[Form 4] INNOVATIVE INDUSTRIAL PROPERTIES INC Insider Trading Activity

Rhea-AI Filing Summary

Innovative Industrial Properties, Inc. (IIPR)11/19/2025, a Spousal Lifetime Access Trust (SLAT) for his family bought 1,000 shares of common stock at $46.26, and on 11/20/2025 the SLAT bought another 1,000 shares at $45.695. After these trades, the SLAT held 58,500 shares indirectly for the insider, while he also held 213,308 shares directly.

The insider also reported multiple restricted stock unit (RSU) awards with a conversion price of $0, covering 16,218 (2022 grant), 31,566 (2023), 38,124 (2024), 45,438 (2025), 12,612 (2021), and 15,978 (2020) underlying shares of common stock. These RSUs vest in one‑third annual installments on January 1 of specified years, as long as the insider remains a director or employee and satisfies the conditions of the company’s Nonqualified Deferred Compensation Plan.

11/20/2025 - 04:48 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gold Alan D

(Last) (First) (Middle)

C/O INNOVATIVE INDUSTRIAL PROPERTIES

11440 WEST BERNARDO COURT, SUITE 100

(Street)

SAN DIEGO CA 92127

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INNOVATIVE INDUSTRIAL PROPERTIES INC [ IIPR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EXECUTIVE CHAIRMAN

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/19/2025		P		1,000	A	$46.26	57,500	I	By SLAT(1)
Common Stock	11/20/2025		P		1,000	A	$45.695	58,500	I	By SLAT(1)
Common Stock								213,308	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units 2022	$0(2)							(3)	(3)	Common Stock	16,218		16,218	D
Restricted Stock Units 2023	$0(2)							(4)	(4)	Common Stock	31,566		31,566	D
Restricted Stock Units 2024	$0(2)							(5)	(5)	Common Stock	38,124		38,124	D
Restricted Stock Units 2025	$0(2)							(6)	(6)	Common Stock	45,438		45,438	D
Restricted Stock Units 2021	$0(2)							(7)	(7)	Common Stock	12,612		12,612	D
Restricted Stock Units 2020	$0(2)							(7)	(7)	Common Stock	15,978		15,978	D

Explanation of Responses:

1. 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.

2. 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.

3. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2023, January 1, 2024 and January 1, 2025, 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.

4. 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.

5. 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.

6. 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 (the "NQDC Plan").

7. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan.

	/s/ Alan D. Gold	11/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions were reported in the latest IIPR Form 4?

The executive chairman and director of Innovative Industrial Properties, Inc. (IIPR) reported two open‑market purchases through a Spousal Lifetime Access Trust. The SLAT bought 1,000 shares of common stock on 11/19/2025 at $46.26 and another 1,000 shares on 11/20/2025 at $45.695.

How many IIPR shares does the reporting person beneficially own after these trades?

Following the reported transactions, the Spousal Lifetime Access Trust held 58,500 shares of IIPR common stock indirectly for the insider. In addition, the reporting person held 213,308 shares directly in his own name.

What is the relationship of the reporting person to Innovative Industrial Properties (IIPR)?

The reporting person is both a director and an officer of Innovative Industrial Properties, Inc., serving as the company’s Executive Chairman.

What is the SLAT mentioned in the IIPR Form 4 filing?

The SLAT is a Spousal Lifetime Access Trust established for the benefit of the reporting person’s spouse and adult child. The reporting person and spouse control the entity that acts as trustee of the SLAT, which holds 58,500 shares of IIPR common stock for their benefit.

What restricted stock units (RSUs) does the IIPR insider hold?

The insider reported several RSU awards, each representing a contingent right to one share of IIPR common stock upon vesting. These include 16,218 RSUs from 2022, 31,566 from 2023, 38,124 from 2024, 45,438 from 2025, 12,612 from 2021, and 15,978 from 2020, all with a conversion price of $0.

How do the IIPR RSUs reported in the Form 4 vest?

For each RSU grant, one‑third of the units are released from forfeiture on specified January 1 dates over three years, provided the reporting person continues as a non‑employee director or employee and meets the vesting conditions under the company’s Nonqualified Deferred Compensation Plan.