Green Thumb Industries Illinois Oglesby 3/6/2020 100% 208 - 208 50,000 - 50,000 240 16Green Thumb Industries Ohio Toledo 1/31/2020 100% 98 - 98 32,200 - 32,200 329 17Kings Garden California Palm Springs 4/16/2019 100% 56 180 236 43,288 24,437 67,725 287 18Kings Garden California San Bernardino 11/16/2020 100% - 192 192 46,950 3,425 50,375 262 19Kings Garden California North Palm Springs 5/12/2020 100% 70 - 70 17,500 - 17,500 250 20Kings Garden California Cathedral City 3/25/2022 100% - 23 23 8,158 - 8,158 355 21Kings Garden California Palm Springs 4/16/2019 100% 24 - 24 6,309 - 6,309 263 22Kings Garden California Palm Springs 4/16/2019 100% 22 - 22 5,788 - 5,788 263 23Curaleaf Pennsylvania Chambersburg 12/20/2019 100% 74 105 179 35,512 26,128 61,640 344 24Curaleaf Illinois Litchfield 10/30/2019 100% 127 - 127 40,000 - 40,000 315 25Curaleaf New Jersey Blue Anchor 7/13/2020 100% 123 - 123 35,000 - 35,000 285 26Curaleaf North Dakota Fargo 12/20/2019 100% 33 - 33 12,190 - 12,190 369 27Columbia Care Pennsylvania Saxton 5/20/2019 100% 103 163 266 42,891 109 43,000 162 28Columbia Care Virginia Richmond 1/15/2020 100% 82 - 82 19,750 - 19,750 241 29Columbia Care New Jersey Vineland 7/16/2020 100% 50 - 50 11,820 - 11,820 236 30Columbia Care Colorado Denver 10/30/2018 100% 58 - 58 11,250 - 11,250 194 31Columbia Care Colorado Denver 12/14/2021 100% 18 - 18 9,917 - 9,917 551 32Columbia Care Colorado Denver 12/14/2021 100% 12 - 12 3,276 - 3,276 273 33Trulieve Massachusetts Holyoke 7/26/2019 100% 150 - 150 43,500 - 43,500 290 34Trulieve Florida Alachua 1/22/2021 100% 295 - 295 41,650 - 41,650 141 35Trulieve Maryland Hancock 8/13/2021 100% 63 52 115 28,539 976 29,515 257 36Trulieve Florida Quincy 10/23/2019 100% 120 - 120 17,000 - 17,000 142 37Trulieve* Nevada Las Vegas 7/12/2019 100% 43 - 43 9,600 - 9,600 223 38Trulieve Arizona Cottonwood 4/27/2022 100% 17 - 17 5,238 - 5,238 308 39Cresco Labs Michigan Marshall 4/22/2020 100% 115 - 115 32,000 - 32,000 278 40Cresco Labs Illinois Kankakee 10/22/2019 100% 51 - 51 25,496 104 25,600 502 41Cresco Labs Illinois Joliet 10/22/2019 100% 39 - 39 20,950 - 20,950 537 42Cresco Labs Ohio Yellow Springs 1/24/2020 100% 50 - 50 12,448 1,097 13,545 271 43Holistic Industries Maryland Capitol Heights 5/26/2017 100% 72 - 72 33,490 260 33,750 469 44Holistic Industries Pennsylvania New Castle 6/10/2020 100% 108 - 108 23,192 2,458 25,650 238 45Holistic Industries Massachusetts Monson 7/12/2018 100% 55 - 55 17,750 - 17,750 323 464Front Ventures Illinois Matteson 8/3/2021 100% - 250 250 28,408 21,842 50,250 201

Innovative Industrial Properties 16 Property List (Continued) Note : Square footage and dollars in thousands except for $ /PSF . “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which can consist of industrial and/or greenhouse space . 1) Existing square footage for properties where there is no active development or redevelopment . 2) Estimated square footage upon completion of development or redevelopment . Square Feet Invested / Committed Capital Date % Under Dev. Total / #Tenant State City Acquired Leased In Place (1) / Redev. (2) Total Invested Committed Total Square Feet 474Front Ventures Washington Olympia 12/17/2020 100% 114 - 114 17,500 - 17,500 154 484Front Ventures Massachusetts Holliston 1/28/2022 100% 57 - 57 16,000 - 16,000 281 494Front Ventures Massachusetts Georgetown 12/17/2020 100% 67 - 67 15,500 - 15,500 231 50Green Peak (Skymint) Michigan Windsor 4/16/2021 