Page 1

Exhibit 99.1 Innovative Industrial Properties Reports First Quarter 2021 Results Acquisitions and Portfolio Performance Drive Q1 Y - 0 - Y Growth of 103 % in Total Revenues , 122 % in Net Income and 116 % in AFFO SAN DIEGO , CA - May 5 , 2021 - Innovative Industrial Properties , Inc. ( IIP ) , the first and only real estate company on the New York Stock Exchange ( NYSE : IIPR ) focused on the medical - use U.S. cannabis industry , announced today results for the first quarter ended March 31 , 2021 . First Quarter 2021 and Year - to - Date Highlights Financial Results • • • Generated total revenues of approximately $ 42.9 million in the quarter , representing a 103 % increase from the prior year's first quarter . Recorded net income attributable to common stockholders of approximately $ 25.6 million for the quarter , or $ 1.05 per diluted share , and adjusted funds from operations ( " AFFO " ) of approximately $ 38.4 million , or $ 1.47 per diluted share ( Note : AFFO per diluted share for the period includes the dilutive impact of the assumed full exchange of IIP's $ 143.75 million of exchangeable senior notes for shares of common stock ) . Paid a quarterly dividend of $ 1.32 per share on April 15 , 2021 to common stockholders of record as of March 31 , 2021 , representing a 32 % increase over the first quarter 2020's dividend and an approximately 6 % increase over the fourth quarter 2020 dividend . Investment and Leasing Activity • • From January 1 , 2021 through today , made four acquisitions ( including three new properties and additional land expansion at an existing property ) for properties located in California , Florida , Michigan and Texas ; and executed three lease amendments to provide additional tenant improvements at properties located in Michigan , New York and Pennsylvania . In January 2021 , executed a new long - term lease with Holistic Industries Inc. ( Holistic ) for IIP's Los Angeles , California property , bringing IIP's property portfolio to 100 % leased . In these transactions , established a new tenant relationship with Harvest Health & Recreation Inc. , while expanding existing relationships with Green Peak Industries , LLC ( Skymint ) , Holistic , Jushi Holdings Inc. , Kings Garden Inc. , LivWell Holdings , Inc. , Parallel and PharmaCann Inc. Balance Sheet Highlights ( at March 31 , 2021 ) • • • Approximately $ 122.1 million in cash and cash equivalents and approximately $ 539.3 million in short - term investments , totaling approximately $ 661.4 million . No debt , other than approximately $ 143.75 million of 3.75 % exchangeable senior notes maturing in 2024 ( the Exchangeable Senior Notes ) , representing a fixed cash interest obligation of approximately $ 5.4 million annually , or approximately $ 1.3 million quarterly . 7.8 % debt to total gross assets , with over $ 1.8 billion in total gross assets . Portfolio Update and Acquisition Activity Portfolio Update IIP acquired the following properties and made the following additional funds available to tenants for improvements at IIP's properties during the period from January 1 , 2021 through May 5 , 2021 ( dollars in thousands ) : 1