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Exhibit 99.1 Innovative Industrial Properties Reports Second Quarter 2021 Results Investments and Portfolio Performance Drive Q2 Y - O - Y Growth of 101 % in Total Revenues , 124 % in Net Income and 104 % in AFFO SAN DIEGO , CA - August 4 , 2021 – Innovative Industrial Properties , Inc. ( IIP ) , the first and only real estate company on the New York Stock Exchange ( NYSE : IIPR ) focused on the regulated U.S. cannabis industry , announced today results for the quarter ended June 30 , 2021 . Second Quarter 2021 and Subsequent Events Highlights Financial Results and Financing Activity • • • . Generated total revenues of approximately $ 48.9 million in the quarter , representing a 101 % increase from the prior year's second quarter . Recorded net income attributable to common stockholders of approximately $ 29.0 million for the quarter , or $ 1.17 per diluted share , and adjusted funds from operations ( AFFO ) of approximately $ 43.0 million , or $ 1.64 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 ( the Exchangeable Senior Notes ) for shares of common stock ) . Paid a quarterly dividend of $ 1.40 per share on July 15 , 2021 to common stockholders of record as of June 30 , 2021 , representing an approximately 32 % increase over the second quarter 2020's dividend . Obtained an investment grade rating from a national rating agency and closed on a $ 300.0 million private placement of 5.50 % unsecured senior notes due May 2026 ( the Unsecured Senior Notes ) . Investment Activity • • From April 1 , 2021 through today , made five acquisitions for properties located in Illinois , Massachusetts , Michigan and Pennsylvania ; and executed three lease amendments to provide additional tenant improvements at properties located in Florida and Pennsylvania . In these transactions , established new tenant relationships with Sozo Companies , Inc. and Temescal Wellness of Massachusetts , LLC , while expanding existing relationships with 4Front Ventures Corp. , Green Peak Industries LLC ( Skymint ) , Harvest Health & Recreation Inc. , Jushi Holdings Inc. and Parallel . Balance Sheet Highlights ( at June 30 , 2021 ) • • Approximately $ 156.3 million in cash and cash equivalents and approximately $ 649.4 million in short - term investments , totaling approximately $ 805.7 million . 21 % debt to total gross assets , with approximately $ 2.1 billion in total gross assets and no secured debt . 1