Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
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Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
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TABLE OF CONTENTS UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Pursuant to § 240.14a-12 INNOVATIVE INDUSTRIAL PROPERTIES, INC. (Name of Registrant as Specified In Its Charter) Not Applicable (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): ☒ No fee required. ☐ Fee paid previously with preliminary materials. ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. TABLE OF CONTENTS Innovative Industrial Properties, Inc. 11440 West Bernardo Court, Suite 100
San Diego, CA 92127 April 29, 2025 Dear Fellow Stockholder: You are cordially invited to attend our 2025 Annual Meeting of Stockholders (the “Annual Meeting”) to be held at 8:00 a.m., Pacific Time on June 11, 2025 at our San Diego offices located at 11440 West Bernardo Court, Suite 100, San Diego, California 92127. The business that will be conducted at the Annual Meeting is described in the Notice of the 2025 Annual Meeting of Stockholders and Proxy Statement. We would like to take this opportunity to highlight notable achievements during this past year, which was in the context of what we saw as a very challenging environment for the cannabis industry. We generated over $308 million in revenue and $256 million of adjusted funds from operations and returned over $211 million to stockholders through dividends, continuing our track record of increasing our annual dividends each year since our inception in 2016. Note: Dollars in thousands. (1) “CAGR” represents compound annualized growth rate for the relevant metric. (2) Adjusted funds from operations (“AFFO”) is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare