Innovative Industrial Properties Prices Initial Public Offering

Innovative Industrial Properties, Inc. (the "Company") (NYSE: IIPR) announced today the pricing of its initial public offering of 3,350,000 shares of common stock at a public offering price of $20.00 per share. The Company granted the underwriters of the offering a 30-day option to purchase up to an additional 502,500 shares of the Company's common stock at the initial public offering price to cover over-allotments, if any. The shares are expected to begin trading on December 1, 2016 on the New York Stock Exchange under the symbol "IIPR." The offering is expected to close on December 6, 2016, subject to customary conditions.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS), and Compass Point Research & Trading LLC are acting as joint book-running managers for the offering. Aegis Capital Corp. and National Securities Corporation are acting as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on November 30, 2016. This offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Ladenburg Thalmann & Co. Inc., 570 Lexington Avenue, 11 th Floor, New York, NY 10022, or by email at prospectus@ladenburg.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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 intends to elect to be taxed as a real estate investment trust.

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