Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 74

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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 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 following table summarizes our RSU activity for the nine months ended September 30, 2025. RSUs are issued as part of the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”), which allows a select group of management and our non-employee directors to defer receiving certain of their cash 

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and equity-based compensation. RSUs are subject to vesting conditions of the Deferred Compensation Plan and have the same economic rights as shares of restricted stock under the 2016 Plan:RestrictedStock UnitsWeighted-AverageGrant Date FairValueBalance at December 31, 2024222,502$114.68 Granted73,179$73.18 Forfeited(1)(9,242)$97.39 Balance at March 31, 2025286,439$104.63 Granted2,796$57.23 Balance at June 30, 2025289,235$104.17