Innovative Industrial Properties (IIPR) director grows stake through ongoing dividend reinvestment

Rhea-AI Filing Summary

Innovative Industrial Properties Inc. director reports ongoing stock accumulation through dividend reinvestment. A board member of Innovative Industrial Properties Inc. has been regularly acquiring small amounts of the company’s common stock since 04/16/2020 via automatic purchases tied to dividend payments.

The most recent transaction on 10/15/2025 shows the acquisition of 1,839.0782 shares of common stock at a price of $55.28 per share. After this and prior similar transactions, the reporting person directly beneficially owns a total of 63,108.7176 shares of Innovative Industrial Properties Inc. common stock. According to the footnote, these shares are acquired through reinvestment of dividends under an automatic dividend reinvestment plan with the reporting person’s broker.

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^*

Kreitzer Gary A

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/16/2020

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	04/16/2020		A		386.6915(1)	A	$69.82	47,839.6915	D
Common Stock	07/16/2020		A		313.5695(1)	A	$92.58	48,153.261	D
Common Stock	10/16/2020		A		248.2543(1)	A	$130.55	48,401.5153	D
Common Stock	01/19/2021		A		187.8535(1)	A	$184.49	48,589.3688	D
Common Stock	04/16/2021		A		203.5207(1)	A	$182.49	48,792.8895	D
Common Stock	07/16/2021		A		191.6709(1)	A	$207	48,984.5604	D
Common Stock	10/18/2021		A		177.5947(1)	A	$240.98	49,162.1551	D
Common Stock	01/18/2022		A		207.1944(1)	A	$207.84	49,369.3495	D
Common Stock	04/18/2022		A		297.2922(1)	A	$170.22	49,666.6417	D
Common Stock	07/18/2022		A		513.143(1)	A	$99.63	50,179.7847	D
Common Stock	10/17/2022		A		567.0237(1)	A	$94.37	50,746.8084	D
Common Stock	01/17/2023		A		484.7577(1)	A	$112.49	51,231.5661	D
Common Stock	04/17/2023		A		771.5291(1)	A	$71.81	52,003.0952	D
Common Stock	07/17/2023		A		739.361(1)	A	$76.81	52,742.4557	D
Common Stock	10/16/2023		A		747.4642(1)	A	$77.76	53,489.9204	D
Common Stock	01/16/2024		A		801.98(1)	A	$93.39	54,291.9004	D
Common Stock	04/15/2024		A		782.9337(1)	A	$97.52	55,074.8341	D
Common Stock	07/15/2024		A		727.5183(1)	A	$118.94	55,802.3524	D
Common Stock	10/15/2024		A		646.9097(1)	A	$135.9	56,449.2621	D
Common Stock	01/23/2025		A		1,306.6059(1)	A	$68.23	57,755.868	D
Common Stock	04/15/2025		A		1,731.6339(1)	A	$52.91	59,487.5019	D
Common Stock	07/15/2025		A		1,782.1375(1)	A	$55.15	61,269.6394	D
Common Stock	10/15/2025		A		1,839.0782(1)	A	$55.28	63,108.7176	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. Shares of common stock acquired with the reinvestment of dividends pursuant to an automatic dividend reinvestment plan entered into with the reporting person's broker.

	/s/ Gary A. Kreitzer	12/30/2025
	** 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.

FAQ

What insider activity does this document show for IIPR?

It shows a director of Innovative Industrial Properties Inc. (IIPR) regularly acquiring small amounts of common stock through ongoing transactions tied to dividend payments.

How many IIPR shares did the director acquire most recently?

On 10/15/2025, the director acquired 1,839.0782 shares of Innovative Industrial Properties Inc. common stock at a price of $55.28 per share.

What is the director’s total beneficial ownership of IIPR shares after the latest transaction?

Following the 10/15/2025 transaction, the director beneficially owns 63,108.7176 shares of Innovative Industrial Properties Inc. common stock, held directly.

Over what period were these IIPR share acquisitions reported?

The reported common stock acquisitions span from 04/16/2020 through 10/15/2025, with multiple transactions during this period.

How were the IIPR shares acquired by the director?

According to the explanation, the shares were acquired through the reinvestment of dividends in an automatic dividend reinvestment plan entered into with the reporting person’s broker.

Is the IIPR stock ownership reported as direct or indirect?

The shares reported, including the 63,108.7176 shares after the latest transaction, are held with an ownership form classified as Direct (D).