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Innovative Industrial Properties 9.00% Series A Cumulative Redeemable Preferred Stock

Ticker: IIPR-A

Parent Ticker: IIPR

OTC Grey Market Temporary Ticker: NA

Issuance Date: 10/17/2017

1st Call Date: 10/19/2022

Maturity Date: None

Shares Issued: 600,000

Overallotment Shares: 90,000

Coupon: 9.00%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.5625

Ex-Dividend Months:

Approx. Ex-Dividend Day: Last Day

Payment Months: JAN, APR, JUL, OCT

Payment Day: 15

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: NR

Fitch Rating: NR

Egan-Jones Rating: NR