Paul E. Smithers - Jan 1, 2023 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role: PRESIDENT, CEO AND DIRECTOR, Director
Signature: /s/ Brian J. Wolfe, Attorney-in-Fact
Stock symbol: IIPR
Transactions as of: Jan 1, 2023
Transactions value $: -$144,728
Form type: 4
Date filed: 1/3/2023, 07:51 PM
Previous filing: Jan 12, 2022
Next filing: Jan 20, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IIPR	Common Stock	Tax liability	-$145K	-1.43K	-3.76%	$101.35	36.6K	Jan 1, 2023	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	Restricted Stock Units 2021						6.65K	Jan 1, 2023	Common Stock	6.65K	$0.00	Direct	F2, F3
holding	IIPR	Performance Share Units 2021						21.2K	Jan 1, 2023	Common Stock	21.2K	$0.00	Direct	F4
holding	IIPR	Restricted Stock Units 2020						10.7K	Jan 1, 2023	Common Stock	10.7K	$0.00	Direct	F2, F5
holding	IIPR	Performance Share Units 2022						30.8K	Jan 1, 2023	Common Stock	30.8K	$0.00	Direct	F6

* 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 Innovative Industrial Properties, Inc. (the "Company") incident to the vesting of the reporting person's restricted stock.
F2	Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.
F3	One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2022, January 1, 2023 and January 1, 2024, provided that the reporting person continues to be a non-employee director or employee of the Company on such date. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan (the "NQDC Plan").
F4	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 the performance period beginning January 11, 2021 and ending on December 31, 2023, and certification of such performance by the Compensation Committee of the Board of Directors of the Company following the conclusion of the performance period.
F5	The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan.
F6	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 the performance period beginning January 11, 2022 and ending on December 31, 2024, and certification of such performance by the Compensation Committee of the Board of Directors of the Company following the conclusion of the performance period.