David Smith - 01 Jan 2026 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role: CFO AND TREASURER
Signature: /s/ David Smith
Issuer symbol: IIPR
Transactions as of: 01 Jan 2026
Net transactions value: -$77,386
Form type: 4
Filing time: 05 Jan 2026, 19:20:28 UTC
Previous filing: 20 Nov 2025
Next filing: 21 Jan 2026
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	05 Jan 2026	0001764631

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IIPR	Common Stock	Options Exercise	$0	+4,555	+759%	$0.000000	5,155	01 Jan 2026	Direct
transaction	IIPR	Common Stock	Tax liability	$77,386	-1,634	-32%	$47.36	3,521	01 Jan 2026	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
transaction	IIPR	Restricted Stock Units 2025	Options Exercise	$0	-4,555	-33%	$0.000000	9,110	01 Jan 2026	Common Stock	4,555		Direct	F2, F3
holding	IIPR	Restricted Stock Units 2023						13,080	01 Jan 2026	Common Stock	13,080		Direct	F2, F4
holding	IIPR	Restricted Stock Units 2024						10,893	01 Jan 2026	Common Stock	10,893		Direct	F2, F5

* 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 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 Innovative Industrial Properties, Inc. (the "Company") common stock.
F3	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").
F4	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.
F5	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.