David Stecher - Jun 4, 2021 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role: Director
Signature: /s/ Brian J. Wolfe, Attorney-in-Fact
Stock symbol: IIPR
Transactions as of: Jun 4, 2021
Transactions value $: $0
Form type: 4
Date filed: 6/4/2021, 06:30 PM
Next filing: May 23, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IIPR	Common Stock	Award		+883	+15.63%		6.53K	Jun 4, 2021	Direct	F1
holding	IIPR	Common Stock						70	Jun 4, 2021	By Spouse

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 2020						911	Jun 4, 2021	Common Stock	911	$0.00	Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Represents grant of restricted stock. All of the shares shall be released from the forfeiture restriction on June 4, 2022, provided that the reporting person continues to be a non-employee director or employee of Innovative Industrial Properties, Inc. (the "Company") on such date.
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	The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan.