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  4. [Form 4] INNOVATIVE INDUSTRIAL PROPERTIES INC Insider Trading Activity

Scott Shoemaker (IIPR) granted 2,652 restricted stock units vesting in 2027

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Shoemaker Scott reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties director Scott Shoemaker received a new equity grant in the form of restricted stock units. On June 9, 2026, he was awarded 2,652 Restricted Stock Units 2026, each representing the right to receive one share of common stock upon vesting.

All of these RSUs are subject to forfeiture restrictions and vesting conditions under the company’s Nonqualified Deferred Compensation Plan, with release from forfeiture scheduled for June 9, 2027 if he remains a director or employee. The filing also shows existing direct holdings of 2,611 common shares and several earlier RSU awards, such as 2,796 underlying shares from the 2025 RSU grant.

Positive

  • None.

Negative

  • None.
Insider Shoemaker Scott
Role null
Type Security Shares Price Value
Grant/Award Restricted Stock Units 2026 2,652 $0.00 --
holding Restricted Stock Units 2025 -- -- --
holding Restricted Stock Units 2024 -- -- --
holding Restricted Stock Units 2023 -- -- --
holding Restricted Stock Units 2022 -- -- --
holding Restricted Stock Units 2021 -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Restricted Stock Units 2026 — 2,652 shares (Direct, null); Restricted Stock Units 2025 — 2,796 shares (Direct, null); Restricted Stock Units 2024 — 1,416 shares (Direct, null); Restricted Stock Units 2023 — 2,247 shares (Direct, null); Restricted Stock Units 2022 — 1,249 shares (Direct, null); Restricted Stock Units 2021 — 883 shares (Direct, null); Common Stock — 2,611 shares (Direct, null)
Footnotes (1)
  1. Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of Innovative Industrial Properties, Inc. (the "Company") common stock. All of the RSUs shall be released from the forfeiture restriction on June 9, 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 Nonqualified Deferred Compensation Plan (the "NQDC Plan"). The vesting of RSUs is subject to the satisfaction of the vesting conditions under the Company's NQDC Plan.
New RSU grant 2026 2,652 units Restricted Stock Units 2026 awarded on June 9, 2026
Common stock holding 2,611 shares Direct common shares following reported transactions
RSU 2021 underlying shares 883 shares Restricted Stock Units 2021 tied to common stock
RSU 2022 underlying shares 1,249 shares Restricted Stock Units 2022 tied to common stock
RSU 2023 underlying shares 2,247 shares Restricted Stock Units 2023 tied to common stock
RSU 2024 underlying shares 1,416 shares Restricted Stock Units 2024 tied to common stock
RSU 2025 underlying shares 2,796 shares Restricted Stock Units 2025 tied to common stock
RSU vesting date June 9, 2027 Release from forfeiture restriction for new RSU grant
Restricted Stock Units financial
"Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share..."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
contingent right financial
"Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share..."
forfeiture restriction financial
"All of the RSUs shall be released from the forfeiture restriction on June 9, 2027..."
vesting conditions financial
"The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan..."
Vesting conditions are the rules that determine when someone earning company stock or stock options actually gains the right to keep or sell them, typically based on staying with the company for a set time or meeting performance targets. Think of it like keys that unlock gradually — some unlock by calendar date, others only after agreed milestones. Investors care because vesting shapes management incentives, the timing of share sales, and the number of shares that can enter the market, which can affect a company's valuation and ownership mix.
Nonqualified Deferred Compensation Plan financial
"The vesting of RSUs is subject to the satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan..."
A nonqualified deferred compensation plan is an arrangement where an employer lets select employees postpone receiving part of their pay or bonuses until a future date, often at retirement, so taxes are paid later. It matters to investors because these payouts are typically unsecured promises by the company—like an internal IOU—so they create future cash obligations and expose the company to extra liability risk if the business falters, and they also reveal how executives are being paid and motivated.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Shoemaker Scott
(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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/09/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock2,611D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units 2026$0(1)06/09/2026A2,652 (2) (2)Common Stock2,652$02,652D
Restricted Stock Units 2025$0(1) (3) (3)Common Stock2,7962,796D
Restricted Stock Units 2024$0(1) (3) (3)Common Stock1,4161,416D
Restricted Stock Units 2023$0(1) (3) (3)Common Stock2,2472,247D
Restricted Stock Units 2022$0(1) (3) (3)Common Stock1,2491,249D
Restricted Stock Units 2021$0(1) (3) (3)Common Stock883883D
Explanation of Responses:
1. Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of Innovative Industrial Properties, Inc. (the "Company") common stock.
2. All of the RSUs shall be released from the forfeiture restriction on June 9, 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 Nonqualified Deferred Compensation Plan (the "NQDC Plan").
3. The vesting of RSUs is subject to the satisfaction of the vesting conditions under the Company's NQDC Plan.
/s/ Scott Shoemaker06/10/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Scott Shoemaker report in the latest Form 4 for IIPR?

Scott Shoemaker reported receiving 2,652 Restricted Stock Units 2026, each tied to one share of Innovative Industrial Properties common stock. These RSUs are compensation-related and subject to vesting and forfeiture conditions under the company’s Nonqualified Deferred Compensation Plan.

When do Scott Shoemaker’s new IIPR RSUs vest?

The new RSUs are scheduled to be released from forfeiture restrictions on June 9, 2027, if Shoemaker remains a non-employee director or employee. Vesting also depends on satisfaction of conditions under Innovative Industrial Properties’ Nonqualified Deferred Compensation Plan.

How many Innovative Industrial Properties common shares does Scott Shoemaker hold directly?

The Form 4 shows Shoemaker directly holding 2,611 shares of Innovative Industrial Properties common stock following the reported transactions. In addition, he holds multiple RSU awards that may convert into further common shares as vesting conditions are met.

What other RSU awards does Scott Shoemaker have at IIPR?

Shoemaker has several earlier RSU grants, including awards labeled 2021, 2022, 2023, 2024 and 2025. For example, the 2025 RSU grant is tied to 2,796 underlying common shares, all subject to vesting conditions under the company’s Nonqualified Deferred Compensation Plan.

Are Scott Shoemaker’s new RSUs at IIPR an open-market stock purchase?

No, the 2,652 Restricted Stock Units 2026 are a grant or award, not an open-market stock purchase. They represent a compensation-related equity award that may convert into common shares only if specified vesting and forfeiture conditions are satisfied.