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Innovative Industrial Properties Executive Compensation (FY25)

IIPR · Park City, UT · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Paul Smithers
Latest say-on-pay support
=
June 9, 2026
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Data as of October 22, 2026Latest filing (8-K): June 9, 2026
11 filings cited on this page
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157 figures on this page: 150 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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Alan Gold
Executive Chairman
◇◇◇———◇◇
Paul Smithers
President and Chief Executive Officer
◇◇◇———◇◇
Catherine Hastings
Chief Operating Officer, Former Chief Financial Officer and Treasurer
◇◇◇———◇◇
David Smith
Chief Financial Officer and Treasurer
◇◇◇———◇◇
Brian Wolfe
Vice President, General Counsel and Secretary
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Alan GoldRSU◇——◇——◇
David SmithRSU◇——◇——◇
Paul SmithersRSU◇——◇——◇
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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Paul SmithersRSU◇◇——
Alan GoldRSU◇◇——
David SmithRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Alan Gold
Executive Chairman · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
David Smith
Chief Financial Officer and Treasurer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Paul Smithers
President and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance 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.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 9, 2026=◇◇◇
2024June 11, 2025=◇◇◇
2023May 15, 2024=◇◇◇
2022June 7, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020June 4, 2021=◇◇◇
2019June 2, 2020=◇◇◇

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Sample answer — “What is the CEO’s total compensation?”
- Paul Smithers (President and Chief Executive Officer), FY2025 total compensation $4,722,417 (base salary $1,120,350) [exec_comp, SEC accession 0001628280-26-026588, filed 2026-04-22]

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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.
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Written 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.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable 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 Intelligence
Say-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 analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
157 figures on this page: 150 cited to the filing that reported them, 7 calculated from figures it prints.
150 cited to the filing
7 calculated from the filing

Documents cited

  1. 0001104659-26-071876
    Proposal 4: Advisory vote on the compensation of the Company’s named executive officers.
  2. 0001628280-26-026588
    Director Compensation · ELECTION OF DIRECTORS · Grants of Plan-Based Awards for 2025 · Outstanding Equity Awards at December 31, 2025 · and 1 more section
  3. 0001104659-25-058560
    Proposal 3: Advisory vote on the compensation of the Company’s named executive officers.
  4. 0001104659-25-041241
    Compensation Discussion and Analysis · Summary Compensation Table for 2024
  5. 0001104659-24-061944
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001104659-24-041364
    Summary Compensation Table for 2023
  7. 0001104659-23-068914
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-23-051326
    Summary Compensation Table for 2022
  9. 0001104659-22-062471
  10. 0001104659-21-077070
  11. 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

The Innovative Industrial Properties brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
Both reports for $2,400.
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11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Innovative Industrial Properties discloses

The companies named in IIPR's own disclosed peer group.

BlackRock, Inc.(9)

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
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