IIPR CEO granted 22,299 shares of common stock

Smithers Paul E. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Smithers Paul E. reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties reported that President and CEO Paul E. Smithers received a grant of 22,299 shares of common stock as equity compensation. Following this award, he holds 172,876 shares of common stock directly.

The filing also shows 6,654 restricted stock units (RSUs) from a 2021 grant, each representing the right to receive one share of common stock upon vesting. One-third of the newly granted restricted shares will be released from forfeiture on each of January 1, 2027, January 1, 2028, and January 1, 2029, if he remains an employee or non-employee director and meets plan vesting conditions.

Insider Trade Summary

Grant/Award: 22,299 shares

Grant/Award 2 txns

Insider Smithers Paul E.

Role PRESIDENT, CEO AND DIRECTOR

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	22,299	$0.00	$0.00
holding	Restricted Stock Units 2021	--	--	--

Holdings After Transaction: Common Stock — 172,876 shares (Direct); Restricted Stock Units 2021 — 6,654 contracts (Direct)

Footnotes (3)

1. F1. 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. (the "Company") on such date.
2. F2. Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.
3. F3. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan.

Key Figures

Restricted stock grant: 22,299 shares Common stock held after grant: 172,876 shares 2021 RSU underlying shares: 6,654 shares +4 more

7 metrics

Restricted stock grant 22,299 shares Common stock award to CEO on June 19, 2026

Common stock held after grant 172,876 shares CEO direct holdings following the transaction

2021 RSU underlying shares 6,654 shares Restricted Stock Units 2021 tied to common stock

RSU exercise price $0.0000 per unit Restricted Stock Units 2021 exercise price

Vesting date tranche 1 January 1, 2027 One-third of new restricted shares released from forfeiture

Vesting date tranche 2 January 1, 2028 Second third of new restricted shares vesting

Vesting date tranche 3 January 1, 2029 Final third of new restricted shares vesting

Key Terms

Restricted Stock Units, restricted stock, forfeiture restriction, Nonqualified Deferred Compensation Plan, +1 more

5 terms

Restricted Stock Units financial

"Restricted Stock Units 2021, each representing the right to receive common stock upon vesting"

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.

restricted stock financial

"Represents grant of restricted stock. One-third of the shares shall be released from the forfeiture restriction"

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

"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"

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.

contingent right financial

"Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share"

FAQ

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

What did IIPR CEO Paul E. Smithers receive in this Form 4 filing?

Paul E. Smithers received a grant of 22,299 shares of Innovative Industrial Properties common stock as equity compensation, increasing his direct holdings to 172,876 shares after the grant, according to the Form 4 insider transaction report.

How many Innovative Industrial Properties (IIPR) shares does the CEO hold after this grant?

After the reported equity grant, CEO Paul E. Smithers directly holds 172,876 shares of Innovative Industrial Properties common stock. This total reflects the new 22,299-share award added to his existing ownership position as disclosed in the Form 4 filing.

What are the vesting terms for Paul Smithers’ new IIPR restricted stock grant?

The 22,299-share restricted stock grant vests in three equal installments. One-third of the shares will be released from forfeiture on January 1, 2027, January 1, 2028, and January 1, 2029, if he continues as an employee or non-employee director.

What do the 2021 Restricted Stock Units (RSUs) for IIPR’s CEO represent?

The 2021 RSUs represent the right to receive IIPR common shares upon vesting. The filing lists 6,654 underlying shares, with each RSU convertible into one share, subject to vesting conditions under the company’s Nonqualified Deferred Compensation Plan.

Is the CEO’s equity grant in IIPR a market purchase or compensation award?

The 22,299 shares of Innovative Industrial Properties common stock are a grant or award, not a market purchase. The Form 4 uses transaction code “A,” indicating a compensation-related acquisition of shares rather than an open-market buy.

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

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Accepted by SEC EDGAR 06/23/2026 - 05:06 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^*

Smithers Paul E.

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT, CEO AND DIRECTOR

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/19/2026

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	06/19/2026		A		22,299	A	(1)	172,876	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 2021	(2)							(3)	(3)	Common Stock	6,654		6,654	D

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. (the "Company") on such date.

2. Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.

3. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan.

	/s/ Paul E. Smithers	06/23/2026
	** 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)