Innovative Industrial (NYSE: IIPR) grants 6,522 restricted shares

Rhea-AI Filing Summary

Innovative Industrial Properties, Inc. reported that its VP and Chief Accounting Officer, Andy Bui, received a grant of 6,522 shares of common stock on January 20, 2026. The filing shows this as an acquisition at a price of $0.00 per share, reflecting a restricted stock award rather than an open-market purchase.

According to the terms, one-third of the restricted shares will be released from forfeiture on each of January 1, 2027, January 1, 2028 and January 1, 2029, if Bui remains a non-employee director or employee on those dates. After this grant, he beneficially owns 16,186 common shares, held directly.

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

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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)
01/20/2026

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	01/20/2026		A		6,522	A	(1)	16,186	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 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	01/21/2026
	** 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.

FAQ

What did Innovative Industrial Properties (IIPR) disclose about Andy Bui in this Form 4?

The company disclosed that VP and Chief Accounting Officer Andy Bui received a grant of 6,522 shares of common stock as restricted stock on January 20, 2026.

How many IIPR shares does Andy Bui own after this restricted stock grant?

After the reported transaction, Andy Bui beneficially owns 16,186 shares of Innovative Industrial Properties common stock, held directly.

What are the vesting terms of Andy Bui’s 6,522 restricted IIPR shares?

The filing states that one-third of the 6,522 restricted shares will be released from forfeiture on each of January 1, 2027, January 1, 2028 and January 1, 2029, if Bui continues as a non-employee director or employee.

Did Andy Bui pay anything for the IIPR shares reported in this Form 4?

No. The Form 4 shows an acquisition of 6,522 common shares at a price of $0.00 per share, indicating a restricted stock award rather than a purchase.

Is Andy Bui a director, officer, or major shareholder of Innovative Industrial Properties (IIPR)?

Andy Bui is reported as an officer of Innovative Industrial Properties, serving as VP, Chief Accounting Officer. He is not listed as a director or 10% owner in this filing.

Are Andy Bui’s IIPR shares held directly or indirectly?

The Form 4 indicates that, following the transaction, the 16,186 common shares are held under direct ownership by Andy Bui.