Innovative Industrial Properties Prices Public Offering of 2,967,799 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 2,967,799 shares of its common stock at $73.25 per share for gross proceeds of approximately $217.4 million. The offering is expected to close on or about January 28, 2020, subject to customary closing conditions. The Company has also granted the underwriters a 30-day option to purchase up to an additional 445,170 shares of its common stock. All of the shares are being sold by the Company.