X0306 4 2019-01-16 0 0001677576 INNOVATIVE INDUSTRIAL PROPERTIES INC IIPR 0001689397 Wolfe Brian J. C/O INNOVATIVE INDUSTRIAL PROPERTIES 11440 WEST BERNARDO COURT, SUITE 220 SAN DIEGO CA 92127 0 1 0 0 VP, Gen. Counsel and Secretary Common Stock 2019-01-16 4 A 0 7572 A 18136 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 2019-01-16