Innovative Industrial Properties, Inc. (the “Company”) appointed Mary Allis Curran to the Board, increasing the size of the Board to six members.

Ms. Curran, age 63, spent 25 years at MUFG Union Bank, N.A., during which time she held several executive level positions, including Executive Vice President, Corporate Banking Chief Risk Officer from 2011 to 2014, and Executive Vice President, Head of The Private Bank at Union Bank from 2006 to 2011. Prior to 2006, she spent 17 years in leadership roles in commercial banking.

Ms. Curran currently serves on the Board of Directors, Audit Committee and Enterprise Risk Committee of Banc of California, Inc. (NYSE: BANC), a financial institution. She also serves on the Board of Directors, Nominating/Governance Committee and Compensation Committee for Hunter Industries, a privately held global irrigation, landscape lighting and custom manufacturing company. In addition, Ms. Curran recently served as Chair of San Diego State University’s Campanile Foundation Board and Executive Committee, and currently chairs the university’s Nominating and Governance Committee and serves on the university’s Athletics Committee. Previous board service includes: Chair of the California Bankers Association where she remains involved on the Banker Benefits Board, and Chair of the San Diego Sports Commission. Ms. Curran is a current member of the Corporate Directors Forum, San Diego, The Corporate Director’s Roundtable of Orange County, Women Corporate Directors and the National Association of Corporate Directors (NACD). Ms. Curran is a NACD Governance Fellow, and holds a Bachelor of Science degree in Journalism from the University of Colorado, Boulder and a Master’s degree in Business from San Diego State University.

Ms. Curran will participate in the Company's standard outside director compensation program. In connection with Ms. Curran’s appointment to the Board, she was granted 1,055 shares of restricted common stock under the Company’s 2016 Omnibus Incentive Plan, which vest one year from the date of grant. The restricted stock was granted pursuant to the Form of Restricted Stock Award Agreement which is filed as Exhibit 10.1 hereto and incorporated herein by reference.