Market Overview

Innovative Industrial Properties Declares Third Quarter 2018 Dividends

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Innovative Industrial Properties, Inc. (the "Company") (NYSE:IIPR), the
leading provider of creative real estate capital solutions to the
medical-use cannabis industry, announced today that its board of
directors has declared a third quarter 2018 dividend of $0.35 per share
of common stock, representing a 40% increase over the Company's second
quarter 2018 dividend of $0.25 per share of common stock. The dividend
is equivalent to an annualized dividend of $1.40 per common share, and
is the sixth consecutive quarterly dividend payable to common
stockholders declared since the Company completed its initial public
offering in December 2016.

Additionally, the Company announced today that its board of directors
has declared a regular quarterly dividend of $0.5625 per share of the
Company's 9.00% Series A Cumulative Redeemable Preferred Stock.

The dividends are payable on October 15, 2018 to stockholders of record
at the close of business on September 28, 2018.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland
corporation focused on the acquisition, ownership and management of
specialized industrial properties leased to experienced, state-licensed
operators for their regulated medical-use cannabis facilities.
Innovative Industrial Properties, Inc. intends to elect to be taxed as a
real estate investment trust. Additional information is available at www.innovativeindustrialproperties.com.

This press release contains statements that the Company believes to
be "forward-looking statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All
statements other than historical facts are forward-looking statements.
When used in this press release, words such as we "expect," "intend,"
"plan," "estimate," "anticipate," "believe" or "should" or the negative
thereof or similar terminology are generally intended to identify
forward-looking statements. Such forward-looking statements are subject
to risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements.
Investors
should not place undue reliance upon forward-looking statements. The
Company disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

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