Form 4 Filing for Innovative Industrial Properties Inc.

This filing details a Form 4 submission by Paul E. Smithers, President, CEO, and Director of Innovative Industrial Properties Inc. (IIPR). On June 19, 2026, Smithers acquired 22,299 shares of Common Stock. This acquisition is part of a grant of restricted stock, with one-third of the shares vesting on January 1 of 2027, 2028, and 2029, provided continued employment or directorship. Additionally, the filing reports on 6,654 Restricted Stock Units (RSUs) of the 2021 series, each representing the right to one share of common stock upon vesting, subject to the conditions of the Company's Nonqualified Deferred Compensation Plan. The post-transaction ownership for common stock is 172,876 shares, and for RSUs is 6,654 units.