Innovative Industrial Properties Management

Management criteria checks 3/4

Innovative Industrial Properties' CEO is Paul Smithers, appointed in Jun 2016, has a tenure of 8.42 years. total yearly compensation is $5.05M, comprised of 20.1% salary and 79.9% bonuses, including company stock and options. directly owns 0.29% of the company’s shares, worth €8.52M. The average tenure of the management team and the board of directors is 2.8 years and 8 years respectively.

Key information

Paul Smithers

Chief executive officer

US$5.1m

Total compensation

CEO salary percentage	20.1%
CEO tenure	8.4yrs
CEO ownership	0.3%
Management average tenure	2.8yrs
Board average tenure	8yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Paul Smithers's remuneration changed compared to Innovative Industrial Properties's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$160m
Jun 30 2024	n/a	n/a	US$161m
Mar 31 2024	n/a	n/a	US$161m
Dec 31 2023	US$5m	US$1m	US$163m
Sep 30 2023	n/a	n/a	US$163m
Jun 30 2023	n/a	n/a	US$159m
Mar 31 2023	n/a	n/a	US$158m
Dec 31 2022	US$11m	US$924k	US$152m
Sep 30 2022	n/a	n/a	US$139m
Jun 30 2022	n/a	n/a	US$132m
Mar 31 2022	n/a	n/a	US$121m
Dec 31 2021	US$7m	US$840k	US$112m
Sep 30 2021	n/a	n/a	US$105m
Jun 30 2021	n/a	n/a	US$94m
Mar 31 2021	n/a	n/a	US$78m
Dec 31 2020	US$2m	US$420k	US$64m
Sep 30 2020	n/a	n/a	US$52m
Jun 30 2020	n/a	n/a	US$40m
Mar 31 2020	n/a	n/a	US$30m
Dec 31 2019	US$1m	US$400k	US$22m
Sep 30 2019	n/a	n/a	US$15m
Jun 30 2019	n/a	n/a	US$10m
Mar 31 2019	n/a	n/a	US$8m
Dec 31 2018	US$1m	US$360k	US$5m
Sep 30 2018	n/a	n/a	US$3m
Jun 30 2018	n/a	n/a	US$2m
Mar 31 2018	n/a	n/a	US$707k
Dec 31 2017	US$883k	US$350k	-US$454k

Compensation vs Market: Paul's total compensation ($USD5.05M) is above average for companies of similar size in the German market ($USD1.90M).

Compensation vs Earnings: Paul's compensation has been consistent with company performance over the past year.

CEO

Paul Smithers (67 yo)

8.4yrs

Tenure

US$5,051,022

Compensation

Mr. Paul E. Smithers is a Co-Founder of Innovative Industrial Properties, Inc. and also has been its Chief Executive Officer and President since June 2016 and Director since November 30, 2016. Mr. Smithers...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Alan Gold	Executive Chairman	8.4yrs	US$7.10m	0.95% € 27.8m
Paul Smithers	President	8.4yrs	US$5.05m	0.29% € 8.5m
David Smith	CFO & Treasurer	1.7yrs	US$2.11m	no data
Catherine Hastings	Chief Operating Officer	1.7yrs	US$2.11m	no data
Brian Wolfe	VP, General Counsel & Company Secretary	8.2yrs	US$1.87m	0.032% € 918.3k
Ben Regin	Chief Investment Officer	1.7yrs	no data	no data
Andy Bui	VP & Chief Accounting Officer	3.8yrs	no data	0.024% € 694.8k
Griffin Marquardt	Director of Construction Management	no data	no data	no data

2.8yrs

Average Tenure

53yo

Average Age

Experienced Management: 1IK's management team is considered experienced (2.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Alan Gold	Executive Chairman	8.4yrs	US$7.10m	0.95% € 27.8m
Paul Smithers	President	8yrs	US$5.05m	0.29% € 8.5m
Mary Curran	Independent Director	4.9yrs	US$235.05k	0.0086% € 249.8k
Gary Kreitzer	Independent Vice Chairman of the Board	8.4yrs	US$355.01k	0.16% € 4.5m
David Stecher	Independent Director	8yrs	US$245.05k	0.032% € 927.4k
Scott Shoemaker	Independent Director	8yrs	US$240.05k	0.0060% € 174.9k

8.0yrs

Average Tenure

65.5yo

Average Age

Experienced Board: 1IK's board of directors are considered experienced (8 years average tenure).

Innovative Industrial Properties Management

Management criteria checks 3/4

Key information

Recent management updates

Innovative Industrial Properties, Inc., Annual General Meeting, May 15, 2024

Insufficient new directors

Executive Chairman recently bought €95k worth of stock

Innovative Industrial Properties, Inc., Annual General Meeting, May 18, 2022

Independent Director recently sold €71k worth of stock

President recently sold €831k worth of stock

Recent updates

Third quarter 2024 earnings released: EPS: US$1.40 (vs US$1.46 in 3Q 2023)

Innovative Industrial Properties, Inc. (NYSE:IIPR) acquired 23,000 square feet Industrial Property in Maryland for $5.6 million.

