# EDGAR Filing Document

**Accession Number:** 0001677576
**File Stem:** 0001298785-25-000003
**Filing Date:** 2025-12
**Character Count:** 8054
**Document Hash:** b6d005f10f9a958c873a118de74340c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001298785-25-000003.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001298785-25-000003

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20200416

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Kreitzer Gary A
- **CENTRAL INDEX KEY:** 0001298785

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37949
- **FILM NUMBER:** 251614835

**MAIL ADDRESS:**
- **STREET 1:** 17140 BERNARDO CENTER DRIVE
- **STREET 2:** SUITE 195
- **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]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 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>Kreitzer Gary A<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>2020-04-16 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **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 | 2020-04-16 |  | A |  | 386.6915<sup>(1)</sup> | A | $69.82 | 47839.6915 | D |  |
| Common Stock | 2020-07-16 |  | A |  | 313.5695<sup>(1)</sup> | A | $92.58 | 48153.2610 | D |  |
| Common Stock | 2020-10-16 |  | A |  | 248.2543<sup>(1)</sup> | A | $130.55 | 48401.5153 | D |  |
| Common Stock | 2021-01-19 |  | A |  | 187.8535<sup>(1)</sup> | A | $184.49 | 48589.3688 | D |  |
| Common Stock | 2021-04-16 |  | A |  | 203.5207<sup>(1)</sup> | A | $182.49 | 48792.8895 | D |  |
| Common Stock | 2021-07-16 |  | A |  | 191.6709<sup>(1)</sup> | A | $207 | 48984.5604 | D |  |
| Common Stock | 2021-10-18 |  | A |  | 177.5947<sup>(1)</sup> | A | $240.98 | 49162.1551 | D |  |
| Common Stock | 2022-01-18 |  | A |  | 207.1944<sup>(1)</sup> | A | $207.84 | 49369.3495 | D |  |
| Common Stock | 2022-04-18 |  | A |  | 297.2922<sup>(1)</sup> | A | $170.22 | 49666.6417 | D |  |
| Common Stock | 2022-07-18 |  | A |  | 513.1430<sup>(1)</sup> | A | $99.63 | 50179.7847 | D |  |
| Common Stock | 2022-10-17 |  | A |  | 567.0237<sup>(1)</sup> | A | $94.37 | 50746.8084 | D |  |
| Common Stock | 2023-01-17 |  | A |  | 484.7577<sup>(1)</sup> | A | $112.49 | 51231.5661 | D |  |
| Common Stock | 2023-04-17 |  | A |  | 771.5291<sup>(1)</sup> | A | $71.81 | 52003.0952 | D |  |
| Common Stock | 2023-07-17 |  | A |  | 739.3610<sup>(1)</sup> | A | $76.81 | 52742.4557 | D |  |
| Common Stock | 2023-10-16 |  | A |  | 747.4642<sup>(1)</sup> | A | $77.76 | 53489.9204 | D |  |
| Common Stock | 2024-01-16 |  | A |  | 801.9800<sup>(1)</sup> | A | $93.39 | 54291.9004 | D |  |
| Common Stock | 2024-04-15 |  | A |  | 782.9337<sup>(1)</sup> | A | $97.52 | 55074.8341 | D |  |
| Common Stock | 2024-07-15 |  | A |  | 727.5183<sup>(1)</sup> | A | $118.94 | 55802.3524 | D |  |
| Common Stock | 2024-10-15 |  | A |  | 646.9097<sup>(1)</sup> | A | $135.90 | 56449.2621 | D |  |
| Common Stock | 2025-01-23 |  | A |  | 1306.6059<sup>(1)</sup> | A | $68.23 | 57755.8680 | D |  |
| Common Stock | 2025-04-15 |  | A |  | 1731.6339<sup>(1)</sup> | A | $52.91 | 59487.5019 | D |  |
| Common Stock | 2025-07-15 |  | A |  | 1782.1375<sup>(1)</sup> | A | $55.15 | 61269.6394 | D |  |
| Common Stock | 2025-10-15 |  | A |  | 1839.0782<sup>(1)</sup> | A | $55.28 | 63108.7176 | 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 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Shares of common stock acquired with the reinvestment of dividends pursuant to an automatic dividend reinvestment plan entered into with the reporting person's broker.

**Signature:** /s/ Gary A. Kreitzer  
**Date:** 2025-12-30

### 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.**