INNOVATIVE INDUSTRIAL PROPERTIES INC — fact timeline

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred senior notes of $402,500,000 aggregate principal amount with BTIG, LLC and certain other initial purchasers at 6.00% per annum maturing June 15, 2029.

“On June 15, 2026, IIP Operating Partnership, LP (the “Operating Partnership”), the operating partnership of Innovative Industrial Properties, Inc. (the “Company”), issued $402,500,000 aggregate principal amount of 6.00% exchangeable senior notes due 2029 (the “Notes”) to BTIG, LLC and certain other initial purchasers (collectively, the “Initial Purchasers”) pursuant to a Purchase Agreement, dated as of June 9, 2026 (the “Purchase Agreement”), which includes $52,500,000 in aggregate principal amount of the Notes that were sold to the Initial Purchasers pursuant to the full exercise of the option set forth in the Purchase Agreement.”

INNOVATIVE INDUSTRIAL PROPERTIES INC entered into Purchase Agreement with BTIG, LLC and certain other initial purchasers valued at $402,500,000 aggregate principal amount (effective 2026-06-09).

“pursuant to a Purchase Agreement, dated as of June 9, 2026 (the “Purchase Agreement”), which includes $52,500,000 in aggregate principal amount of the Notes that were sold to the Initial Purchasers pursuant to the full exercise of the option set forth in the Purchase Agreement.”

INNOVATIVE INDUSTRIAL PROPERTIES INC entered into Indenture with Argent Institutional Trust Company, as trustee valued at $402,500,000 aggregate principal amount (effective 2026-06-15).

“The Notes were issued pursuant to an Indenture, dated as of June 15, 2026, by and among the Company, the Operating Partnership and Argent Institutional Trust Company, as trustee (the “Trustee”), governing the terms of the Notes.”

INNOVATIVE INDUSTRIAL PROPERTIES INC shareholders approved Adoption of the Innovative Industrial Properties, Inc. 2026 Omnibus Incentive Plan at the 2026-06-09 meeting.

“the stockholders approved the Innovative Industrial Properties, Inc. 2026 Omnibus Incentive Plan (the "2026 Plan"), which replaces the previously existing Innovative Industrial Properties, Inc. 2016 Omnibus Incentive Plan (the "Prior Plan")”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred term loan of aggregate principal amount of $20 million with A.G.P./Alliance Global Partners at 10.0% per annum, compounding monthly on the last business day of each calendar m maturing October 9, 2026.

“On May 22, 2026, Innovative Industrial Properties, Inc. (the “Company”) entered into an ATM Advance Agreement (the “Loan Agreement”) with A.G.P./Alliance Global Partners (“Lender”). The proceeds of the Loan Agreement are expected to be used for general corporate purposes, including the repayment of the Company’s 5.50% Senior Notes due May 2026. The Loan Agreement provides for a term loan in the aggregate principal amount of $20 million to the Company (the “Loan”). The Loan bears interest at a rate of 10.0% per annum, compounding monthly on the last business day of each calendar month; provided that, at any time that an event of default under the Loan Agreement has occurred and is continuing, the Loan will bear interest at a rate of 18.0% per annum. The Loan matures on October 9, 2026, and pursuant to the terms of the Agreement, we are required to make weekly interest and principal payments beginning on May 29, 2026.”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred term loan of $21,960,000 with Amalgamated Bank at 6.67% per annum maturing June 5, 2031.

“On May 19, 2026, each of IIP-MD 1 LLC and IIP-NJ 3 LLC, each a Delaware limited liability company (each, a "Borrower" and collectively, the "Borrowers") and an indirect subsidiary of Innovative Industrial Properties, Inc. (the "Company"), entered into separate loan agreements with Amalgamated Bank, a bank organized under the laws of the State of New York (the "Lender"), consisting of (i) that certain loan agreement between IIP-MD 1 LLC and the Lender (the "MD Loan Agreement") and (ii) that certain loan agreement between IIP-NJ 3 LLC and the Lender (the "NJ Loan Agreement" and, together with the the MD Loan Agreement, the "Loan Agreements"), providing for an aggregate of $21,960,000 in secured term loans.”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred guarantee of $12,400,000 with Amalgamated Bank maturing June 5, 2031.

“7 LLC (the “MA Loan”), as evidenced by a promissory note issued by IIP-MA 7 LLC in favor of the Lender (the “MA Note”). Pursuant to the PA Loan Agreement, the Lender made a $12,400,000 secured term loan to IIP-PA 6 LLC (the “PA Loan”), as evidenced by a promissory note issued by IIP-PA 6 LLC in favor of the Lender (the “PA Note” and, together with the MA Note,”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred guarantee of $10,500,000 with Amalgamated Bank maturing June 5, 2031.

