INNOVATIVE INDUSTRIAL PROPERTIES - Key Persons

Job Titles:

• Co - Founder
• Executive Chairman
• Investor FAQ

Background Alan D. Gold is a Co-Founder and has served as Executive Chairman of our Board since our formation. Mr. Gold served as Executive Chairman of IQHQ, Inc., a privately-held life science real estate company, from December 2018 until December 2024. Previously, Mr. Gold served as Chairman, President and Chief Executive Officer of BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry, from its inception in 2004 through the sale of the company to affiliates of Blackstone Real Estate Partners VIII L.P. in January 2016. Mr. Gold also served as Chairman, President and Chief Executive Officer of BioMed Realty's privately-held predecessor, Bernardo Property Advisors, Inc., from August 1998 until August 2004. In addition, Mr. Gold was a Co-Founder and served as President and a Director of Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT, from its predecessor's inception in 1994 until August 1998. Mr. Gold served as Managing Partner of GoldStone Real Estate Finance and Investments, a partnership engaged in the real estate and mortgage business, from 1989 to 1994. He also served as assistant Vice President of commercial real estate for Northland Financial Company, a full service commercial property mortgage banker, from 1989 to 1990 and as real estate investment officer of commercial real estate for John Burnham Company, a regional full service real estate company, from 1985 to 1989. From December 2013 to June 2016, Mr. Gold served on the board of directors and as a member of the nominating and compensation committees of CatchMark Timber Trust, Inc. (NYSE: CTT), a REIT focused on timberland ownership. From August 2011 to March 2013, Mr. Gold also served on the board of directors and as a member of the audit committee of American Assets Trust, Inc. (NYSE: AAT), a REIT focused on acquiring, developing and managing retail, office, multifamily and mixed-use properties. Mr. Gold is Mexican American and served as a member of the board of trustees for the Salk Institute for Biological Studies, a research organization dedicated to fundamental research in biology and its relation to health. Mr. Gold received his Bachelor of Science degree in Business Administration and his Master of Business Administration from San Diego State University.

Job Titles:

• Chief Accounting Officer
• Vice President

Background Andy Bui has served as our Vice President, Chief Accounting Officer since January 2021, having joined our company as Controller in May 2017. Until April 2017, Mr. Bui served as Senior Director of Financial Reporting at BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry. Prior to BioMed Realty, he served as Senior Manager of financial reporting at Leap Wireless International, Inc. (formerly NASDAQ: LEAP), a wireless communication carrier, from 2012 to 2013. Prior to Leap Wireless, Mr. Bui served as Manager at PricewaterhouseCoopers LLP.

Job Titles:

• Chief Investment Officer
• Vice President of Investments

Background Ben Regin has served as our Chief Investment Officer since January 2023, having previously served as our Vice President of Investments since January 2020, and having joined our company as Director of Investments and Finance in January 2017. Until December 2016, Mr. Regin held positions as Senior Associate, Investments from May 2015 to December 2016 and Senior Associate, Asset Management from April 2013 to May 2015 with BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry. Prior to BioMed Realty, he was a Senior Associate, Finance; Associate,Business Operations at Westcore Properties, a privately-held, industrial-focused real estate investment company, from November 2007 to March 2013 and a Senior Audit Associate at PricewaterhouseCoopers LLP from September 2004 to November 2007. Mr. Regin received his Masters of Accountancy and Financial Management and Bachelors of Accountancy from the University of San Diego.

Job Titles:

• General Counsel
• Secretary
• Vice President

Background Brian J. Wolfe has served as our Vice President, General Counsel and Secretary since September 2016. Until March 2016, Mr. Wolfe served as Vice President, Corporate Legal and Assistant Secretary of BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry, having joined BioMed Realty in 2007. Prior to that, Mr. Wolfe was an Attorney with Latham & Watkins LLP, where he represented public and private companies in a broad range of industries with a focus on corporate finance, mergers and acquisitions, securities law compliance and corporate governance. Mr. Wolfe received his Juris Doctor Degree with honors from the University of Virginia School of Law and his A.B. in Economics with honors from Harvard College. Mr. Wolfe is a member of the California State Bar and San Diego County Bar Association.

Job Titles:

• Chief Operating Officer

Background Catherine Hastings has served as our Chief Operating Officer since March 2023, having previously served as our Chief Financial Officer from June 2017 to March 2023, as our Treasurer from January 2017 to March 2023, and as our Chief Accounting Officer from January 2017 to January 2021. Until December 2016, Ms. Hastings served as Vice President, internal audit of BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry, having joined BioMed Realty in 2009. Prior to BioMed Realty, Ms. Hastings was Director of financial accounting and audit for The Corky McMillin Companies, a privately held real estate land developer and homebuilder, from 2004 to 2009. From 1997 to 2004, Ms. Hastings served as a Senior Manager with KPMG LLP, where she audited the financial statements for public and private companies in a broad range of industries, with a focus on real estate. Ms. Hastings received her Master of Science in Accountancy from San Diego State University and her Bachelor of Arts in Economics and minor in Management from the University of California, Irvine. Ms. Hastings is a Certified Public Accountant (inactive), Certified Internal Auditor and a member of the American Institute of Certified Public Accountants, CalCPA and the Institute of Internal Auditors.

