On June 7, 2017, the Board of Directors of Innovative Industrial Properties, Inc. promoted Catherine Hastings to Chief Financial Officer (principal financial officer). Ms. Hastings will continue to serve as the company's Chief Accounting Officer and Treasurer, a position she has held since joining the Company in January 2017. Prior to joining the company, Ms. Hastings, age 46, served as vice president, internal audit until December 2016 of BioMed Realty Trust, Inc. On June 2, 2017, it was determined that Robert Sistek would step down from his position as Chief Financial Officer and Executive Vice President, Investments of the company, effective June 7, 2017.

The Company expects Mr. Sistek's responsibilities as Executive Vice President, Investments to be assumed by other current employees of the company, and the company does not currently expect to replace Mr. Sistek. It is expected that Mr. Sistek will remain an employee of IIP Operating Partnership, LP, the operating partnership subsidiary of the Company, until June 30, 2017 to ensure an orderly transition.