X0508 4 2026-01-01 0001677576 INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR 0001764631 Smith David Jon C/O INNOVATIVE INDUSTRIAL PROPERTIES 11440 WEST BERNARDO COURT, SUITE 100 SAN DIEGO CA 92127 false true false false CFO AND TREASURER 0 Common Stock 2026-01-01 4 M 0 4555 0 A 5155 D Common Stock 2026-01-01 4 F 0 1634 47.36 D 3521 D Restricted Stock Units 2025 2026-01-01 4 M 0 4555 0 D Common Stock 4555 9110 D Restricted Stock Units 2023 Common Stock 13080 13080 D Restricted Stock Units 2024 Common Stock 10893 10893 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 Innovative Industrial Properties, Inc. (the "Company") common stock. 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"). 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. 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. /s/ David Smith 2026-01-05