Innovative Industrial chairman buys 40,000 preferred shares

Gold’s purchase was made at the offering price in Innovative Industrial Properties’ public offering of Series B preferred stock.

Rhea-AI Filing Summary

Innovative Industrial Properties (IIPR) Executive Chairman Alan D. Gold purchased 40,000 shares of its 9.25% Series B Cumulative Redeemable Preferred Stock on October 8, 2026, at $25 per share. The purchase was made in connection with the company’s public offering at the offering price pursuant to a Form S-3 registration statement. Gold directly held 40,000 shares following the purchase; no Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Buyer: 40,000 shares

Net Buy 1 txn

Insider Gold Alan D

Role EXECUTIVE CHAIRMAN

Bought 40,000 shs ($1.00M)

Type	Security	Shares	Price	Value
Purchase	9.25% Series B Cumulative Redeemable Preferred Stock F1	40,000	$25.00	$1.00M

Holdings After Transaction: 9.25% Series B Cumulative Redeemable Preferred Stock — 40,000 shares (Direct)

Footnotes (1)

1. F1. Represents shares purchased by the reporting person in connection with Innovative Industrial Properties, Inc.'s public offering of Series B Preferred Stock at the offering price pursuant to a registration statement on Form S-3 under the Securities Act of 1933, as amended.

Key Figures

Preferred shares purchased: 40,000 shares Purchase price: $25 per share Direct shares held after purchase: 40,000 shares +1 more

4 metrics

Preferred shares purchased 40,000 shares Purchased on October 8, 2026

Purchase price $25 per share Purchase on October 8, 2026

Direct shares held after purchase 40,000 shares Following the October 8, 2026 purchase

Preferred-stock stated rate 9.25% Rate in the name of the Series B preferred stock

Key Terms

Cumulative Redeemable Preferred Stock, public offering, registration statement on Form S-3

3 terms

Cumulative Redeemable Preferred Stock financial

"9.25% Series B Cumulative Redeemable Preferred Stock"

Cumulative redeemable preferred stock is a type of investment that gives shareholders priority over common stockholders to receive dividends and get their money back if the company is sold or closes. If the company misses dividend payments, it must pay them later before any dividends can go to other shareholders. This makes it a more secure and flexible option for investors seeking steady income with some ability to redeem their shares in the future.

public offering financial

"in connection with ... public offering"

A public offering is when a company sells shares to the general public through the stock market, either by issuing new shares to raise cash or by letting existing owners sell their stakes. Think of it like a business opening its doors to many new owners at once: it can bring in money for growth but also increases the number of shares available, which can change the stock price and dilute existing ownership — key factors investors watch closely.

registration statement on Form S-3 regulatory

"pursuant to a registration statement on Form S-3"

A registration statement on Form S‑3 is a short, standardized filing a qualified public company uses to register new securities with regulators so they can be sold to investors; think of it as a pre-approved, reusable permission slip that speeds up future offerings. It matters to investors because it lets the company raise money more quickly and cheaply — which can fund growth or pay debt — but may also lead to share dilution or change in ownership, so it affects value and liquidity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many IIPR preferred shares did Alan D. Gold buy?

Alan D. Gold purchased 40,000 shares of IIPR’s 9.25% Series B Cumulative Redeemable Preferred Stock on October 8, 2026, at $25 per share. The purchase was made in connection with IIPR’s public offering, and he directly held 40,000 shares following the purchase.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/13/2026 - 10:31 AM EDT Accepted by SEC EDGAR 10/13/2026 - 10:30 AM EDT 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^*

Gold Alan D

(Last) (First) (Middle)

C/O INNOVATIVE INDUSTRIAL PROPERTIES

11440 WEST BERNARDO COURT, SUITE 100

(Street)

SAN DIEGO CALIFORNIA 92127

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2026

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

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

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

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
9.25% Series B Cumulative Redeemable Preferred Stock	10/08/2026		P		40,000	A	$25(1)	40,000	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 shares purchased by the reporting person in connection with Innovative Industrial Properties, Inc.'s public offering of Series B Preferred Stock at the offering price pursuant to a registration statement on Form S-3 under the Securities Act of 1933, as amended.

	/s/ Alan D. Gold	10/13/2026
	** 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.
* Form 4: SEC 1474 (03-26)