100% - 201 201 35,238 27,762 63,000 313 51Green Peak (Skymint) Michigan Dimondale 8/2/2018 100% 56 - 56 15,799 - 15,799 282 52Goodness Growth (f/k/a Vireo Health) New York Perth 10/23/2017 100% 40 324 364 43,363 19,697 63,060 173 53Goodness Growth (f/k/a Vireo Health) Minnesota Otsego 11/8/2017 100% 89 - 89 9,710 - 9,710 109 54Gold Flora California Desert Hot Springs 10/15/2021 100% 91 110 201 59,850 150 60,000 299 55Jushi Pennsylvania Scranton 4/6/2018 100% 89 40 129 45,800 - 45,800 355 56Calyx Peak Missouri Smithville 9/17/2021 100% - 83 83 24,725 3,525 28,250 340 57Temescal Wellness Massachusetts North Adams 5/26/2021 100% - 71 71 21,408 5,392 26,800 377 58Maryland Cultivation Processing (MCP) Maryland Hagerstown 4/13/2022 100% 84 - 84 25,000 - 25,000 298 59The Pharm Arizona Willcox 12/15/2017 100% 358 - 358 20,000 - 20,000 56 60Maitri Pennsylvania Pittsburgh 4/24/2019 100% 24 27 51 22,250 - 22,250 436 61Texas Original Texas Bastrop 6/14/2022 100% - 85 85 12,040 9,960 22,000 259 62Medical Investor Holdings (Vertical) California Needles 9/11/2019 100% 46 - 46 10,100 - 10,100 220 63Medical Investor Holdings (Vertical) California Needles 8/29/2019 100% 20 - 20 4,841 - 4,841 242 64Medical Investor Holdings (Vertical) California Needles 8/29/2019 100% 7 - 7 1,471 - 1,471 210 65Medical Investor Holdings (Vertical) California Needles 8/29/2019 100% 6 - 6 888 - 888 148 66Sacramento CA (Undisclosed Tenant) California Sacramento 2/8/2019 100% 43 - 43 12,710 - 12,710 296 67Emerald Growth Michigan Harrison Township 6/7/2019 100% 45 - 45 10,000 - 10,000 222 68AYR Wellness Ohio Akron 5/14/2019 100% 11 - 11 3,550 - 3,550 323 Industrial Subtotal / Wtd. Avg. 100% 5,572 2,341 7,913 $1,914,030 $199,989 $2,114,020 $267 Retail 69PharmaCann Colorado Commerce City 2/21/2020 100% 5 - 5 $2,300 - $2,300 $460 70PharmaCann Colorado Aurora 12/14/2021 100% 2 - 2 1,274 400 1,674 837 71PharmaCann Colorado Berthoud 12/14/2021 100% 6 - 6 1,112 294 1,406 234 72PharmaCann Colorado Mancos 12/14/2021 100% 4 - 4 1,148 - 1,148 287 73PharmaCann Colorado Pueblo 2/19/2020 100% 3 - 3 1,049 - 1,049 350 74Curaleaf North Dakota Dickinson 12/14/2021 100% 5 - 5 2,045 - 2,045 409 75Curaleaf North Dakota Devils Lake 12/14/2021 100% 4 - 4 1,614 - 1,614 404 76Curaleaf Pennsylvania Bradford 12/14/2021 100% 3 - 3 1,058 - 1,058 353 77Columbia Care Colorado Denver 12/14/2021 100% 4 - 4 7,338 - 7,338 1,834 78Columbia Care Colorado Pueblo 12/14/2021 100% 6 - 6 4,878 - 4,878 813 79Columbia Care Colorado Aurora 12/14/2021 100% 5 - 5 4,229 - 4,229 846 80Columbia Care Colorado Glenwood Springs 12/14/2021 100% 4 - 4 4,187 - 4,187 1,047 81Columbia Care Colorado Fort Collins 12/14/2021 100% 5 - 5 3,977 - 3,977 795 82Columbia Care Colorado Aurora 12/14/2021 100% 4 - 4 3,601 - 3,601 900 83Columbia Care New Jersey Vineland 7/16/2020 100% 4 - 4 2,165 - 2,165 541 84Columbia Care Colorado Aurora 12/14/2021 100% 5 - 5 1,991 - 1,991 398 85Columbia Care Colorado Englewood 12/14/2021 100% 4 - 4 1,778 - 1,778 445 86Columbia Care Colorado Trinidad 12/14/2021 100% 9 - 9 1,728 - 1,728 192 87Columbia Care Colorado Silver Plume 12/14/2021 100% 4 - 4 1,444 - 1,444 361 88Columbia Care Colorado Black Hawk 12/14/2021 100% 4 - 4 1,321 - 1,321 330 89Columbia Care Colorado Edgewater 12/14/2021 100% 5 - 5 1,089 - 1,089 218 90Columbia Care Colorado Sheridan 12/14/2021 100% 2 - 2 890 - 890 445

