| Name | Relationship | Address | Signature | Signature date | CIK |
|---|---|---|---|---|---|
| Smithers Paul E. | PRESIDENT, CEO AND DIRECTOR, Director | C/O INNOVATIVE INDUSTRIAL PROPERTIES, 11440 WEST BERNARDO COURT, SUITE 100, SAN DIEGO | /s/ Paul E. Smithers, Attorney-in-Fact | 06 Jan 2026 | 0001689308 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | IIPR | Common Stock | Options Exercise | $0 | +10,653 | +11% | $0.000000 | 108,103 | 02 Jan 2026 | Direct | |
| transaction | IIPR | Common Stock | Tax liability | $255,710 | -5,169 | -4.8% | $49.47 | 102,934 | 02 Jan 2026 | Direct | F1 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | IIPR | Restricted Stock Units 2020 | Options Exercise | $0 | -10,653 | -100% | $0.000000 | 0 | 02 Jan 2026 | Common Stock | 10,653 | Direct | F2, F3 | |
| holding | IIPR | Restricted Stock Units 2021 | 6,654 | 02 Jan 2026 | Common Stock | 6,654 | Direct | F2, F3 |
| Id | Content |
|---|---|
| F1 | Represents payment of tax liability by the withholding of shares of common stock by Innovative Industrial Properties, Inc. incident to the settlement of the reporting person's restricted stock units. |
| 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. |