A Form 4 is filed within two business days of a company insider — an officer, a director, or a holder of more than ten percent of the stock — changing their position in the shares. All 9 filings in this group are Form 4s for Innovative Industrial Properties, Inc.
The difficulty with reading these filings as a group is that a single form type covers transactions that mean entirely different things. An executive spending their own money to buy stock and an executive having shares withheld to pay tax on a vesting grant both appear as a Form 4. Every filing below is therefore tagged with the nature of the underlying transaction, taken from the transaction code reported on the form itself.
Across the 9 insider filings shown, the breakdown is 6 compensation award, 2 open-market purchase and 1 open-market sale. 3 of them involved a discretionary open-market trade; the rest are compensation and administrative mechanics.
Form 4
Open-market purchase
Insider Buying
2026-10-13
IIPR insider Gold Alan D (Director, EXECUTIVE CHAIRMAN) bought 40,000 shares (~$1.00M)
Gold Alan D, listed as Director, EXECUTIVE CHAIRMAN at INNOVATIVE INDUSTRIAL PROPERTIES INC, reported an open-market purchase of 40,000 IIPR shares in a Form 4 filing. Insider buying is often treated as a bullish signal because company insiders are committing their own capital.
The insider bought shares on the open market with their own money. This is the only Form 4 category that requires a discretionary cash outlay at the prevailing price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
P |
Open-market purchase
|
40,000 |
$25.00 |
$1.00M |
Filing: Form 4 (Insider Transaction)
Insider: Gold Alan D (Director, EXECUTIVE CHAIRMAN)
Shares: 40,000
Est. Value: $1.00M
Form 4
Open-market sale
Insider Selling
2026-09-17
IIPR insider Shoemaker Scott (Director) sold 611 shares (~$34.4K)
Shoemaker Scott, listed as Director at INNOVATIVE INDUSTRIAL PROPERTIES INC, reported an open-market sale of 611 IIPR shares in a Form 4 filing. This is a confirmed insider sale, not just a proposed sale notice.
The insider sold shares on the open market. Sales may be discretionary or executed automatically under a pre-arranged Rule 10b5-1 trading plan, and a Form 4 does not always make clear which applies.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
S |
Open-market sale
|
611 |
$56.36 |
$34.4K |
Filing: Form 4 (Insider Transaction)
Insider: Shoemaker Scott (Director)
Shares: 611
Est. Value: $34.4K
Form 4
Open-market purchase
Insider Buying
2026-09-01
IIPR insider Ives Bruce Alan (Director) bought 528 shares (~$29.9K)
Ives Bruce Alan, listed as Director at INNOVATIVE INDUSTRIAL PROPERTIES INC, reported an open-market purchase of 528 IIPR shares in a Form 4 filing. Insider buying is often treated as a bullish signal because company insiders are committing their own capital.
The insider bought shares on the open market with their own money. This is the only Form 4 category that requires a discretionary cash outlay at the prevailing price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
P |
Open-market purchase
|
528 |
$56.70 |
$29.9K |
Filing: Form 4 (Insider Transaction)
Insider: Ives Bruce Alan (Director)
Shares: 528
Est. Value: $29.9K
Form 4
Compensation award
Tax / Compensation Filing
2026-06-23
IIPR insider Form 4 filed for equity award, exercise, or tax withholding
Gold Alan D (Director, EXECUTIVE CHAIRMAN) filed a Form 4 covering compensation-related activity such as stock awards, option exercises, conversions, or tax withholding. These filings are usually neutral.
Shares were granted as compensation rather than purchased. No cash changed hands, so the filing reflects a pay decision by the company, not a judgement about the price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
A |
Compensation award
derivative · Restricted Stock Units 2026
|
33,960 |
— |
— |
Filing: Form 4 (Insider Transaction)
Insider: Gold Alan D (Director, EXECUTIVE CHAIRMAN)
Form 4
Compensation award
Tax / Compensation Filing
2026-06-23
IIPR insider Form 4 filed for equity award, exercise, or tax withholding
Smith David Jon (CFO AND TREASURER) filed a Form 4 covering compensation-related activity such as stock awards, option exercises, conversions, or tax withholding. These filings are usually neutral.
Shares were granted as compensation rather than purchased. No cash changed hands, so the filing reflects a pay decision by the company, not a judgement about the price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
A |
Compensation award
|
9,219 |
— |
— |
Filing: Form 4 (Insider Transaction)
Insider: Smith David Jon (CFO AND TREASURER)
Shares: 9,219
Form 4
Compensation award
Tax / Compensation Filing
2026-06-23
IIPR insider Form 4 filed for equity award, exercise, or tax withholding
Smithers Paul E. (Director, PRESIDENT, CEO AND DIRECTOR) filed a Form 4 covering compensation-related activity such as stock awards, option exercises, conversions, or tax withholding. These filings are usually neutral.
Shares were granted as compensation rather than purchased. No cash changed hands, so the filing reflects a pay decision by the company, not a judgement about the price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
A |
Compensation award
|
22,299 |
— |
— |
Filing: Form 4 (Insider Transaction)
Insider: Smithers Paul E. (Director, PRESIDENT, CEO AND DIRECTOR)
Shares: 22,299
Form 4
Compensation award
Tax / Compensation Filing
2026-06-11
IIPR insider Form 4 filed for equity award, exercise, or tax withholding
Ives Bruce Alan (Director) filed a Form 4 covering compensation-related activity such as stock awards, option exercises, conversions, or tax withholding. These filings are usually neutral.
Shares were granted as compensation rather than purchased. No cash changed hands, so the filing reflects a pay decision by the company, not a judgement about the price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
A |
Compensation award
|
2,652 |
— |
— |
Filing: Form 4 (Insider Transaction)
Insider: Ives Bruce Alan (Director)
Shares: 2,652
Form 4
Compensation award
Tax / Compensation Filing
2026-06-10
IIPR insider Form 4 filed for equity award, exercise, or tax withholding
Shoemaker Scott (Director) filed a Form 4 covering compensation-related activity such as stock awards, option exercises, conversions, or tax withholding. These filings are usually neutral.
Shares were granted as compensation rather than purchased. No cash changed hands, so the filing reflects a pay decision by the company, not a judgement about the price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
A |
Compensation award
derivative · Restricted Stock Units 2026
|
2,652 |
— |
— |
Filing: Form 4 (Insider Transaction)
Insider: Shoemaker Scott (Director)
Form 4
Compensation award
Tax / Compensation Filing
2026-06-10
IIPR insider Form 4 filed for equity award, exercise, or tax withholding
Boyle David Gerard (Director) filed a Form 4 covering compensation-related activity such as stock awards, option exercises, conversions, or tax withholding. These filings are usually neutral.
Shares were granted as compensation rather than purchased. No cash changed hands, so the filing reflects a pay decision by the company, not a judgement about the price.
Transactions reported on this filing
| Code |
Nature |
Shares |
Price |
Value |
A |
Compensation award
derivative · Restricted Stock Units 2026
|
2,652 |
— |
— |
Filing: Form 4 (Insider Transaction)
Insider: Boyle David Gerard (Director)