Innovative Industrial Properties priced a public offering of 2 million shares of its 9.25% Series B Cumulative Redeemable Preferred Stock at $25 per share, expected to raise $50 million in gross proceeds.
The company granted the offering’s underwriters a 30-day option to purchase as many as an additional 300,000 preferred shares at the public offering price to cover potential overallotments.
Innovative Industrial Properties plans to apply to list the Series B Preferred Stock on the New York Stock Exchange under the ticker “IIPR Pr B.”
The company’s common stock already trades on the NYSE under the IIPR ticker.
The offering is expected to close on October 19, 2026, subject to customary closing conditions.
Innovative Industrial Properties plans to use the net proceeds to fund all or part of its remaining unfunded commitment associated with a previously announced mezzanine loan investment in the life sciences sector.
Any remaining proceeds are expected to support investments consistent with the company’s broader investment strategy and general corporate purposes.
Innovative Industrial Properties is an internally managed REIT focused on specialized properties leased to state-licensed operators of regulated cannabis facilities, along with financial investments in the life sciences industry.
Support: Stifel is serving as active bookrunner. 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 serving as co-managers.
