Form 8-K

8-K — INNOVATIVE INDUSTRIAL PROPERTIES INC

Accession: 0001104659-26-071876

Filed: 2026-06-09

Period: 2026-06-09

CIK: 0001677576

SIC: 6500 (REAL ESTATE)

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Submission of Matters to a Vote of Security Holders

Item: Financial Statements and Exhibits

Documents

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UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to

Section 13 or 15(d)

of the Securities

Exchange Act of 1934

Date of

Report (Date of earliest event reported): June 9, 2026

Innovative Industrial

Properties, Inc.

(Exact name

of registrant as specified in its charter)

Maryland

001-37949

81-2963381

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1389 Center

Drive, Suite 200

Park City, Utah

84098

(Address of

principal executive offices, including zip code)

Registrant’s

telephone number, including area code: (858) 997-3332

Check the appropriate box below if

the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant

to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

IIPR

New York Stock Exchange

Series A Preferred Stock, par value $0.001 per share

IIPR-PA

New York Stock Exchange

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the

registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 5.02 Departure of Directors or Certain Officers; Election

of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As described in Item 5.07 below, Innovative Industrial

Properties, Inc. (the “Company”) held its annual meeting of stockholders (the “Annual Meeting”) on June 9, 2026.

At the Annual Meeting, the stockholders approved the Innovative Industrial Properties, Inc. 2026 Omnibus Incentive Plan (the “2026

Plan”), which replaces the previously existing Innovative Industrial Properties, Inc. 2016 Omnibus Incentive Plan (the “Prior

Plan”). Accordingly, the Prior Plan has been terminated as of June 9, 2026; however, the terms and conditions of the Prior Plan

will continue to govern any outstanding awards granted thereunder. Upon recommendation of the Company’s compensation committee,

the Company’s board of directors approved the 2026 Plan on April 20, 2026, subject to stockholder approval at the Annual Meeting.

Subject to adjustments

for changes in capitalization and the 2026 Plan’s share counting and recycling provisions, as of June 9, 2026, an aggregate of

1,250,000 shares of the Company’s common stock may be issued pursuant to awards granted under the 2026 Plan. Officers,

employees, consultants and advisors of the Company and its affiliates, as well as members of the Company’s board of directors, are

eligible to participate in the 2026 Plan. The 2026 Plan provides for the grant of stock options, stock appreciation rights,

restricted stock, restricted stock units, performance shares, performance units, cash incentive awards, dividend equivalent units,

and other stock-based awards.

A summary of the material terms of the 2026 Plan

is set forth under the caption “Proposal 3: Adoption of the Innovative Industrial Properties, Inc. 2026 Omnibus Incentive Plan”

in the Company’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 22, 2026

(the “2026 Proxy Statement”). That summary and the above description of the 2026 Plan do not purport to be complete and are

qualified in their entirety by reference to the 2026 Plan, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated

by reference in this Item 5.02.

Item 5.07 Submission of Matters to a Vote of Security Holders.

On June 9, 2026, the Company held its Annual Meeting,

at which the stockholders voted on proposals as follows:

Proposal 1: Election of five directors, each to serve until

the 2027 annual meeting of stockholders and until his successor is duly elected and qualified.

Director Nominees

Votes For

Votes Withheld

Broker Non-Votes

Alan Gold

15,158,881

1,718,472

4,992,391

Scott Shoemaker

10,281,923

6,595,430

4,992,391

Paul Smithers

16,624,187

253,166

4,992,391

David Boyle

15,237,646

1,639,707

4,992,391

Bruce Ives

16,550,854

326,499

4,992,391

Proposal 2: Ratification of the appointment of BDO USA, P.C.

as the Company’s independent registered public accounting firm for the year ending December 31, 2026.

Votes For

Votes Against

Abstentions

Broker Non-Votes

21,610,111

179,893

79,740

N/A

Proposal 3: Approval of the adoption of the 2026 Plan.

Votes For

Votes Against

Abstentions

Broker Non-Votes

13,306,826

3,466,132

104,395

4,992,391

Proposal 4: Advisory vote on the compensation of the Company’s

named executive officers.

Votes For

Votes Against

Abstentions

Broker Non-Votes

10,666,254

6,025,986

185,113

4,992,391

Proposal 5: Advisory vote on the frequency of future advisory

votes on the compensation of the Company’s named executive officers.

One Year

Two Years

Three Years

Abstentions

Broker Non-Votes

16,097,437

87,130

504,627

188,159

4,992,391

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The exhibits listed in the Exhibit Index below are being

filed herewith.

Exhibit

Description of Exhibit

10.1

Innovative Industrial Properties, Inc. 2026 Omnibus Incentive Plan (incorporated herein by reference

to Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed on April 22, 2026).

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 9, 2026

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

By:

/s/ David Smith

Name:

David Smith

Title:

Chief Financial Officer and Treasurer

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Entity Incorporation, State or Country Code

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Entity Address, Address Line Two

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Entity Address, City or Town

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Entity Address, State or Province

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City Area Code

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Security Exchange Name

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