IIPR (IIPR) CEO Paul Smithers reports 47,643-share restricted stock grant

Rhea-AI Filing Summary

Innovative Industrial Properties President and CEO Paul E. Smithers reported an equity award of 47,643 shares of common stock on January 20, 2026. The filing describes this as a grant of restricted stock, with one-third of the shares scheduled to be released from forfeiture on each of January 1, 2027, January 1, 2028, and January 1, 2029, if he remains a non-employee director or employee of the company on those dates.

Following this award, Smithers beneficially owned 150,577 shares of common stock directly. The filing also shows 6,654 restricted stock units outstanding, each representing the contingent right to receive one share of common stock upon vesting, subject to conditions under the company’s Nonqualified Deferred Compensation Plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Smithers Paul E.

Role PRESIDENT, CEO AND DIRECTOR

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	47,643	$0.00	--
holding	Restricted Stock Units 2021	--	--	--

Holdings After Transaction: Common Stock — 150,577 shares (Direct); Restricted Stock Units 2021 — 6,654 shares (Direct)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

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 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
X	Officer (give title below)		Other (specify below)
	PRESIDENT, CEO AND DIRECTOR

3. Date of Earliest Transaction (Month/Day/Year)
01/20/2026

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	01/20/2026		A		47,643	A	(1)	150,577	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	01/21/2026
	** 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.

FAQ

What insider transaction did IIPR CEO Paul E. Smithers report?

On January 20, 2026, Paul E. Smithers, President, CEO and Director of Innovative Industrial Properties, Inc. (IIPR), reported an acquisition of 47,643 shares of common stock as a restricted stock grant.

How many IIPR shares does Paul E. Smithers own after this Form 4 transaction?

After the reported grant, Paul E. Smithers beneficially owned 150,577 shares of Innovative Industrial Properties common stock, held directly.

What are the vesting terms of the 47,643 restricted IIPR shares granted to the CEO?

The filing states that the 47,643 restricted shares will have one-third released from forfeiture on each of January 1, 2027, January 1, 2028, and January 1, 2029, if Paul E. Smithers remains a non-employee director or employee on those dates.

What restricted stock units (RSUs) are reported for IIPR’s CEO in this Form 4?

The Form 4 reports 6,654 Restricted Stock Units 2021, with each RSU giving a contingent right to receive one share of IIPR common stock upon vesting, held directly.

What conditions apply to the vesting of Paul E. Smithers’ RSUs at IIPR?

The filing explains that each RSU converts into one share of common stock upon vesting and that vesting is subject to satisfaction of the vesting conditions under the Company’s Nonqualified Deferred Compensation Plan.

Was the reported IIPR CEO equity transaction a sale or a purchase?

The transaction code is “A” for acquisition of 47,643 shares of common stock, with a price per share of $0.00, indicating a grant of restricted stock rather than an open-market purchase or sale.