Brian J. Wolfe - Jan 1, 2022 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role: VP, GEN. COUNSEL AND SECRETARY
Signature: /s/ Brian J. Wolfe
Stock symbol: IIPR
Transactions as of: Jan 1, 2022
Transactions value $: -$587,867
Form type: 4
Date filed: 1/4/2022, 10:52 AM
Next filing: Jan 12, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IIPR	Common Stock	Tax liability	-$588K	-2.24K	-23.5%	$262.91	7.28K	Jan 1, 2022	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	IIPR	Performance Share Units 2021						7.08K	Jan 1, 2022	Common Stock	7.08K	$0.00	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents payment of tax liability by the forfeiture of shares of common stock to the company incident to the vesting of the reporting person's restricted stock.
F2	Each performance share unit represents the right to receive, following vesting, between 0% and 150% of one share of common stock based upon the achievement of pre-established performance metrics related to relative total stockholder return over performance period beginning January 11, 2021 and ending on December 31, 2023, and certification of such performance by the Compensation Committee following the conclusion of the performance period.

Content

Represents payment of tax liability by the forfeiture of shares of common stock to the company incident to the vesting of the reporting person's restricted stock.

Each performance share unit represents the right to receive, following vesting, between 0% and 150% of one share of common stock based upon the achievement of pre-established performance metrics related to relative total stockholder return over performance period beginning January 11, 2021 and ending on December 31, 2023, and certification of such performance by the Compensation Committee following the conclusion of the performance period.