Innovative Industrial Properties, Inc. to Report Q3, 2024 Results on Nov 06, 2024

Second quarter dividend of US$1.90 announced

Innovative Industrial Properties, Inc. Declares Third Quarter 2024 Dividend on Common Stock, Payable on October 15, 2024

Second quarter 2024 earnings released: EPS: US$1.47 (vs US$1.45 in 2Q 2023)

Innovative Industrial Properties, Inc. to Report Q2, 2024 Results on Aug 05, 2024

Innovative Industrial Properties, Inc.(NYSE:IIPR) dropped from Russell 2000 Dynamic Index

First quarter dividend of US$1.90 announced

Innovative Industrial Properties, Inc. Declares Second Quarter 2024 Dividends, Payable on July 15, 2024

First quarter 2024 earnings released: EPS: US$1.40 (vs US$1.45 in 1Q 2023)

Innovative Industrial Properties, Inc. to Report Q1, 2024 Results on May 08, 2024

Innovative Industrial Properties, Inc., Annual General Meeting, May 15, 2024

Fourth quarter dividend of US$1.82 announced

Innovative Industrial Properties, Inc. Declares First Quarter 2024, Payable on April 15, 2024

Full year 2023 earnings released: EPS: US$5.87 (vs US$5.57 in FY 2022)

Innovative Industrial Properties, Inc. to Report Second Half, 2023 Results on Feb 26, 2024

Upcoming dividend of US$1.82 per share at 7.2% yield

Innovative Industrial Properties, Inc. Declares Dividend for the Fourth Quarter 2023, Payable on January 12, 2024

New major risk - Revenue and earnings growth

Third quarter 2023 earnings released: EPS: US$1.47 (vs US$1.33 in 3Q 2022)

Innovative Industrial Properties, Inc. to Report Q3, 2023 Results on Nov 01, 2023

Upcoming dividend of US$1.80 per share at 8.5% yield

Innovative Industrial Properties Declares Third Quarter 2023 Dividends, Payable on October 13, 2023

Second quarter 2023 earnings released: EPS: US$1.46 (vs US$1.42 in 2Q 2022)

Innovative Industrial Properties, Inc. to Report Q2, 2023 Results on Aug 02, 2023

Innovative Industrial Properties, Inc.(NYSE:IIPR) dropped from Russell 2000 Growth-Defensive Index

Upcoming dividend of US$1.80 per share at 9.7% yield

Innovative Industrial Properties, Inc. Declares Dividend on Common Stock for the Second Quarter of 2023, Payable on July 14, 2023

First quarter 2023 earnings released: EPS: US$1.46 (vs US$1.35 in 1Q 2022)

Full year 2022 earnings released: EPS: US$5.60 (vs US$4.69 in FY 2021)

Innovative Industrial Properties, Inc. to Report Q4, 2022 Results on Feb 27, 2023

Investor sentiment deteriorated over the past week

Insufficient new directors

Upcoming dividend of US$1.80 per share

Innovative Industrial Properties, Inc. Declares Dividend for the Fourth Quarter of 2022, Payable on January 13, 2023

Third quarter 2022 earnings released: FFO per share: US$2.0 (vs US$1.72 in 3Q 2021)

An unknown buyer acquired a Pennsylvania industrial property from Innovative Industrial Properties, Inc. (NYSE:IIPR) for $23.5 million.

Innovative Industrial Properties, Inc. to Report Q3, 2022 Results on Nov 02, 2022

Upcoming dividend of US$1.80 per share

Innovative Industrial Properties, Inc. Declares Dividend for the Third Quarter of 2022, Payable on October 14, 2022

Executive Chairman recently bought €95k worth of stock

Second quarter 2022 earnings released: EPS: US$1.43 (vs US$1.21 in 2Q 2021)

Innovative Industrial Properties, Inc. to Report Q2, 2022 Results on Aug 03, 2022

Investor sentiment deteriorated over the past week

Upcoming dividend of US$1.75 per share

Innovative Industrial Properties, Inc. (NYSE:IIPR) acquired Property in Texas for $12 million.

Innovative Industrial Properties, Inc. (NYSE:IIPR) acquired Property in Texas for $12 million.

Bronstein, Gewirtz & Grossman, Llc Reminds Investors That A Class Action Lawsuit Has Been Filed Against IIPR, NTRA & CS

Innovative Industrial Properties, Inc. (NYSE:IIPR) entered into a definitive purchase and sale agreement to acquire TILT’s cultivation and production facility in White Haven, Pennsylvania from White Haven RE, LLC for $15 million.

Innovative Industrial Properties, Inc. acquired Taunton Facility, MA from Commonwealth Alternative Care, Inc. for $40 million.

First quarter 2022 earnings released: FFO: US$64.5m per share (vs US$1.60 in 1Q 2021)

Rosen Law Firm Files Securities Class Action Lawsuit Against Innovative Industrial Properties, Inc

Innovative Industrial Properties, Inc. to Report Q1, 2022 Results on May 04, 2022

Innovative Industrial Properties, Inc. (NYSE:IIPR) completed the acquisition of Property in Maryland for $25 million.

Innovative Industrial Properties, Inc., Annual General Meeting, May 18, 2022

Upcoming dividend of US$1.75 per share

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Innovative Industrial Properties, Inc. (NYSE:IIPR) acquired 114,000 Square-foot Property in New Jersey for $35.4 million.

Innovative Industrial Properties, Inc. to Report Fiscal Year 2021 Results on Feb 23, 2022

Upcoming dividend of US$1.50 per share

Innovative Industrial Properties, Inc. (NYSE:IIPR) acquired portfolio of 27 properties in Colorado, Pennsylvania and North Dakota for $72.7 million.

Third quarter 2021 earnings released: EPS US$1.25 (vs US$0.87 in 3Q 2020)

Upcoming dividend of US$1.50 per share

Innovative Industrial Properties, Inc. (NYSE : IIPR) acquired Property in Missouri for $1.5 million.

Independent Director recently sold €71k worth of stock

President recently sold €831k worth of stock

Innovative Industrial Properties, Inc. (NYSE:IIPR) acquired Property in Hancock from Harvest Health & Recreation Inc. (CNSX:HARV) for $16.6 million.

VP & Chief Accounting Officer recently sold €368k worth of stock