X0609 4 2026-06-19 0001677576 INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR 0001298786 Gold Alan D false C/O INNOVATIVE INDUSTRIAL PROPERTIES 11440 WEST BERNARDO COURT, SUITE 100 SAN DIEGO CA 92127 true true false false EXECUTIVE CHAIRMAN 0 Common Stock 213308 D Common Stock 58500 I By SLAT Common Stock 2600 I By Trust Restricted Stock Units 2026 2026-06-19 4 A 0 33960 0 A Common Stock 33960 33960 D Restricted Stock Units 2020 Common Stock 15978 15978 D Restricted Stock Units 2021 Common Stock 12612 12612 D Restricted Stock Units 2022 Common Stock 16218 16218 D Restricted Stock Units 2023 Common Stock 31566 31566 D Restricted Stock Units 2024 Common Stock 38124 38124 D Restricted Stock Units 2025 Common Stock 45438 45438 D Restricted Stock Units 2026 Common Stock 66702 66702 D A Spousal Lifetime Access Trust ("SLAT") for the benefit of the reporting person's spouse and adult child. The reporting person and the reporting person's spouse control the entity that serves as trustee of the SLAT. SMG Irrevocable Trust for the benefit of the reporting person's adult child. The reporting person and the reporting person's spouse control the entity that serves as trustee of SMG Irrevocable Trust. 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. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2027, January 1, 2028, and January 1, 2029, 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. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan. 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. 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 RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan. /s/ Alan D. Gold 2026-06-23