Job Titles:

• Chief Financial Officer
• Treasurer

Background David Smith has served as our Chief Financial Officer and Treasurer since March 2023. Until March 2023, Mr. Smith served as Executive Vice President and Chief Financial Officer of Aventine Property Group, Inc., a privately-held REIT focused on the regulated cannabis industry, since Aventine's spin-off from Treehouse Real Estate Investment Trust, Inc. in January 2021. Mr. Smith held the same roles at Treehouse, a privately-held REIT focused on the regulated cannabis industry, from October 2019 through December 2020. Prior to Treehouse, Mr. Smith served as the Executive Vice President and Chief Financial Officer of New Senior Investment Group Inc. (NYSE: SNR) from January 2019 to September 2019. Mr. Smith joined New Senior from its financial sponsor, Fortress Investment Group, where he was in the Private Equity Group as Managing Director from September 2016 to January 2019 and Vice President from September 2014 to September 2016, leading New Senior's capital markets and investor relations activities. Prior to Fortress, Mr. Smith served as Managing Director, Capital Markets & Investor Relations at Aviv REIT, Inc. (NYSE: AVIV) from April 2012 to August 2014. Prior to Aviv REIT, Mr. Smith held various finance, capital markets, and investor relations roles at Ventas (NYSE: VTR) from November 2006 to March 2012. He began his career in the real estate investment banking group at A.G. Edwards. Mr. Smith received a Bachelor of Science degree with honors in Finance from the University of Wisconsin-La Crosse.

Job Titles:

• Director
• Member of the Nominating and Corporate Governance Committee
• Managing Director at CapAcuity LLC

David Stecher is one of our Directors. Since March 2019, Mr. Stecher has served as Managing Director at CapAcuity LLC, an investment advisor specializing in the design and implementation of executive benefit savings plans for mid-sized and large companies. Previously, Mr. Stecher led the executive benefits practice at both NFP Retirement and its sister company, Retirement Plan Advisory Group, from December 2009 to March 2019. Mr. Stecher served, from April 2004 to September 2009, as executive vice president for Retirement Capital Group, a company that provides employee compensation and benefits advisory services; from January 1984 to September 1986, as tax and auditing accountant for KPMG Peat Marwick; and from June 1997 to April 2004, as executive vice president and head of West Coast operations for AXA Advisors' executive benefits group, a group that designs and implements corporate executive benefits and provides individual planning for asset accumulation and preservation. Mr. Stecher holds a wide range of certifications, including Certified Public Accountant (inactive), Certified Financial Planner, Chartered Life Underwriter and Chartered Financial Consultant, as well as his Series 6, 7, 63, 65 and 24 licenses.

Job Titles:

• Co - Founder
• Member of the Nominating and Corporate Governance Committee
• Vice Chairman

Background Gary A. Kreitzer is a co-founder and has served as our Vice Chairman since our formation. Mr. Kreitzer served as Vice Chairman and member of the compensation committee of IQHQ, Inc., a privately-held life science real estate company, from December 2018 until December 2024. Previously, Mr. Kreitzer was a Co-Founder of BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry, and served as its General Counsel from the BioMed Realty's formation in 2004 until August 2012, as a director until January 2016 and as an executive Vice President until February 2017. Mr. Kreitzer also served in the same roles with BioMed Realty's privately-held predecessor, Bernardo Property Advisors, Inc., from December 1998 to August 2004. Mr. Kreitzer was a Co-Founder and served as Senior Vice President and in-house counsel of Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT, from its predecessor's inception in 1994 until December 1998. From 1990 to 1994, Mr. Kreitzer was in-house counsel and Vice President for Seawest Energy Corporation, an alternative energy facilities development company. Mr. Kreitzer also served The Christiana Companies, Inc., a publicly traded investment and real estate development company, in a number of roles from 1982 to 1989, including as in-house counsel, Secretary and Vice President. Mr. Kreitzer is a Member of the California Bar, and holds a Bachelor of Arts degree in Economics from the University of California, San Diego, and a Juris Doctor degree with honors from the University of San Francisco.

