Item 2.02 Results of Operations and Financial Condition.

On November 6, 2024, Innovative Industrial Properties, Inc. (the “Company”) issued a press release regarding its financial results for the third quarter ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On November 6, 2024, the Company posted on its website, www.innovativeindustrialproperties.com, certain supplemental financial information for the third quarter ended September 30, 2024, which is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

The information contained in this Current Report, including Exhibits 99.1 and 99.2 referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.