Company: IIPR
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041241
Chunk: 62

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 62
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 in each case, for the fiscal years ended December 31, 2020, 2021, 2022, 2023, and 2024. TSR amounts reported in the graph assume an initial fixed investment of $100 and that all dividends were reinvested.

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TABLE OF CONTENTS Pay versus Performance Tabular List The table below lists our most important performance measures used to link “Compensation Actually Paid” for our NEOs to company performance, over the fiscal year ended December 31, 2024. AFFO per share, line of credit capacity, new investments and occupancy percentage were used as factors evaluated by the compensation committee, among other considerations, in determining the annual cash incentive payments to NEOs for the 2024 performance year. As described in prior proxy statements, the large majority of equity awards granted to NEOs in 2022 were in the form of PSUs, with total stockholder return over a three-year period versus two comparator groups being the sole determinant for vesting. The PSUs granted in 2022 failed to vest in their entirety at the end of their performance period on December 31, 2024. The performance of each of these PSU grants had a significant impact on the “Compensation Actually Paid” for each of our NEOs. 40

TABLE OF CONTENTS

The performance measures included in this table are not ranked by relative importance.

| ​ | Most Important Performance Measures | ​ |
| ​ | AFFO per Share                      | ​ |
| ​ | Line of Credit Capacity             | ​ |
| ​ | New Investments                     | ​ |
| ​ | Occupancy Percentage                | ​ |

**Executive Chairman and CEO Pay Ratios Pursuant to Section 953(b) of the Dodd-Frank Act and applicable SEC rules, we have prepared the ratio of the annual total compensation of our executive chairman, Mr. Gold, and our chief executive officer, Mr. Smithers, to the median of the annual total compensation of our other employees. Set forth below is a description of the methodology, including material assumptions, adjustments and estimates, we used to identify the median employee for purposes of calculating these ratios: • We identified the median employee using our employee population on December 31, 2024. As of December 31, 2024, we had a total population of 20 employees, including full-time, part-time and temporary employees, other than our executive chairman and chief executive officer. All of our employees are located in the United States. • We identified the