X0306 4 2020-01-03 0 0001677576 INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR 0001689308 Smithers Paul E. C/O INNOVATIVE INDUSTRIAL PROPERTIES 11440 WEST BERNARDO COURT, SUITE 100 SAN DIEGO CA 92127 1 1 0 0 President, CEO and Director Common Stock 40809 D Restricted stock units 0 2020-01-03 4 A 0 10653 0 A Common Stock 10653 10653 D Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of Innovativte Industrial Properties, Inc. common stock. One-third of the RSUs shall be released from the forfeiture restriction on each of January 1, 2021, January 1, 2022 and January 1, 2023, provided that the reporting person continues to be a non-employee director or employee of Innovative Industrial Properties, Inc. on such date. /s/ Brian J. Wolfe, Attorney-in-Fact 2020-01-06