Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 152

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 152
---
The carrying amounts of cash equivalents, accounts payable, accrued expenses and other liabilities approximate their fair values.

11. Common Stock Incentive Plan

Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”) to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. Any equity awards that lapse, expire, terminate, are canceled or are forfeited (including forfeitures in connection with satisfaction of tax withholding obligations of the recipient) are re-credited to the 2016 Plan’s reserve for future issuance. The 2016 Plan automatically terminates on the date which is ten years following the effective date of the 2016 Plan.A summary of the restricted stock activity under the 2016 Plan and related information for the nine months ended September 30, 2025 is included in the table below:UnvestedRestrictedStockWeighted-AverageGrant Date FairValueBalance at December 31, 202477,268$108.95 Granted62,817$73.18 Vested(21,392)$102.04 Forfeited(1)(11,883)$165.13 Balance at March 31, 2025106,810$83.04 Granted6,291$57.23 Vested(3,186)$113.05 Balance at June 30, 2025109,915$80.70 Granted276$54.55 Forfeited(1)(600)$83.61 Balance at September 30, 2025109,591$80.61 (1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or employee's cessation of employment.The remaining unrecognized compensation cost of $5.7 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of 1.8 years as of September 30, 2025. The fair value of restricted stock that vested during the nine months ended September 30, 2025 was $2.4 million.The