X0508 4 2026-01-02 0001677576 INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR 0001689308 Smithers Paul E. C/O INNOVATIVE INDUSTRIAL PROPERTIES 11440 WEST BERNARDO COURT, SUITE 100 SAN DIEGO CA 92127 true true false false PRESIDENT, CEO AND DIRECTOR 0 Common Stock 2026-01-02 4 M 0 10653 0 A 108103 D Common Stock 2026-01-02 4 F 0 5169 49.47 D 102934 D Restricted Stock Units 2020 2026-01-02 4 M 0 10653 0 D Common Stock 10653 0 D Restricted Stock Units 2021 Common Stock 6654 6654 D 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. Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan. /s/ Paul E. Smithers, Attorney-in-Fact 2026-01-06