Innovative Industrial Properties 17 Square Feet Invested / Committed Capital Date % Under Dev. Total / #Tenant State City Acquired Leased In Place (1) / Redev. (2) Total Invested Committed Total Square Feet 91Green Peak (Skymint) Michigan East Lansing 10/25/2019 100% 3 - 3 3,372 28 3,400 1,133 92Green Peak (Skymint) Michigan Lansing 11/4/2019 100% 14 - 14 2,225 - 2,225 159 93Green Peak (Skymint) Michigan Flint 11/4/2019 100% 6 - 6 2,180 - 2,180 363 94Green Peak (Skymint) Michigan Bay City 11/4/2019 100% 4 - 4 1,740 - 1,740 435 95Green Peak (Skymint) Michigan Traverse City 11/25/2019 100% 2 - 2 1,272 - 1,272 636 96Green Peak (Skymint) Michigan Newaygo 11/8/2019 100% 2 - 2 995 - 995 498 97The Pharm Arizona Phoenix 9/19/2019 100% 2 - 2 2,500 - 2,500 1,250 98Schwazze Colorado Ordway 12/14/2021 100% 2 - 2 400 - 400 200 99Schwazze Colorado Rocky Ford 12/14/2021 100% 13 - 13 400 - 400 31 100 Schwazze Colorado Las Animas 12/14/2021 100% 2 - 2 400 - 400 200 101 Verano Pennsylvania Harrisburg 3/23/2022 100% 3 - 3 2,750 - 2,750 917 Retail Subtotal / Wtd. Avg. 100% 150 - 150 $70,448 $722 $71,170 $474 Industrial / Retail 102 Parallel Texas San Marcos 3/10/2021 100% - 63 63 $8,231 $19,169 $27,400 $435 103 Columbia Care Colorado Denver 12/14/2021 100% 33 - 33 8,206 - 8,206 249 104 Cresco Labs Massachusetts Fall River 6/30/2020 100% 99 19 118 24,806 3,944 28,750 244 105 Holistic Industries Michigan Madison Heights 9/1/2020 100% 63 - 63 27,778 722 28,500 452 106 Holistic Industries California Los Angeles 7/23/2019 100% - 35 35 13,977 273 14,250 407 107 TILT Holdings Massachusetts Taunton 5/16/2022 100% 104 - 104 40,000 - 40,000 385 108 Sozo Michigan Warren 5/14/2021 100% 85 - 85 16,864 366 17,230 203 109 Schwazze Colorado Pueblo 12/14/2021 100% 8 - 8 2,165 - 2,165 271 110 Kaya Cannabis Colorado Denver 12/14/2021 100% 6 - 6 1,299 - 1,299 217 Industrial / Retail Subtotal / Wtd. Avg. 99% 398 117 515 $143,326 $24,474 $167,800 $326 Total / Wtd. Avg. 100% 6,120 2,458 8,578 $2,127,804 $225,185 $2,352,990 $274 State Subtotal / Wtd. Avg. 1 Pennsylvania 100% 969 365 1,334 $363,802 $28,695 $392,498 $294 2 Michigan 100% 745 201 946 $256,659 $29,427 $286,086 $302 3 Illinois 100% 657 250 907 $263,855 $21,945 $285,800 $315 4 Massachusetts 100% 718 161 879 $273,364 $9,336 $282,700 $322 5 California 100% 385 540 925 $231,829 $28,285 $260,115 $281 6 New York 100% 120 469 589 $100,244 $71,316 $171,560 $291 7 Florida 100% 853 155 1,008 $166,550 - $166,550 $165 8 New Jersey 100% 257 34 291 $88,485 $500 $88,985 $306 9 Maryland 100% 219 52 271 $87,029 $1,236 $88,265 $326 10 Colorado 100% 233 - 233 $82,646 $694 $83,340 $358 11 Ohio 100% 217 - 217 $68,198 $1,097 $69,295 $319 12 Texas 100% - 148 148 $20,271 $29,129 $49,400 $334 13 Missouri 100% - 83 83 $24,725 $3,525 $28,250 $340 14 Arizona 100% 377 - 377 $27,737 - $27,738 $74 15 Virginia 100% 82 - 82 $19,750 - $19,750 $241 16 Washington 100% 114 - 114 $17,500 - $17,500 $154 17 North Dakota 100% 42 - 42 $15,849 - $15,849 $377 18 Minnesota 100% 89 - 89 $9,710 - $9,710 $109 19 Nevada 100% 43 - 43 $9,600 - $9,600 $223 Property List (Continued) Note : Square footage and dollars in thousands except for $ /PSF . “Industrial” reflects facilities utilized or expected to be utilized for regulated cannabis cultivation, processing and/or distribution activities, which can consist of industrial and/or greenhouse space . 1) Existing square footage for properties where there is no active development or redevelopment . 2) Estimated square footage upon completion of development or redevelopment .

