Innovative Industrial Properties insider forfeits 1,204 shares

Innovative Industrial Properties reported an insider equity transaction by its VP and Chief Accounting Officer.

Rhea-AI Filing Summary

Innovative Industrial Properties reported an insider equity transaction by its VP and Chief Accounting Officer. On 01/01/2026, the officer forfeited 1,204 shares of common stock at $47.36 per share, coded as an F transaction, which indicates shares withheld to cover tax obligations upon vesting of restricted stock. Following this tax-related forfeiture, the officer beneficially owns 9,664 shares of common stock directly.

Insider Trade Summary

Exercise Price or Tax Liability: 1,204 shares

Exercise Price or Tax Liability 1 txn

Insider Bui Andy

Role VP, CHIEF ACCOUNTING OFFICER

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	1,204	$47.36	$57K

Holdings After Transaction: Common Stock — 9,664 shares (Direct)

Footnotes (1)

1. F1. Represents payment of tax liability by the forfeiture of shares of common stock to the company incident to the vesting of the reporting person's restricted stock.

FAQ

What insider transaction did Innovative Industrial Properties (IIPR) disclose?

The company disclosed that its VP and Chief Accounting Officer had 1,204 shares of common stock forfeited on 01/01/2026 in a tax-related transaction.

What does the 1,204-share transaction in IIPR stock represent?

The 1,204 shares represent payment of the insider's tax liability by forfeiting shares to the company when restricted stock vested.

At what price were the forfeited IIPR shares valued?

The forfeited shares were valued at $47.36 per share in the reported transaction.

How many Innovative Industrial Properties shares does the insider own after this transaction?

After the tax-related forfeiture, the reporting officer beneficially owns 9,664 shares of IIPR common stock directly.

What is the role of the reporting person at Innovative Industrial Properties (IIPR)?

The reporting person is an officer of the company, serving as VP, Chief Accounting Officer.

What was the transaction code used for this IIPR insider filing?

The transaction used code F, which in this context reflects shares withheld or forfeited to cover tax obligations upon vesting of restricted stock.

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Accepted by SEC EDGAR 01/05/2026 - 07:22 PM Learn about SEC filing dates

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^*

Bui Andy

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, CHIEF ACCOUNTING OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
01/01/2026

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	01/01/2026		F(1)		1,204	D	$47.36	9,664	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

Explanation of Responses:

1. Represents payment of tax liability by the forfeiture of shares of common stock to the company incident to the vesting of the reporting person's restricted stock.

	/s/ Andy Bui	01/05/2026
	** 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.