Innovative Industrial Properties prices $50M preferred stock offering

Innovative Industrial Properties Inc. (IIPR) has priced its $50 million preferred stock offering, with the underwritten public offering of 2 million shares of its 9.25% Series B Cumulative Redeemable Preferred Stock set to generate gross proceeds of $50 million. The offering is expected to close on October 19, 2026, subject to customary closing conditions.

Stifel is the active bookrunner, while A.G.P./Alliance Global Partners, Huntington Capital Markets, and Oppenheimer & Co. are acting as passive bookrunners. The company plans to use net proceeds to fund its remaining unfunded commitment under a mezzanine loan investment in the life science industry, as well as for general corporate purposes.

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