IIP director granted 2,652 restricted IIPR shares

Ives Bruce Alan reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Ives Bruce Alan reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties director Bruce Alan Ives received a grant of 2,652 shares of Common Stock as restricted stock. The award carries no purchase price and increases his directly owned holdings to 2,652 shares.

All 2,652 restricted shares are subject to forfeiture and are scheduled to be released on June 9, 2027, provided he continues to serve as a non-employee director or employee of Innovative Industrial Properties, Inc. through that date.

Insider Trade Summary

Grant/Award: 2,652 shares

Grant/Award 1 txn

Insider Ives Bruce Alan

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,652	$0.00	$0.00

Holdings After Transaction: Common Stock — 2,652 shares (Direct)

Footnotes (1)

1. F1. . Represents grant of restricted stock. All of the shares 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 Innovative Industrial Properties, Inc. on such date.

Key Figures

Restricted stock grant: 2,652 shares Holdings after transaction: 2,652 shares Exercise price: $0.0000 per share +1 more

4 metrics

Restricted stock grant 2,652 shares Common Stock awarded June 9, 2026

Holdings after transaction 2,652 shares Direct ownership following grant

Exercise price $0.0000 per share Grant/award acquisition, no purchase price

Vesting date June 9, 2027 Release from forfeiture restriction if service continues

Key Terms

restricted stock, forfeiture restriction, non-employee director, grant, award, or other acquisition

4 terms

restricted stock financial

"Represents grant of restricted stock."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

forfeiture restriction financial

"All of the shares shall be released from the forfeiture restriction on June 9, 2027"

non-employee director financial

"provided that the reporting person continues to be a non-employee director or employee"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

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

What did Innovative Industrial Properties (IIPR) director Bruce Alan Ives report on this Form 4?

He reported receiving a grant of 2,652 shares of Innovative Industrial Properties Common Stock as restricted stock. The award was a compensation-related grant, not an open-market purchase, and increased his directly owned holdings to 2,652 shares.

How many Innovative Industrial Properties (IIPR) shares were granted to Bruce Alan Ives?

Bruce Alan Ives was granted 2,652 shares of Common Stock. These shares were issued as restricted stock, meaning they are subject to conditions and cannot fully transfer free of restrictions until those conditions, including time-based service, are satisfied.

When do Bruce Alan Ives’ restricted IIPR shares vest?

All 2,652 restricted shares are scheduled to be released from forfeiture restrictions on June 9, 2027. Vesting depends on Ives continuing to serve as a non-employee director or employee of Innovative Industrial Properties, Inc. through that date, according to the footnote disclosure.

Did Bruce Alan Ives buy Innovative Industrial Properties (IIPR) shares in the open market?

No, he did not buy shares in the open market. The Form 4 shows an “A” code transaction, indicating a grant or award of 2,652 restricted shares at no purchase price as part of his compensation, rather than a discretionary market purchase.

What is Bruce Alan Ives’ direct share ownership in IIPR after this grant?

After the reported grant, Bruce Alan Ives directly owns 2,652 shares of Innovative Industrial Properties Common Stock. This total reflects the newly awarded restricted shares and represents his direct beneficial ownership following the June 9, 2026 transaction date.

What conditions apply to Bruce Alan Ives’ restricted stock grant from Innovative Industrial Properties?

The 2,652-share restricted stock grant is subject to a forfeiture restriction. All shares will be released only if Ives continues as a non-employee director or employee of Innovative Industrial Properties, Inc. through June 9, 2027, per the footnote description.

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

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Accepted by SEC EDGAR 06/11/2026 - 05:14 PM 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^*

Ives Bruce Alan

(Last) (First) (Middle)

C/O INNOVATIVE INDUSTRIAL PROPERTIES INC

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
	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)

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
Common Stock	06/09/2026		A		2,652	A	(1)	2,652	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. All of the shares 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 Innovative Industrial Properties, Inc. on such date.

	/s/ Bruce Alan Ives	06/11/2026
	** 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)