Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 104

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 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 six months ended June 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 (1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

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The remaining unrecognized compensation cost of $7.0 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of 1.9 years as of June 30, 2025. The fair value of restricted stock that vested during the six months ended June 30, 2025 was $2.4 million.The following table summarizes our RSU activity for the six months ended June 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 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