Gary Kreitzer
About Gary Kreitzer
Gary Kreitzer (age 70) is IIPR’s independent vice chairman and co‑founder, serving on the board since formation in June 2016. A California‑licensed attorney, he brings 40 years of real estate/REIT legal and governance experience, including senior legal roles and directorships at BioMed Realty and Alexandria Real Estate. He holds a BA from UC San Diego and a JD (with honors) from the University of San Francisco. The board affirms his independence (co‑founder but never an employee) and notes 100% board and committee meeting attendance in 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BioMed Realty Trust (NYSE: BMR; sold 2016) | General Counsel; Director; EVP | GC: 2004–Aug 2012; Director: until Jan 2016; EVP: until Feb 2017 | Helped build NYSE‑listed REIT; governance/legal leadership |
| Bernardo Property Advisors | General Counsel; Director; EVP | Dec 1998–Aug 2004 | Predecessor to BioMed; executive roles |
| Alexandria Real Estate (NYSE: ARE) | Senior VP & In‑House Counsel; Co‑founder | 1994–Dec 1998 | Foundational REIT experience |
| Seawest Energy Corporation | In‑House Counsel & VP | 1990–1994 | Alternative energy facilities development |
| The Christiana Companies, Inc. (public) | In‑House Counsel, Secretary, VP | 1982–1989 | Investment/real estate development company |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| IQHQ, Inc. (private life science RE co.) | Vice Chairman; Compensation Committee Member | Dec 2018–Dec 2024 | Governance and comp oversight |
Board Governance
- Independence: Independent under NYSE standards; co‑founder, never an employee; all committee members are independent .
- Committee assignments: Compensation Committee Chair; Audit Committee Member; Nominating & Corporate Governance Committee Member .
- Attendance: 100% attendance at six board meetings and all served committees in 2024; regular executive sessions of independent directors .
- Board leadership: As vice chairman, serves as liaison, presides when the executive chairman is absent, and may call/set agenda for independent director meetings .
- Policies: Anti‑hedging and anti‑pledging; formal clawback; minimum stock ownership for directors; regular board/committee/director evaluations .
Fixed Compensation (Director)
| Component (FY2024) | Amount | Details |
|---|---|---|
| Cash retainer | $150,000 | Vice Chairman retainer (vs. standard $75,000 for other directors) |
| Chair fee (Compensation Committee) | $5,000 | Additional annual retainer for committee chair |
| Total cash fees | $155,000 | Sum of vice chair plus chair fee |
| Equity grant (Restricted Stock/RSUs) | $200,099 | Grant date fair value per ASC 718 |
| Shares granted | 1,770 shares (restricted stock) | Vest in full on May 15, 2025 |
| Total | $355,099 | Cash + equity |
- Director equity award structure: Annual grants of restricted stock/RSUs vest 1 year from grant; directors may defer settlement under the NQDC Plan .
Performance Compensation (Director)
| Element | Metric(s) | FY2024 Outcome | Vesting/Terms |
|---|---|---|---|
| Annual director equity | Time‑based only | Not performance‑based | One‑year cliff vest; RSUs/restricted stock; deferral optional |
No director options or performance‑conditioned director equity are disclosed for 2024; director compensation is a mix of cash retainers and time‑vested stock/RSUs .
Other Directorships & Interlocks
| Company | Type | Role | Status/Period |
|---|---|---|---|
| BioMed Realty Trust (NYSE: BMR) | Public REIT | Director; GC; EVP | Historical; director until Jan 2016; EVP until Feb 2017 |
| Alexandria Real Estate (NYSE: ARE) | Public REIT | Senior VP & Counsel; Co‑founder | Historical (1994–1998) |
| IQHQ, Inc. | Private RE | Vice Chairman; Comp Committee | Dec 2018–Dec 2024 |
- Compensation committee interlocks: None; comp committee comprised solely of independent, non‑employee directors in 2024 .
Expertise & Qualifications
- REITs/real estate: Deep experience across multiple NYSE‑listed REITs (ARE, BMR) and private RE platforms .
- Legal/regulatory: California Bar; decades as GC/SVP; strong corporate governance credentials .
- Capital markets/governance: Board leadership, compensation oversight, and risk management experience .
Equity Ownership
| Item | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 43,958 | Restricted stock held directly; voting/dividend rights; vests May 15, 2025 |
| Ownership % of shares outstanding | <1% | As of 28,011,229 outstanding shares (Apr 14, 2025) |
| Anti‑hedge/pledge | Prohibited | Policy bans hedging and pledging company stock |
| Director ownership guideline | ≥5x annual cash retainer | IIPR policy for non‑employee directors |
| Guideline threshold (Gary) | $750,000 | 5 × $150,000 vice chair retainer |
| Approx. value of holdings (12/31/2024) | ~$2.93 million | 43,958 × $66.64 closing price on 12/31/2024 → ~$2,928,9xx; exceeds guideline |
Governance Assessment
- Positives: Independent vice chairman with 100% attendance; chairs compensation committee and serves on audit and nominating committees; robust anti‑hedging/pledging and clawback; strong director ownership guideline; all committees comprised of independent directors .
- Alignment: Material personal equity stake and compliance with ownership guidelines enhance alignment; equity grants are time‑vested, reinforcing long‑term orientation .
- Engagement: Board conducted outreach after a lower 2024 say‑on‑pay (73% support) and implemented formulaic metrics in the executive annual incentive plan—evidence of responsiveness by the comp committee led by Kreitzer .
- Conflicts/related party exposure: No related‑party transactions disclosed involving Kreitzer; company reimburses the executive chairman’s privately owned aircraft under audit committee‑approved policy with annual cap—oversight falls within audit committee remit where Kreitzer is a member (monitoring RPTs, cybersecurity, etc.) .
- RED FLAGS: None disclosed specific to Kreitzer (no hedging/pledging; no interlocks; independent status maintained despite co‑founder role) .