A summary of the restricted stock activity under both the 2016 Plan and 2026 Plan (together the "Incentive Plans") and related information for the nine months ended September 30, 2026 is included in the table below:


	Restricted Stock	Weighted-Average Grant Date Fair Value
Balance at December 31, 2025	109,591	$	80.61
Granted	113,937	$	49.85
Vested	(28,355)	$	78.07
Forfeited(1)	(18,680)	$	103.65
Balance at March 31, 2026	176,493	$	58.72
Granted	44,529	$	59.77
Vested	(6,291)	$	57.23
Balance at June 30, 2026	214,731	$	58.99
Granted	380	$	56.83
Vested	(380)	$	56.83
Forfeited(1)	(868)	$	58.54
Balance at September 30, 2026	213,863	$	58.99

(1)Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting or upon employee's cessation of employment.

The following table summarizes our RSU activity for the nine months ended September 30, 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 Incentive Plans:


	Restricted Stock Units	Weighted-Average Grant Date Fair Value
Balance at December 31, 2025	280,555	$	104.19
Granted	87,366	$	49.85
Vested and converted to common stock, net	(17,633)	$	85.72
Forfeited(1)	(9,258)	$	75.35
Balance at March 31, 2026	341,030	$	92.01
Granted	49,404	$	59.68
Balance at June 30, 2026 and September 30, 2026	390,434	$	87.92

(1)Shares that were forfeited to cover employee's tax withholding obligation upon distribution from the Deferred Compensation Plan.