Job Titles:

• Counsel
• Vice President, Real Estate Counsel

Background Kelly C. Spicher has served as our Vice President, Real Estate Counsel since January 2021, having joined our company as Senior Real Estate Counsel in September 2019. Prior to that, Ms. Spicher was an Attorney with Foley & Lardner LLP for over 16 years where she represented national and international businesses, developers, REITs and financial institutions in a wide array of real estate matters and transactions, including acquisitions, dispositions, financing, commercial leasing, development projects, property management and joint ventures. During her tenure at Foley, Ms. Spicher also represented clients on cannabis-related transactions, including acting as our outside real estate counsel. Ms. Spicher received her Juris Doctor Degree with honors from the University of Florida Levin College of Law and received a B.A. in Journalism from Indiana University. Ms. Spicher is admitted to practice in California and Florida.

Job Titles:

• Director

Background Mary Allis Curran is one of our Directors. Ms. Curran spent 25 years at MUFG Union Bank, N.A., during which time she held several executive level positions, including executive Vice President, corporate banking Chief Risk Officer from 2011 to 2014, and Executive Vice President, head of The Private Bank at Union Bank from 2006 to 2011. During her time with Union Bank, Ms. Curran worked closely with its board and management to build an infrastructure focused on a strong, proactive, integrated and effective risk management. Ms. Curran was also tasked with improving the performance of Union Bank's Wealth Management practice, a business unit with offices throughout California, Washington and Oregon. Prior to 2006, she spent 17 years in leadership roles in commercial banking. Ms. Curran currently serves on the board of directors, joint compensation, nominating and corporate governance committee and enterprise risk committee (chair) of Banc of California, Inc. (NYSE: BANC), a $10 billion financial institution, a position she has held since June 2017. She also serves on the board of directors, chairs the audit committee and serves on the compensation committee for Hunter Industries Inc., a privately held global irrigation, landscape lighting, dispensing solutions and custom manufacturing company, where she has served since 2016. In addition, Ms. Curran recently served as chair of San Diego State University's Campanile Foundation board and executive committee, and currently serves on the university's nominating and governance committee and athletics committee. Previous board service includes chair of the California Bankers Association, where she remains involved on the Banker Benefits board. Ms. Curran is a member of National Association for Corporate Directors (NACD), Women Corporate Directors and The Corporate Directors Roundtable of Orange County. She holds a Bachelor of Science degree in Journalism from the University of Colorado, Boulder and a Master's degree in Business from San Diego State University.

Job Titles:

• Chief Executive Officer
• Director
• President

Background Paul E. Smithers has served as our President and Chief Executive Officer since our formation, and is one of our Directors. From August 2013 to July 2015, Paul Smithers served as Co-Founder and Chief Legal Officer of ISO Nano International, LLC, a designer and manufacturer of advanced materials for use in the aerospace, consumer goods, electronics, and safety industries. Prior to his time at ISO Nano, Mr. Smithers was the Managing Partner of Smithers & Player, Attorneys at Law from September 1989 to July 2013, and was with the law firm of Ropers, Majeski in San Francisco from 1982 through 1988. Much of his 33 years of legal experience has involved both commercial and residential real estate transactions and disputes. Mr. Smithers is a member of the California Bar and a licensed California real estate broker.

Job Titles:

• Director
• Member of the Nominating and Corporate Governance Committee
• Surgeon

Background Scott Shoemaker, MD is one of our Directors. Dr. Shoemaker is a practicing orthopedic surgeon specializing in pediatrics and trauma for Kaiser Permanente, an integrated managed care consortium, since 1999. He is also an inventor, assists in the development of medical devices, and is on a patent for a spine deformity system developed by NuVasive, Inc. for which he receives royalties. Dr. Shoemaker is also a Founder of BOSS Logic, LLC, a company designed to generate ideas for the intellectual property and biotechnology sectors. BOSS logic holds multiple patents relating to how mobile devices share and distribute contact information. He is also part owner and developer of Aztek Paddles, a carbon fiber company. In this role, he assisted in designing paddles, writing patents, and testing paddles and was a team racer for their standup paddle brand.

Job Titles:

• Vice President, Asset Management

Background Tracie Hager has served as our Vice President, Asset Management since October 2019. Ms. Hager has almost 30 years of experience in commercial property management, overseeing management teams and properties across the United States and in the United Kingdom. Until January 2019, Ms. Hager served as Vice President, Property Management of BioMed Realty Trust, Inc. (formerly NYSE: BMR), a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry, having joined BioMed Realty in 2010. Prior to BioMed Realty, Ms. Hager served in Senior Management positions at the Irvine Company, a privately held real estate development company, and Equity Office Properties Trust (formerly NYSE: EOP), a REIT that was one of the largest owners and managers of commercial office buildings in the United States. Ms. Hager holds the Real Property Administrator (RPA) designation administered by the Building Owners and Managers Institute (BOMI).