Innovative Industrial director receives 2,652 RSUs

Boyle David Gerard reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Boyle David Gerard reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties director David Gerard Boyle reported an equity award. He received 2,652 restricted stock units (RSUs), each representing a contingent right to one share of the company’s common stock upon vesting.

The RSUs are scheduled to vest on June 9, 2027, if he continues as a non-employee director or employee and meets vesting conditions under the company’s Nonqualified Deferred Compensation Plan. Following these transactions, he directly holds 2,951 shares of common stock, in addition to the RSU award.

Insider Trade Summary

Grant/Award: 2,652 shares

Grant/Award 2 txns

Insider Boyle David Gerard

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units 2026	2,652	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units 2026 — 2,652 contracts (Direct); Common Stock — 2,951 shares (Direct)

Footnotes (2)

1. F1. 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. F2. 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"

Key Figures

RSUs granted: 2,652 units Common shares held: 2,951 shares RSU-to-share ratio: 1 RSU : 1 share +1 more

4 metrics

RSUs granted 2,652 units Restricted stock units granted on June 9, 2026

Common shares held 2,951 shares Direct common stock holdings after transactions

RSU-to-share ratio 1 RSU : 1 share Each RSU converts into one common share upon vesting

RSU vesting date June 9, 2027 All RSUs released from forfeiture restriction on this date if conditions are met

Key Terms

Restricted Stock Units, contingent right, forfeiture restriction, Nonqualified Deferred Compensation Plan

4 terms

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

"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..."

Nonqualified Deferred Compensation Plan financial

"The vesting of RSUs is subject to 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.

FAQ

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

What insider transaction did Innovative Industrial Properties (IIPR) report for David Gerard Boyle?

Innovative Industrial Properties reported that director David Gerard Boyle received 2,652 restricted stock units. Each RSU represents a contingent right to one share of common stock, awarded as equity compensation rather than an open-market purchase or sale.

How many restricted stock units did Boyle receive from Innovative Industrial Properties (IIPR)?

Boyle received 2,652 restricted stock units from Innovative Industrial Properties. These RSUs provide a contingent right to receive an equal number of common shares, subject to vesting conditions and continued service with the company through the specified vesting date.

When do David Gerard Boyle’s RSUs at Innovative Industrial Properties (IIPR) vest?

All of Boyle’s RSUs are scheduled to vest on June 9, 2027. Vesting requires that he remain a non-employee director or employee on that date and satisfy conditions under the company’s Nonqualified Deferred Compensation Plan.

How many Innovative Industrial Properties (IIPR) common shares does Boyle hold after this Form 4?

After the reported transactions, Boyle directly holds 2,951 shares of Innovative Industrial Properties common stock. This position is separate from his 2,652 RSUs, which may convert into additional common shares upon vesting in the future.

What does each RSU granted to Boyle by Innovative Industrial Properties (IIPR) represent?

Each RSU represents a contingent right to receive one share of Innovative Industrial Properties common stock. The RSUs will deliver shares only if vesting conditions are met, including continued service and compliance with the Nonqualified Deferred Compensation Plan.

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

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Accepted by SEC EDGAR 06/10/2026 - 06:03 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^*

Boyle David Gerard

(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								2,951	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
Restricted Stock Units 2026	$0(1)	06/09/2026		A		2,652		(2)	(2)	Common Stock	2,652	$0	2,652	D

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"

	/s/ David Gerard Boyle	06/10/2026
	** 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)