Form 8-K Filing Regarding Equity Distribution Agreements

Innovative Industrial Properties, Inc. (the "Company") reported on August 31, 2026, the termination of an equity distribution agreement with Jefferies LLC. Concurrently, the Company entered into a new equity distribution agreement with Huntington Securities, Inc. These agreements, along with existing ones, allow the Company to offer and sell shares of its common stock and Series A Cumulative Redeemable Preferred Stock, with an aggregate offering price of up to $500,000,000. The offerings are made under the Company's effective shelf registration statement on Form S-3. This report details the amendments and new agreements related to the distribution of the Company's stock and preferred stock, which are qualified by reference to the filed exhibits.