v3.26.1
Common Stock Incentive Plan
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Common Stock Incentive Plan Common Stock Incentive Plan
Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”) to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. Any equity awards that lapse, expire, terminate, are canceled or are forfeited (including forfeitures in connection with satisfaction of tax withholding obligations of the recipient) are re-credited to the 2016 Plan’s reserve for future issuance. The 2016 Plan will automatically terminate in December 2026.
A summary of the restricted stock activity under the 2016 Plan and related information for the three months ended March 31, 2026 is included in the table below:
Unvested
Restricted
Stock		Weighted-
Average
Grant Date Fair
Value
Nonvested balance at December 31, 2025109,591$80.61 
Granted113,937$49.85 
Vested(28,355)$78.07 
Forfeited(1)
(18,680)$103.65 
Balance at March 31, 2026176,493$58.72 
(1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.
The remaining unrecognized compensation cost of $8.9 million for restricted stock awards is expected to be recognized over a weighted-average amortization period of 2.2 years as of March 31, 2026. The fair value of restricted stock that vested during the three months ended March 31, 2026 was $2.3 million.
The following table summarizes our RSU activity for the three months ended March 31, 2026. 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, 2025280,555$104.19 
Granted87,366$49.85 
Vested and converted to common stock, net(17,633)$85.72 
Forfeited(1)
(9,258)$75.35 
Balance at March 31, 2026341,030$92.01 
(1)Shares that were forfeited to cover employee's tax withholding obligation upon distribution from the Deferred Compensation Plan.
The remaining unrecognized compensation cost of $8.5 million for RSU awards is expected to be recognized over an amortization period of 2.1 years as of March 31, 2026.