X0306 4 2016-12-06 0 0001677576 INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR 0001689305 Shoemaker Scott 17190 BERNARDO CENTER DRIVE SAN DIEGO CA 92128 1 0 0 0 Class A Common Stock 2016-12-06 4 A 0 1802 A 1802 D Represents grant of restricted stock. One-third of the shares granted shall be released from the forfeiture restriction on each of the first three anniversaries of the grant date, provided that the reporting person continues to be a non-employee director or employee of Innovative Industrial Properties, Inc. on each such date. /s/ Brian J. Wolfe 2016-12-06