Innovative Industrial Properties, Inc. Loss Submission Form

(1) Innovative Industrial Properties’ focus is to be a cannabis company lender rather than a REIT; (2) that the true values of the Company’s properties are significantly lower than Innovative Industrial Properties represents; (3) there are existential issues in its top customers; (4) as a result, its top customers may not be able to continue making payments to Innovative Industrial Properties and the Company would face significant issues replacing these customers; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.