Form 8-K

8-K — INNOVATIVE INDUSTRIAL PROPERTIES INC

Accession: 0001104659-26-085238

Filed: 2026-07-21

Period: 2026-07-20

CIK: 0001677576

SIC: 6500 (REAL ESTATE)

Item: Other Events

Item: Financial Statements and Exhibits

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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): July 20, 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 No.)

(I.R.S. Employer

Identification No.)

1389 Center

Drive, Suite 200

Park City, UT

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 (see General Instruction A.2. below):

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))

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. ¨

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

Item 8.01

Other Events.

Innovative

Industrial Properties, Inc. (the “Company”), through indirect, wholly owned subsidiaries serving as landlords, previously

entered into leases (collectively, the “Leases”) with certain affiliates of SH Parent, Inc., as the respective tenants, and

SH Parent, Inc., as guarantor (collectively, “Parallel”) for two properties in Florida that the Company owns, which represented

approximately 5.2% of the Company’s annualized contractual rent and income from loans and securities and 5.7% of the Company’s

annualized contractual rent for the three months ended March 31, 2026.

July 20, 2026, Parallel defaulted (beyond the applicable cure periods) on its obligations to pay rent for the month of July under its

two Leases with the Company, including base rent, reimbursements for estimated tax and insurance payments, default interest and late charges

totaling approximately $1.6 million for these two properties. The Company is holding security deposits pursuant to these Leases which

may be applied to cover the payment in full of the defaulted rent and estimated tax and insurance payments, in addition to late charges

and interest.

July 20, 2026, counsel for Parallel notified the Company that Parallel had ceased its cannabis operations at both properties and intends

to vacate the properties and surrender possession thereof to the Company. The Company intends to coordinate with Parallel regarding an

orderly transition of possession of the properties, while continuing to reserve all rights and remedies available to the Company under

the Leases.

Cautionary

Statement Regarding Forward-Looking Statements

This

Current Report contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the

Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company’s expectations concerning

enforcement of its rights under the Leases, future rent collection and occupancy. All statements other than statements of historical fact

are “forward-looking statements” for purposes of federal and state securities laws. Words such as “project,” “expect,”

“may” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking

statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report.

The Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information,

future events or otherwise.

Although

the Company believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results may differ

from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking

statement include, but are not limited to those factors found in the Company’s filings with the U.S. Securities and Exchange Commission,

including those set forth under the headings “Business,” “Risk Factors,” and “Management’s Discussion

and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended

December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Item 9.01 Financial Statements and

Exhibits.

(d)

Exhibits

Exhibit

Number

Description of Exhibit

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:

July 21, 2026

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

By:

/s/ David Smith

Name:

David Smith

Title:

Chief

Financial Officer

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Entity Incorporation, State or Country Code

Entity Address, Address Line One

1389 Center

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Entity Address, Address Line Two

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Entity Address, City or Town

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