“together with the MA Loan Agreement the “Loan Agreements”), providing for an aggregate of $22,900,000 in secured term loans. Pursuant to the MA Loan Agreement, the Lender made a $10,500,000 secured term loan to IIP-MA 7 LLC (the “MA Loan”), as evidenced by a promissory note issued by IIP-MA 7 LLC in favor of the Lender (the “MA Note”). Pursuant to the PA Loan”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred term loan of $56.5 million with Thorofare Asset Based Lending Reit Fund V, LLC at one-month SOFR plus 5.00% maturing May 5, 2029.

“for all obligations under the Loan Agreement. Pursuant to the Loan Agreement, on May 5, 2026, the Borrowers issued to the Lender a promissory note (the “Note”) evidencing a $56.5 million secured term loan (the “Loan”), which matures on May 5, 2029, and may be extended at the Borrowers’ option for up to two additional 12-month periods, subject in each case to the”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported first quarter ended March 31, 2026 results: revenue $69.0 million, net income $30.2 million, EPS $1.02 per diluted share.

“Total revenues of $69.0 million and net income attributable to common stockholders of $30.2 million, or $1.02 per diluted share”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred term loan of $20.0 million with Generations Bank at 9.00% per annum maturing April 22, 2029.

“issued a promissory note (the "Note") in favor of Generations Bank (the "Lender") evidencing a $20.0 million secured term loan (the "Loan") maturing on April 22, 2029. The Note bears interest at a fixed rate of 9.00% per annum”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred revolving credit of up to $100 million with East West Bank at the greater of (i) the one-month Secured Overnight Financing Rate, as administer maturing October 3, 2028.

“IIP LP has a revolving line of credit available up to $100 million until the maturity date on October 3, 2028.”

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred revolving credit of $50.0 million with a federally regulated commercial bank at a variable rate based on the greater of (i) the prime rate plus an applicable ma maturing October 23, 2026.

“the Company, through its operating partnership, IIP OP, drew $50.0 million under its previously disclosed $87.5 million existing revolving credit facility established pursuant a Loan Agreement, dated October 23, 2023, as amended”

Mary Curran departed as Director at INNOVATIVE INDUSTRIAL PROPERTIES INC.

“On February 7, 2025, Mary Curran informed the Company that she will retire from the Board and not stand for re-election when her term expires at the Company’s 2025 annual meeting of shareholders.”

David Stecher departed as Director at INNOVATIVE INDUSTRIAL PROPERTIES INC.

“David Stecher informed Innovative Industrial Properties, Inc. (the “Company”) that he will retire from the Board and not stand for re-election when his term expires at the Company’s 2025 annual meeting of shareholders.”

Brian Wolfe resigned as Vice President, General Counsel and Secretary at INNOVATIVE INDUSTRIAL PROPERTIES INC.

“On January 2, 2025, Brian Wolfe, the Vice President, General Counsel and Secretary of Innovative Industrial Properties, Inc. (the “Company”), notified the Company of his intention to resign as an employee and officer of the Company effective January 9, 2025.”

INNOVATIVE INDUSTRIAL PROPERTIES INC shareholders approved Advisory vote on the compensation of the Company’s named executive officers at the 2024-05-15 meeting.

“Proposal 3: Advisory vote on the compensation of the Company’s named executive officers.”

INNOVATIVE INDUSTRIAL PROPERTIES INC shareholders approved Ratification of the appointment of BDO USA, P.C. as the Company’s independent registered public accounting firm for the year ending December 31, 2024 at the 2024-05-15 meeting.

“Proposal 2: Ratification of the appointment of BDO USA, P.C. as the Company’s independent registered public accounting firm for the year ending December 31, 2024.”

INNOVATIVE INDUSTRIAL PROPERTIES INC shareholders approved Election of six directors at the 2024-05-15 meeting.

“Proposal 1: Election of six directors, each to serve until the 2025 annual meeting of stockholders and until his or her successor is duly elected and qualified.”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported the first quarter ended March 31, 2024 results: revenue $75.5 million, net income $39.1 million, EPS $1.36 per share.

“Generated total revenues of $75.5 million and net income attributable to common stockholders of $39.1 million, or $1.36 per share”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported financial results for fourth quarter and year ended December 31, 2023.

“On February 26, 2024, Innovative Industrial Properties, Inc. (the “Company”) issued a press release regarding its financial results for the fourth quarter and year ended December 31, 2023.”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported the third quarter ended September 30, 2023 results: revenue total revenues of approximately $77.8 million, net income net income attributable to common stockholders of approximately $41.3 million, EPS $1.45 per share.

“announced today results for the third quarter ended September 30, 2023. Third Quarter 2023 and Subsequent Events Financial Results · Generated total revenues of approximately $77.8 million in the quarter, representing a 10% increase from the prior year’s quarter. · Recorded net income attributable to common stockholders of approximately $41.3 million for the”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported second quarter ended June 30, 2023 results: revenue approximately $76.5 million, net income approximately $40.9 million, or $1.44 per diluted share, EPS $1.44 per diluted share.

