Vanguard restructures reporting; holds 0 IIPR shares (IIPR)

Rhea-AI Filing Summary

Innovative Industrial Properties Inc ownership disclosure: The Vanguard Group filed an amendment stating it holds 0 shares of Common Stock, representing 0% ownership after an internal realignment effective 01/12/2026. The filing explains certain Vanguard subsidiaries will report beneficial ownership separately in reliance on SEC Release No. 34-39538 (January 12, 1998). The filing is signed by Ashley Grim as Head of Global Fund Administration on 03/27/2026.

Insights

Institutional Ownership Analyst

Vanguard reports no beneficial ownership following internal realignment.

The amendment states 0 shares and 0% beneficial ownership as of the filing, reflecting disaggregation of holdings across Vanguard entities after an internal realignment on 01/12/2026.

Impact depends on future separate filings by Vanguard subsidiaries; subsequent amendments may show redistributed holdings. Timing for any such disclosures is not provided in the excerpt.

Securities Compliance Advisor

Filing relies on SEC Release No. 34-39538 for disaggregated reporting.

The statement cites the SEC release (January 12, 1998) to justify separate reporting by subsidiaries or business divisions. The amendment documents the procedural basis for the change in reporting authority.

Registrants and counterparties should treat this as an administrative disclosure; any material ownership reallocation will appear in subsequent Schedule 13G/A filings by the specific Vanguard entities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Innovative Industrial Properties Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

(CUSIP Number)

03/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Innovative Industrial Properties Inc
(b)	Address of issuer's principal executive offices: 17190 Bernardo Center Drive, San Diego, CA, 92128
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd.,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	03/27/2026

FAQ

What does The Vanguard Group report for IIPR ownership?

Direct answer: The Vanguard Group reports 0 shares and 0% ownership of IIPR common stock. Supporting context: The amendment states an internal realignment on 01/12/2026 led to disaggregated reporting by Vanguard subsidiaries under SEC Release No. 34-39538.

Why does Vanguard report zero ownership for IIPR in this amendment?

Direct answer: Because Vanguard disaggregated beneficial ownership among subsidiaries after an internal realignment on 01/12/2026. Supporting context: The filing cites SEC Release No. 34-39538 to explain that subsidiaries now report separately and Vanguard no longer deems itself to beneficially own those shares.

Will Vanguard subsidiaries report IIPR holdings separately going forward?

Direct answer: The amendment states subsidiaries will report beneficial ownership separately in reliance on SEC Release No. 34-39538. Supporting context: The filing says those subsidiaries pursue the same investment strategies and will file their own disclosures after the 01/12/2026 realignment.

Who signed the Schedule 13G/A amendment for IIPR?

Direct answer: Ashley Grim, Head of Global Fund Administration, signed the amendment on 03/27/2026. Supporting context: The signature block on the filing shows the authorized company representative attesting to the reported 0 shares and related disclosure.

Does this amendment indicate any change in voting or disposition power for IIPR shares?

Direct answer: The filing reports 0 sole and shared voting and dispositive powers for The Vanguard Group. Supporting context: Item 4 shows zero for sole and shared powers, consistent with the reported 0% beneficial ownership after disaggregation.