Innovative Industrial Properties 18 Interest Rate / Quarter End Preferred Rate / Maturity / Wtd. (In thousands, except share and per share amounts) June 30, 2022 Wtd. Avg. Rate Avg. Maturity Unsecured debt: Exchangeable Senior Notes $6,453 3.75% 1.6 Years Notes Due 2026 300,000 5.50% 3.9 Years Total Unsecured Debt $306,453 5.46% 3.9 Years Gross Debt $306,453 5.46% 3.9 Years Series A Preferred Stock: Redemption price per share $25.00 Shares outstanding 600,000 Total Preferred Equity $15,000 9.00% Total Senior Capital $321,453 5.63% Debt Maturity Schedule Senior Capital and Debt Summary - - $6.5 Million - - $300.0 Million 2022 2023 2024 2025 2026 Exchangeable Senior Notes Notes Due 2026 Senior Capital Overview

Innovative Industrial Properties 19 Quarter End June 30, 2022 Cash and Investments Cash and cash equivalents $45,432 Restricted cash 530 Investments 309,442 Cash and Investments $355,404 Cash Not Available for Investment: Short term liabilities (1) $55,867 Tenant improvements and construction funding payable (2) 31,210 Tenant security deposits 52,843 Construction commitments (1) 194,400 Construction loan commitments (1) 802 Cash Not Available for Investment $335,122 Cash Available for Investment $20,282 Senior Capital: Gross Debt $306,453 Total Preferred Equity 15,000 Total Senior Capital (3) $321,453 Equity Market Capitalization: Stock Price as of 06/30/2022 $109.87 Shares outstanding 27,973,429 Equity Market Capitalization $3,073,441 Covenant (4) June 30, 2022 Debt / Total Gross Assets <60% ~12% Secured Debt <40% 0% Unencumbered Total Gross Assets / Unsecured Debt >150% ~828% Debt Service Coverage Ratio >1.5x ~15.7x Egan Jones Credit Rating BBB+ Note : Dollars in thousands, except for $ /share 1) Refer to “Definitions” for additional details . 2) As reported on the company’s quarterly filing for the particular period . 3) See “Senior Capital and Debt Summary” for details . 4) Calculated in accordance with the indenture governing the Notes due 2026 , included in the Current Report on Form 8 - K filed with the Securities and Exchange Commission on May 25 , 2021 . Capitalization

Innovative Industrial Properties 20 Definitions • Adjusted Funds From Operations (“AFFO”): Management believes that AFFO and AFFO per share are appropriate supplemental measures of a REIT’s operating performance. We calculate AFFO by adjusting Normalized FFO for certain non - cash items. • Annualized Base Rent (“ABR”): ABR is calculated by multiplying rental payments (defined as the contractually due base rents and property management fees for the last month in the quarter), by twelve. • Cash and Investments: Calculated as cash and cash equivalents, restricted cash, and investments (each as reported on the company’s condensed consolidated balance sheets for the particular period). • Construction Commitments: Calculated as remaining contractual commitments to fund draws to tenants and sellers related to development and redevelopment activities at properties. • Construction Loan Commitments: Calculated as the remaining amount that may be funded pursuant to a construction loan agreement with a developer executed in June 2021, pursuant to which we agreed to lend up to $18.5 million for the development of a regulated c ann abis cultivation and processing facility in California. • Exchangeable Senior Notes: 3.75% E xchangeable Senior Notes due 2024. • Funds From Operations (“FFO”): FFO and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s ope rating performance equal to net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, depre cia tion, amortization and impairment related to real estate properties, and after adjustments for unconsolidated partnerships and join t v entures. Management believes that net income, as defined by GAAP, is the most appropriate earnings measurement. However, management be lie ves FFO and FFO per share to be supplemental measures of a REIT’s performance because they provide an understanding of the operat ing performance of our properties without giving effect to certain significant non - cash items, primarily depreciation expense. Histo rical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably ov er time. However, real estate values instead have historically risen or fallen with market conditions. We believe that by excluding the effect of depreciation, FFO and FFO per share can facilitate comparisons of operating performance between periods. We report FFO and FFO per share because th ese measures are observed by management to also be the predominant measures used by the REIT industry and by industry analysts to ev aluate REITs and because FFO per share is consistently reported, discussed, and compared by research analysts in their notes and pub lic ations about REITs. For these reasons, management has deemed it appropriate to disclose and discuss FFO and FFO per share. • GAAP: Accounting principles generally accepted in the United States. • Gross Debt: Calculated as the sum of the principal amount outstanding of the Notes due 2026 and Exchangeable Senior Notes.