“U.S. cannabis industry, announced today results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Results · Generated total revenues of approximately $76.5 million in the quarter, representing an 8% increase from the prior year’s quarter. · Recorded net income attributable to common stockholders of approximately $40.9 million for the”

INNOVATIVE INDUSTRIAL PROPERTIES INC shareholders approved Advisory vote on the compensation of the Company’s named executive officers. at the 2023-06-07 meeting.

“Proposal 3: Advisory vote on the compensation of the Company’s named executive officers. Votes For Votes Against Abstentions Broker Non-Votes 14,900,450 2,521,093 88,221 4,750,073”

INNOVATIVE INDUSTRIAL PROPERTIES INC shareholders approved Ratification of the appointment of BDO USA, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2023. at the 2023-06-07 meeting.

“Proposal 2: Ratification of the appointment of BDO USA, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2023. Votes For Votes Against Abstentions Broker Non-Votes 21,937,510 220,439 101,888 —”

INNOVATIVE INDUSTRIAL PROPERTIES INC shareholders approved Election of six directors, each to serve until the 2024 annual meeting of stockholders and until his or her successor is duly elected and qualified. at the 2023-06-07 meeting.

“Proposal 1: Election of six directors, each to serve until the 2024 annual meeting of stockholders and until his or her successor is duly elected and qualified. Votes For Votes Withheld Broker Non-Votes Alan Gold 15,904,304 1,605,460 4,750,073 Gary Kreitzer 16,612,945 896,819 4,750,073 Mary Curran 16,873,787 635,977 4,750,073 Scott Shoemaker 15,296,613 2,213,151 4,750,073 Paul Smithers 17,325,345 184,419 4,750,073 David Stecher 17,237,531 272,233 4,750,073”

Catherine Hastings changed role as Chief Operating Officer at INNOVATIVE INDUSTRIAL PROPERTIES INC.

“Also effective March 29, 2023, concurrent with Mr. Smith’s appointment, Catherine Hastings was promoted to Chief Operating Officer of the Company, in lieu of her prior position as the Company’s Chief Financial Officer and Treasurer.”

David Smith was appointed as Chief Financial Officer and Treasurer at INNOVATIVE INDUSTRIAL PROPERTIES INC.

“On March 29, 2023, David Smith joined Innovative Industrial Properties, Inc. (the “Company”) as Chief Financial Officer and Treasurer.”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported the fourth quarter and year ended December 31, 2022 results: revenue approximately $276.4 million, net income approximately $153.0 million, EPS $5.52 of net income attributable to common stockholders per diluted share.

“the regulated U.S. cannabis industry, announced today results for the fourth quarter and year ended December 31, 2022. Full Year 2022 · Generated total revenues of approximately $276.4 million, net income attributable to common stockholders of approximately $153.0 million and adjusted funds from operations (“AFFO”) of approximately $233.7 million, representing”

INNOVATIVE INDUSTRIAL PROPERTIES INC terminated Prior Sales Agreements with BTIG, LLC, Roth Capital Partners, LLC, Compass Point Research & Trading, LLC, Ladenburg Thalmann & Co. Inc. and Piper Sandler & Co. (effective 2023-01-19).

“On January 19, 2023, Innovative Industrial Properties, Inc. (the “Company”) notified each of BTIG, LLC, Roth Capital Partners, LLC, Compass Point Research & Trading, LLC, Ladenburg Thalmann & Co. Inc. and Piper Sandler & Co. of its election to terminate each of the At-the-Market Sales Agreements, dated November 6, 2020, by and among the Company, IIP Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”) and each of BTIG, LLC, Roth Capital Partners, LLC, Compass Point Research & Trading, LLC, Ladenburg Thalmann & Co. Inc. and Piper Sandler & Co. (together, the “Prior Sales Agreements”).”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported financial results for the quarter and year ended December 31, 2022.

“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 its operating, investment and capital markets activity for the quarter and year ended December 31, 2022.”

INNOVATIVE INDUSTRIAL PROPERTIES INC: Adopted Third Amended and Restated Bylaws to address Universal Proxy Rules compliance, including proxy card color, nomination information, and solicitation requirements (effective 2022-12-07).

“On December 7, 2022, the Board of Directors of Innovative Industrial Properties, Inc. (the “Company”) adopted amended and restated bylaws of the Company (the “Third Amended and Restated Bylaws”) in order to, among other things, address matters relating to Rule 14a-19 (the “Universal Proxy Rules”) under the Securities Exchange Act of 1934, as amended, which applies to stockholder meetings held after August 31, 2022.”

INNOVATIVE INDUSTRIAL PROPERTIES INC reported third quarter ended September 30, 2022 results: revenue approximately $70.9 million, net income approximately $37.3 million, EPS $1.32 per diluted share.

“industry, announced today results for the third quarter ended September 30, 2022. Third Quarter 2022 and Subsequent Event Highlights · Generated total revenues of approximately $70.9 million in the quarter, representing a 32% increase from the prior year’s quarter. · Recorded net income attributable to common stockholders of approximately $37.3 million for the”