Alan Gold receives 66,702 RSUs at Innovative Industrial Properties (NYSE: IIPR)

Rhea-AI Filing Summary

Innovative Industrial Properties executive chairman Alan D. Gold reported a grant of 66,702 restricted stock units on January 20, 2026. Each RSU represents the right to receive one share of common stock upon vesting. One-third of these RSUs is scheduled to vest on each of January 1, 2027, January 1, 2028, and January 1, 2029, contingent on his continued service and satisfaction of conditions under the Company’s nonqualified deferred compensation plan.

Following this grant, Gold also reports existing direct holdings of common stock and RSUs from prior award years, as well as indirect common stock holdings through a Spousal Lifetime Access Trust for the benefit of his spouse and adult child and through an irrevocable trust for the benefit of his adult child.

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^*

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)
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								213,308	D
Common Stock								58,500	I	By SLAT(1)
Common Stock								2,600	I	By Trust(2)

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 2026	(3)	01/20/2026		A		66,702		(4)	(4)	Common Stock	66,702	$0	66,702	D
Restricted Stock Units 2020	(3)							(5)	(5)	Common Stock	15,978		15,978	D
Restricted Stock Units 2021	(3)							(5)	(5)	Common Stock	12,612		12,612	D
Restricted Stock Units 2022	(3)							(5)	(5)	Common Stock	16,218		16,218	D
Restricted Stock Units 2023	(3)							(5)	(5)	Common Stock	31,566		31,566	D
Restricted Stock Units 2024	(3)							(6)	(6)	Common Stock	38,124		38,124	D
Restricted Stock Units 2025	(3)							(7)	(7)	Common Stock	45,438		45,438	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. SMG Irrevocable Trust for the benefit of the reporting person's adult child. The reporting person and the reporting person's spouse control the entity that serves as trustee of SMG Irrevocable Trust.

3. 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.

4. One-third of the RSUs 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 the Company on such date. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan.

5. 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, 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.

7. 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.

	/s/ Alan D. Gold	01/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did the latest Form 4 for IIPR disclose about Alan D. Gold?

The Form 4 reports that Alan D. Gold, executive chairman and director of Innovative Industrial Properties (IIPR), received a grant of 66,702 restricted stock units on January 20, 2026 and details his direct and indirect holdings of common stock and RSUs.

How many RSUs were granted to Alan D. Gold in January 2026 at Innovative Industrial Properties (IIPR)?

On January 20, 2026, Alan D. Gold was granted 66,702 restricted stock units labeled as Restricted Stock Units 2026, with a reported price of $0 per unit in the filing.

What is the vesting schedule for the 2026 RSU grant to Alan D. Gold at IIPR?

For the 2026 RSU grant of 66,702 units, the filing states that one-third of the RSUs will be released from forfeiture on each of January 1, 2027, January 1, 2028, and January 1, 2029, subject to his continued service and the vesting conditions under the Company’s nonqualified deferred compensation plan.

What other RSU awards does Alan D. Gold hold at Innovative Industrial Properties?

The filing lists existing direct holdings of restricted stock units from prior years, including Restricted Stock Units 2020 (15,978), 2021 (12,612), 2022 (16,218), 2023 (31,566), 2024 (38,124), and 2025 (45,438), each tied to an equivalent number of underlying shares of common stock.

How much common stock does Alan D. Gold hold directly and indirectly in IIPR?

As of the reported date, the Form 4 shows 213,308 shares of common stock held directly. It also reports 58,500 shares indirectly held through a Spousal Lifetime Access Trust (SLAT) and 2,600 shares indirectly held through the SMG Irrevocable Trust, both for the benefit of family members.

How do the trusts mentioned in the IIPR Form 4 relate to Alan D. Gold’s holdings?

The filing explains that the Spousal Lifetime Access Trust (SLAT) is for the benefit of his spouse and adult child, and the SMG Irrevocable Trust is for the benefit of his adult child. In each case, Alan D. Gold and his spouse control the entity that serves as trustee, and the related common stock holdings are reported as indirect ownership.

What does each RSU represent in Alan D. Gold’s IIPR awards?

Footnotes in the filing state that each restricted stock unit (RSU) represents the contingent right to receive, upon vesting, one share of Innovative Industrial Properties, Inc. common stock, subject to satisfaction of the vesting conditions under the Company’s applicable compensation plans.