<SEC-DOCUMENT>0001836866-26-000002.txt : 20260105
<SEC-HEADER>0001836866-26-000002.hdr.sgml : 20260105
<ACCEPTANCE-DATETIME>20260105192257
ACCESSION NUMBER:		0001836866-26-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260101
FILED AS OF DATE:		20260105
DATE AS OF CHANGE:		20260105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bui Andy
		CENTRAL INDEX KEY:			0001836866
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37949
		FILM NUMBER:		26508775

	MAIL ADDRESS:	
		STREET 1:		C/O INNOVATIVE INDUSTRIAL PROPERTIES
		STREET 2:		11440 WEST BERNARDO COURT, SUITE 100
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92127

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNOVATIVE INDUSTRIAL PROPERTIES INC
		CENTRAL INDEX KEY:			0001677576
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				812963381
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1389 CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			PARK CITY
		STATE:			UT
		ZIP:			84098
		BUSINESS PHONE:		(858) 997-3332

	MAIL ADDRESS:	
		STREET 1:		1389 CENTER DRIVE
		STREET 2:		SUITE 200
		CITY:			PARK CITY
		STATE:			UT
		ZIP:			84098

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INNOVATIVE GREENHOUSE PROPERTIES INC
		DATE OF NAME CHANGE:	20160620
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-01062026_120153.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-01-01</periodOfReport>

    <issuer>
        <issuerCik>0001677576</issuerCik>
        <issuerName>INNOVATIVE INDUSTRIAL PROPERTIES INC</issuerName>
        <issuerTradingSymbol>IIPR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001836866</rptOwnerCik>
            <rptOwnerName>Bui Andy</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O INNOVATIVE INDUSTRIAL PROPERTIES</rptOwnerStreet1>
            <rptOwnerStreet2>11440 WEST BERNARDO COURT, SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92127</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>VP, CHIEF ACCOUNTING OFFICER</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-01-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1204</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>47.36</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9664</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents payment of tax liability by the forfeiture of shares of common stock to the company incident to the vesting of the reporting person's restricted stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Andy Bui</signatureName>
        <signatureDate>2026-01-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