Innovative Industrial Properties 21 Definitions (Continued) • Normalized Funds From Operations (“Normalized FFO”): We compute normalized funds from operations (“Normalized FFO”) by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual in n atu re and/or not related to our core real estate operations. Exclusion of these items from similar FFO - type metrics is common within the equi ty REIT industry, and management believes that presentation of Normalized FFO and Normalized FFO per share provides investors with a metric to ass ist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of other compa nie s, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis. Normali zed FFO is used by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be ex clu ded in calculating Normalized FFO include certain transaction - related gains, losses, income or expense or other non - core amounts as the y occur. • Notes due 2026 : 5.50% Unsecured Senior Notes due 2026. • Rent Collection: Calculated as actual base rent and property management fees collected over contractual billed base rent and property management fees. • Series A Preferred: 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share. • Short - Term Liabilities: Calculated as dividends payable, accounts payable and accrued expenses (each as reported on the company’s condensed consolidated balance sheets for the particular period). • Total Committed / Invested Capital: Includes (1) total investments in properties (consisting of purchase price and construction funding and improvements reimbursed to tenants, if any, but excluding transaction costs) and (2) total additional commitments to reimburs e c ertain tenants and sellers for completion of construction and improvements at the properties. Excludes an $18.5 million commitment from us t o a developer for construction of a regulated cannabis cultivation and processing facility in California. • Total Preferred Equity: Calculated by multiplying the total Series A Preferred shares outstanding by the $25 redemption price per share. • Total Senior Capital: Calculated as the sum of Gross Debt and the redemption value of the Series A Preferred Stock.

Innovative Industrial Properties 22 Analyst Coverage Analyst Research Firms Contact Information Tom Catherwood BTIG Email: tcatherwood@btig.com Phone: 212 - 738 - 6140 Merrill Ross Compass Point Research and Trading Email: mross@compasspointllc.com Phone: 202 - 534 - 1392 Eric Des Lauriers Craig - Hallum Capital Group LLC Email: eric.deslauriers@craig - hallum.com Phone: 617 - 275 - 5177 Aaron Hecht JMP Securities Email: ahecht@jmpsecurities.com Phone: 415 - 835 - 3963 John Massocca Ladenburg Thalmann Email: jmassocca@ladenburg.com Phone: 212 - 409 - 2543 Alexander Goldfarb Piper Sandler Email: alexander.goldfarb@psc.com Phone: 212 - 466 - 7937 Scott Fortune Roth Capital Partners Email: sfortune@roth.com Phone: 949 - 720 - 7163 Investor Relations Email: ir@iipreit.com Phone: 858 - 997 - 3332

Innovative Industrial Properties 23 Senior Management Team and Board of Directors Senior Management Name Title Alan Gold Executive Chairman Paul Smithers President, Chief Executive Officer and Director Catherine Hastings Chief Financial Officer and Treasurer Brian Wolfe Vice President, General Counsel and Secretary Ben Regin Vice President, Investments Andy Bui Vice President, Chief Accounting Officer Tracie Hager Vice President, Asset Management Kelly Spicher Vice President, Real Estate Counsel Board of Directors Name Title Alan Gold Executive Chairman Paul Smithers President, Chief Executive Officer and Director Gary Kreitzer Vice Chairman (Independent) David Stecher Director (Independent) Scott Shoemaker, MD Director (Independent) Mary Allis Curran Director (Independent)