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SEC EDGAR · Insider purchase

IIPR: Gold Alan D reported buying shares

1 reported purchase of non-derivative securities. Code P includes open-market and private purchases; it does not establish motive.

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Became public
Oct 13, 2026
Event / period date
Oct 8, 2026
Collected
Nov 9, 2026, 12:36 AM EST

Why this is connected

This filing identifies INNOVATIVE INDUSTRIAL PROPERTIES INC as the issuer of the security. The company's SEC identifier connects it to IIPR.

Open the original source ↗Follow company activity in IIPR

Reported transactions

Gold Alan D (EXECUTIVE CHAIRMAN)

40,000 shares · 9.25% Series B Cumulative Redeemable Preferred Stock

Oct 8, 2026 · $25.00 per share

Value calculated from the reported shares and prices: $1,000,000.00.

Code P covers open-market and private purchases. Grants, option exercises, and tax withholding are excluded from purchase results. Read the source footnotes for ownership and pricing details.

Source evidence

Read the source excerpt or record
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-10-08</periodOfReport>

    <issuer>
        <issuerCik>0001677576</issuerCik>
        <issuerName>INNOVATIVE INDUSTRIAL PROPERTIES INC</issuerName>
        <issuerTradingSymbol>IIPR</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001298786</rptOwnerCik>
            <rptOwnerName>Gold Alan D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O INNOVATIVE INDUSTRIAL PROPERTIES</rptOwnerStreet1>
            <rptOwnerStreet2>11440 WEST BERNARDO COURT, SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92127</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>EXECUTIVE CHAIRMAN</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>9.25% Series B Cumulative Redeemable Preferred Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-10-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>40000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>25.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares purchased by the reporting person in connection with Innovative Industrial Properties, Inc.'s public offering of Series B Preferred Stock at the offering price pursuant to a registration statement on Form S-3 under the Securities Act of 1933, as amended.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Alan D. Gold</signatureName>
        <signatureDate>2026-10-13</signatureDate>
    </ownerSignature>
</ownershipDocument>

Congressional trading in IIPR

These disclosures provide context. Their presence does not establish a link between a trader and the event.

Original documents control. Public records can be amended, and company connections may require interpretation. Nothing here is investment advice.