Innovative Industrial Properties, Inc. (IIPR) announced on October 8, 2026, that it has entered into an underwriting agreement with Stifel, Nicolaus & Company, Incorporated. Under this agreement, the company agreed to issue and sell 2,000,000 shares of its 9.25% Series B Cumulative Redeemable Preferred Stock. The shares are being offered at a public price of $25.00 per share.
The offering is expected to close on or about October 19, 2026, subject to customary closing conditions. The company also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of the Series B Preferred Stock on the same terms.
According to the filing, the company’s total net proceeds from the offering, after deducting the underwriting discount and before estimated expenses, are expected to be approximately $48.4 million. The company stated that the offering is being conducted pursuant to a registration statement on Form S-3 (File No. 333-285148) filed with the SEC.
In a separate filing on October 13, 2026, the company filed Articles Supplementary with the Maryland State Department of Assessments and Taxation. These articles designate 2,300,000 shares of the company’s authorized preferred stock as shares of the 9.25% Series B Cumulative Redeemable Preferred Stock. The shares have a liquidation preference of $25.00 per share and a par value of $0.001 per share.
