Innovative Industrial Properties Prices Public Offering of 2,600,000 Shares of Common Stock

SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR) announced today the pricing of an underwritten public offering of 2,600,000 shares of its common stock at $40.00 per share for gross proceeds of $104 million. The offering is expected to close on or about October 9, 2018, subject to customary closing conditions. The Company has also granted the underwriters a 30-day option to purchase up to an additional 390,000 shares of its common stock to cover overallotments, if any. All of the shares are being sold by the Company.