David Smith - 20 Nov 2025 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role
CFO AND TREASURER
Signature
/s/ David Smith
Issuer symbol
IIPR
Transactions as of
20 Nov 2025
Transactions value $
$27,540
Form type
4
Filing time
20 Nov 2025, 16:45:34 UTC
Previous filing
25 Feb 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Smith David Jon CFO AND TREASURER C/O INNOVATIVE INDUSTRIAL PROPERTIES, 11440 WEST BERNARDO COURT, SUITE 100, SAN DIEGO /s/ David Smith 20 Nov 2025 0001764631

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction IIPR Common Stock Purchase $27.5K +600 $45.90 600 20 Nov 2025 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
holding IIPR Restricted Stock Units 2023 13.1K 20 Nov 2025 Common Stock 13.1K $0.00 Direct F1, F2
holding IIPR Restricted Stock Units 2024 10.9K 20 Nov 2025 Common Stock 10.9K $0.00 Direct F1, F3
holding IIPR Restricted Stock Units 2025 13.7K 20 Nov 2025 Common Stock 13.7K $0.00 Direct F1, 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 Innovative Industrial Properties, Inc. (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 NQDC Plan.
F3 One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2025, January 1, 2026 and January 1, 2027, 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 NQDC Plan.
F4 One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2026, January 1, 2027 and January 1, 2028, provided that the reporting person continues to be a non-employee director or employee of the Company on such date. The vesting of 9,110 of the RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan (the "NQDC Plan").