# EDGAR Filing Document

**Accession Number:** 0001677576
**File Stem:** 0001415889-23-000168
**Filing Date:** 2023-1
**Character Count:** 8071
**Document Hash:** b5568c4f2ab8e5ec47614e70fbb95145
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001415889-23-000168.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001415889-23-000168

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230101

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Smithers Paul E.
- **CENTRAL INDEX KEY:** 0001689308

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37949
- **FILM NUMBER:** 23504122

**MAIL ADDRESS:**
- **STREET 1:** C/O INNOVATIVE INDUSTRIAL PROPERTIES INC
- **STREET 2:** 17190 BERNARDO CENTER DRIVE
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92128
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INNOVATIVE INDUSTRIAL PROPERTIES INC
- **CENTRAL INDEX KEY:** 0001677576
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 812963381
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1389 CENTER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** PARK CITY
- **STATE:** UT
- **ZIP:** 84098
- **BUSINESS PHONE:** (858) 997-3332

**MAIL ADDRESS:**
- **STREET 1:** 1389 CENTER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** PARK CITY
- **STATE:** UT
- **ZIP:** 84098

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INNOVATIVE GREENHOUSE PROPERTIES INC
- **DATE OF NAME CHANGE:** 20160620

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Smithers Paul E.<br><sub>(Last) (First) (Middle)</sub><br>C/O INNOVATIVE INDUSTRIAL PROPERTIES<br>11440 WEST BERNARDO COURT, SUITE 100<br><sub>(Street)</sub><br>SAN DIEGO, CA 92127<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_PRESIDENT, CEO AND DIRECTOR_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>INNOVATIVE INDUSTRIAL PROPERTIES INC [ IIPR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-01-01 |  | F<sup>(1)</sup> |  | 1428 | D | $101.35 | 36598 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units 2021 | 0<sup>(2)</sup> |  |  |  |  |  |  | <sup>(3)</sup> | <sup>(3)</sup> | Common Stock | 6654 |  | 6654 | D |  |
| Performance Share Units 2021 | $0 |  |  |  |  |  |  | <sup>(4)</sup> | <sup>(4)</sup> | Common Stock | 21238 |  | 21238 | D |  |
| Restricted Stock Units 2020 | 0<sup>(2)</sup> |  |  |  |  |  |  | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 10653 |  | 10653 | D |  |
| Performance Share Units 2022 | $0 |  |  |  |  |  |  | <sup>(6)</sup> | <sup>(6)</sup> | Common Stock | 30792 |  | 30792 | D |  |

---

### Footnotes:

(1) 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.

(2) Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Company's common stock.

(3) One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2022, January 1, 2023 and January 1, 2024, provided that the reporting person continues to be a non-employee director or employee of the Company on such date. The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's Nonqualified Deferred Compensation Plan (the "NQDC Plan").

(4) Each performance share unit represents the right to receive, following vesting, between 0% and 150% of one share of common stock based upon theachievement of pre-established performance metrics related to relative total stockholder return over the performance period beginning January 11, 2021 and ending on December 31, 2023, and certification of such performance by the Compensation Committee of the Board of Directors of the Company following the conclusion of the performance period.

(5) The vesting of RSUs is subject to satisfaction of the vesting conditions under the Company's NQDC Plan.

(6) Each performance share unit represents the right to receive, following vesting, between 0% and 150% of one share of common stock based upon the achievement of pre-established performance metrics related to relative total stockholder return over the performance period beginning January 11, 2022 and ending on December 31, 2024, and certification of such performance by the Compensation Committee of the Board of Directors of the Company following the conclusion of the performance period.

**Signature:** /s/ Brian J. Wolfe, Attorney-in-Fact  
**Date:** 2023-01-03

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**