Innovative Industrial CFO gets 9,219-share stock grant

Smith David Jon reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Smith David Jon reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties CFO David Jon Smith reported a compensation-related equity award and updated holdings. On June 19, 2026, he received a grant of 9,219 shares of common stock as restricted stock at $0.00 per share, with one-third scheduled to vest on each of January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued service.

After this grant, he directly holds 32,801 shares of common stock. He also holds outstanding restricted stock units from prior years representing 9,110, 10,893, and 13,080 underlying shares of common stock, which vest over schedules tied to the company’s NQDC Plan. The filing shows no open-market purchases or sales, only awards and continuing equity holdings.

Insider Trade Summary

Grant/Award: 9,219 shares

Grant/Award 4 txns

Insider Smith David Jon

Role CFO AND TREASURER

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	9,219	$0.00	$0.00
holding	Restricted Stock Units 2023	--	--	--
holding	Restricted Stock Units 2024	--	--	--
holding	Restricted Stock Units 2025	--	--	--

Holdings After Transaction: Common Stock — 32,801 shares (Direct); Restricted Stock Units 2023 — 13,080 contracts (Direct); Restricted Stock Units 2024 — 10,893 contracts (Direct); Restricted Stock Units 2025 — 9,110 contracts (Direct)

Footnotes (5)

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 Innovative Industrial Properties, Inc. (the "Company") common stock.
3. F3. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2024, January 1, 2025, and January 1, 2026, 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 NQDC Plan.
4. F4. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2025, January 1, 2026 and January 1, 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 NQDC Plan.
5. F5. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2026, January 1, 2027, and January 1, 2028, 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 NQDC Plan.

Key Figures

Restricted stock grant: 9,219 shares Grant price: $0.00 per share Shares held after grant: 32,801 shares +4 more

7 metrics

Restricted stock grant 9,219 shares Grant of restricted common stock on June 19, 2026

Grant price $0.00 per share Compensation-related restricted stock award

Shares held after grant 32,801 shares Direct common stock holdings following transaction

2025 RSUs underlying shares 9,110 shares Restricted Stock Units 2025, underlying common stock

2024 RSUs underlying shares 10,893 shares Restricted Stock Units 2024, underlying common stock

2023 RSUs underlying shares 13,080 shares Restricted Stock Units 2023, underlying common stock

Restricted stock vesting dates Jan 1, 2027; Jan 1, 2028; Jan 1, 2029 One-third of 9,219 restricted shares vests on each date

Key Terms

restricted stock, restricted stock unit ("RSU"), forfeiture restriction, NQDC Plan

4 terms

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.

restricted stock unit ("RSU") financial

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

forfeiture restriction financial

"One-third of the shares shall be released from the forfeiture restriction on each of January 1, 2027"

NQDC Plan financial

"The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan."

FAQ

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

What did IIPR CFO David Jon Smith report in this Form 4?

He reported a grant of 9,219 shares of restricted stock and updated equity holdings. The award is compensation-related and increases his direct common stock position plus existing restricted stock units tied to future vesting.

How many IIPR common shares does the CFO hold after this transaction?

Following the reported grant, the CFO directly holds 32,801 shares of Innovative Industrial Properties common stock. This figure reflects his updated non-derivative ownership position as of the June 19, 2026 transaction date disclosed in the filing.

What are the vesting terms of the 9,219-share restricted stock grant at IIPR?

The 9,219-share restricted stock grant vests in three equal installments. One-third of the shares is scheduled to be released from forfeiture on each of January 1, 2027, January 1, 2028, and January 1, 2029, contingent on continued service.

Does the IIPR Form 4 show any open-market stock purchases or sales?

The filing shows no open-market purchases or sales. It reports a grant of restricted stock and existing restricted stock unit positions, all at a stated price of $0.00 per share, indicating compensation-related equity awards rather than market trades.

What restricted stock units does the IIPR CFO currently hold?

He holds RSUs labeled 2023, 2024, and 2025, representing 13,080, 10,893, and 9,110 underlying common shares, respectively. Each RSU represents the contingent right to receive one share of common stock upon vesting under the company’s NQDC Plan.

Are the IIPR CFO’s equity awards subject to continued employment conditions?

Yes. Both the restricted stock and RSU awards vest only if he continues as a non-employee director or employee on specified dates. RSU vesting also depends on satisfaction of vesting conditions under Innovative Industrial Properties’ NQDC Plan.

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

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Accepted by SEC EDGAR 06/23/2026 - 05:08 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^*

Smith David Jon

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO AND TREASURER

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		9,219	A	(1)	32,801	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 2023	(2)							(3)	(3)	Common Stock	13,080		13,080	D
Restricted Stock Units 2024	(2)							(4)	(4)	Common Stock	10,893		10,893	D
Restricted Stock Units 2025	(2)							(5)	(5)	Common Stock	9,110		9,110	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 Innovative Industrial Properties, Inc. (the "Company") common stock.

3. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2024, January 1, 2025, and January 1, 2026, 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 NQDC Plan.

4. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2025, January 1, 2026 and January 1, 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 NQDC Plan.

5. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2026, January 1, 2027, and January 1, 2028, 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 NQDC Plan.

	/s/ David Smith	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)