Material Event (Form 8-K)

Item 8.01 Other Events.

On March 3, 2026, the Board of Directors of Innovative Industrial Properties, Inc. (the "Company") approved a new share repurchase program authorizing the repurchase of up to $100 million of the Company's common stock (the "Share Repurchase Program"). The Share Repurchase Program replaces the Company's existing share repurchase program, which is scheduled to expire on March 17, 2026.

Repurchases will be made through open market purchases, block trades and/or privately negotiated transactions in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, and other relevant factors. The Company may also adopt a Rule 10b5-1 share repurchase plan, which would allow the Company to repurchase shares through pre-determined criteria at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The timing, volume and nature of the repurchases will be at the discretion of management based on its evaluation of the capital needs of the Company, market conditions, applicable legal requirements and other factors. There is no guarantee as to the number of shares that will be repurchased, if any. The Share Repurchase Program expires on March 4, 2027, and may be extended, suspended, modified or discontinued at any time at the Company's discretion.