Brian J. Wolfe - 18 Jan 2023 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role: VP, GEN. COUNSEL AND SECRETARY
Signature: /s/ Brian J. Wolfe
Issuer symbol: IIPR
Transactions as of: 18 Jan 2023
Net transactions value: $0
Form type: 4
Filing time: 20 Jan 2023, 15:05:10 UTC
Previous filing: 03 Jan 2023
Next filing: 03 Jan 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	IIPR	Common Stock						9,813	18 Jan 2023	Direct

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
transaction	IIPR	Restricted Stock Units 2023	Award	$0	+8,118		$0.000000	8,118	18 Jan 2023	Common Stock	8,118	$0.000000	Direct	F1, F2
holding	IIPR	Performance Share Units 2021						7,080	18 Jan 2023	Common Stock	7,080	$0.000000	Direct	F3
holding	IIPR	Performance Share Units 2022						10,264	18 Jan 2023	Common Stock	10,264	$0.000000	Direct	F4

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Innovative Industrial Properties, Inc.'s (the "Company") common stock.
F2	One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2024, January 1, 2025 and January 1, 2026, 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.
F3	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.
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, 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.