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 0/3 quarters. Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $0M

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

No buyback activity

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Missing buyback or cash flow data

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

Repurchased 376,124 shares = 1.8% of 28,331,833 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 insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 3 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $0M (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