Real Estate
Innovative Industrial Properties Executive Compensation (FY25)
IIPR · Park City, UT · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): June 9, 2026
142 figures on this page: 135 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Paul Smithers: $4,999,273 → $4,722,417 (5.5% lower)
Say-on-pay support: 74.5% → 63.9% (10.6 points lower)
Frequently asked questions
Answers drawn from the data on this page.
Who is Innovative Industrial Properties' chief executive and what were they paid?
Total compensation for Paul Smithers, President and Chief Executive Officer, came to $4,722,417 in fiscal 2025. Smithers' total moved 5.5% lower from the $4,999,273 reported for fiscal 2024.
What was Innovative Industrial Properties' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 63.9% of votes cast for or against in favor at the meeting held June 9, 2026.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Alan Gold Executive Chairman | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Paul Smithers President and Chief Executive Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Catherine Hastings Chief Financial Officer and Treasurer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Brian Wolfe Vice President, General Counsel and Secretary | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Alan Gold Executive Chairman | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Paul Smithers President and Chief Executive Officer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Catherine Hastings Chief Operating Officer, Former Chief Financial Officer and Treasurer Departed during or after this year | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
David Smith Chief Financial Officer and Treasurer | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Brian Wolfe Vice President, General Counsel and Secretary | ◇ | ◇ | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Alan Gold Executive Chairman | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Paul Smithers President and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
David Smith Chief Financial Officer and Treasurer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Brian Wolfe Vice President General Counsel and Secretary | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Alan Gold Executive Chairman | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Paul Smithers President and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
David Smith Chief Financial Officer and Treasurer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Alan Gold | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| David Smith | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Paul Smithers | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Paul Smithers | RSU | ◇ | ◇ | — | — |
| Alan Gold | RSU | ◇ | ◇ | — | — |
| David Smith | RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Gary Kreitzer | ◇ | ◇ | — | — | — | — | ◇ |
Scott Shoemaker, M.D | ◇ | ◇ | — | — | — | — | ◇ |
David Boyle | ◇ | ◇ | — | — | — | — | ◇ |
David Stecher | ◇ | — | — | — | — | — | ◇ |
Mary Curran | ◇ | — | — | — | — | — | ◇ |
Paul Smithers, Bruce Ives and Alan Gold served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual cash retainer
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- BlackRock, Inc.(9) BLK
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 9, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | June 11, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 15, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | June 7, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 18, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | June 4, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | June 2, 2020 | = | ◇ | ◇ | ◇ |
What this page does not include
Everything above is a fact Innovative Industrial Properties disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Innovative Industrial Properties sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceSay-on-pay responsiveness
Innovative Industrial Properties recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysisAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
142 figures on this page: 135 cited to the filing that reported them, 7 calculated from figures it prints.
135 cited to the filing
7 calculated from the filing
Documents cited
- 0001104659-26-071876
- 0001628280-26-026588Director Compensation · ELECTION OF DIRECTORS · Grants of Plan-Based Awards for 2025 · Outstanding Equity Awards at December 31, 2025 · and 1 more section
- 0001104659-25-058560Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-25-041241Summary Compensation Table for 2024
- 0001104659-24-061944Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-24-041364Summary Compensation Table for 2023
- 0001104659-23-068914Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-23-051326Summary Compensation Table for 2022
- 0001104659-22-062471
- 0001104659-21-077070
- 0001104659-20-069889
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Innovative Industrial Properties executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/IIPR (accessed 2026).
Short form: data: Velarion
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Innovative Industrial Properties and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Real Estate rankings
Peers Innovative Industrial Properties discloses
The companies named in IIPR's own disclosed peer group.
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}