Paul E. Smithers - 01 Jan 2026 Form 4 Insider Report for INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR)

Role: PRESIDENT, CEO AND DIRECTOR, Director
Signature: /s/ Paul E. Smithers, Attorney-in-Fact
Issuer symbol: IIPR
Transactions as of: 01 Jan 2026
Net transactions value: -$520,155
Form type: 4
Filing time: 05 Jan 2026, 19:25:04 UTC
Previous filing: 25 Feb 2025
Next filing: 06 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Smithers Paul E.	PRESIDENT, CEO AND DIRECTOR, Director	C/O INNOVATIVE INDUSTRIAL PROPERTIES, 11440 WEST BERNARDO COURT, SUITE 100, SAN DIEGO	/s/ Paul E. Smithers, Attorney-in-Fact	05 Jan 2026	0001689308

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IIPR	Common Stock	Tax liability	$520,155	-10,983	-10%	$47.36	97,450	01 Jan 2026	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	IIPR	Restricted Stock Units 2020						10,653	01 Jan 2026	Common Stock	10,653	$0.000000	Direct	F2, F3
holding	IIPR	Restricted Stock Units 2021						6,654	01 Jan 2026	Common Stock	6,654	$0.000000	Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents payment of tax liability by the forfeiture of shares of common stock to Innovative Industrial Properties, Inc. (the "Company") incident to the vesting of the reporting person's restricted stock.
F2	Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.
F3	The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan.