v3.25.1
Common Stock Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of the activity
A summary of the restricted stock activity under the 2016 Plan and related information for the three months ended March 31, 2025 is included in the table below:
Unvested
Restricted
Stock		Weighted-
Average
Grant Date Fair
Value
Balance at December 31, 202477,268$108.95 
Granted62,817$73.18 
Vested(21,392)$102.04 
Forfeited(1)
(11,883)$165.13 
Balance at March 31, 2025106,810$83.04 
(1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.
The following table summarizes our RSU activity for the three months ended March 31, 2025. RSUs are issued as part of the Innovative Industrial Properties, Inc. Nonqualified Deferred Compensation Plan (the “Deferred Compensation Plan”), which allows a select group of management and our non-employee directors to defer receiving certain of their cash and equity-based compensation. RSUs are subject to vesting conditions of the Deferred Compensation Plan and have the same economic rights as shares of restricted stock under the 2016 Plan:
Restricted
Stock Units		Weighted-Average
Grant Date Fair
Value
Balance at December 31, 2024222,502$114.68 
Granted73,179$73.18 
Forfeited(1)
(9,242)$97.39 
Balance at March 31, 2025286,439$104.63 
(1)Shares that were forfeited upon employee's cessation of employment.