X0508 4 2026-01-20 0001677576 INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR 0001836866 Bui Andy C/O INNOVATIVE INDUSTRIAL PROPERTIES 11440 WEST BERNARDO COURT, SUITE 100 SAN DIEGO CA 92127 false true false false VP, CHIEF ACCOUNTING OFFICER 0 Common Stock 2026-01-20 4 A 0 6522 A 16186 D Represents grant of restricted stock. One-third of the shares 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 Innovative Industrial Properties, Inc. on such date. /s/ Andy Bui 2026-01-21