Innovative Industrial Properties prices $50M preferred stock offering

Innovative Industrial Properties, Inc. (NYSE: IIPR), a real estate investment trust focused on cannabis facilities and life science investments, has priced a public offering of 2,000,000 shares of 9.25% Series B Cumulative Redeemable Preferred Stock at $25.00 per share, generating gross proceeds of $50,000,000.

The company has granted underwriters a 30-day option to purchase up to an additional 300,000 shares at the public offering price to cover overallotments. The offering is expected to close on Oct. 19, 2026, subject to customary closing conditions.

The company plans to apply to list the Series B Preferred Stock on the New York Stock Exchange under the symbol "IIPR Pr B."

According to the press release, the company intends to use net proceeds to fund all or a portion of its remaining unfunded commitment under a previously announced mezzanine loan investment in the life science industry. Any remaining proceeds will be directed toward investments consistent with its investment strategy and general corporate purposes.

Stifel is acting as active bookrunner for the offering. A.G.P./Alliance Global Partners, Huntington Capital Markets, and Oppenheimer & Co. are serving as passive bookrunners. Academy Securities, Clear Street, Compass Point, Roberts & Ryan, Roth Capital Partners, and Wolfe Capital Markets and Advisory are acting as co-managers.

You May Also Be Interested In

• Verra Mobility CFO Craig Conti to depart in November
• CCC Intelligent Solutions to go private in $6.1B deal
• AtlasClear to acquire Dawson James parent in a deal worth up to $24.5M