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Innovative Industrial Properties, Inc.

IIPR · FY2025

ALIGNED

CEO Package

$4.7M

Pay Ratio

—

Paul Smithers

Pay reset -5.5% while TSR improved +5.0 pts

Terreno Realty Corp

TRNO · FY2025

ALIGNED

CEO Package

$5.4M

Pay Ratio

—

W. Blake Baird

Returns outran pay growth by +2.9 pts

Curbline Properties Corp.

CURB

MIXED

CEO Package

—

Pay Ratio

—

Curbline Properties Corp.

Awaiting a fuller pay-performance history

CEOTotal Compensation — All Companies

IIPR$4.7MTRNO$5.4MCURB

All values are grant-date fair value as reported in proxy statements.

Key Differences

The fastest way to read this comparison before dropping into the tables.

TRNO carries the largest package at $5.4M, about 1.1x IIPR.
CURB reads mixed, while IIPR looks aligned.

Pay Component Breakdown

Latest CEO package mix by company. This stays on the CEO package even if the chart above is showing Top 5 pay.

IIPR

Paul Smithers

$4.7M

base salary24%
stock awards50%
non-equity incentive compensation26%
other compensation0%

TRNO

W. Blake Baird

$5.4M

base salary15%
stock awards85%
other compensation0%

CURB

Curbline Properties Corp.

—

Component-level breakdown is unavailable for this company.

Quick Comparison

CompanyCEOLatest YearTotal Comp
Innovative Industrial Properties, Inc.(IIPR)Paul Smithers2025$4.7M
Terreno Realty Corp(TRNO)W. Blake Baird2025$5.4M
Curbline Properties Corp.(CURB)N/A2025N/A

Note: All compensation values shown are grant-date fair value as reported in proxy statements. Direct comparisons should account for differences in company size, industry, and compensation structure.

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