IIPR INNOVATIVE INDUSTRIAL PROPERTIES INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q1 2026: $0M, Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

New buyback activity: $0M after no prior spending

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Missing buyback or cash flow data

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 380,710 shares = 1.4% of 28,022,975 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

4 open-market purchases by 2 insiders

• Gold Alan D (EXECUTIVE CHAIRMAN) bought 2,600 shares at $49.09 on 2025-11-24
• Gold Alan D (EXECUTIVE CHAIRMAN) bought 1,000 shares at $45.70 on 2025-11-20
• Smith David Jon (CFO AND TREASURER) bought 600 shares at $45.90 on 2025-11-20
• Gold Alan D (EXECUTIVE CHAIRMAN) bought 1,000 shares at $46.26 on 2025-11-19

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

4 insider purchases but company buybacks inactive

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected