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Innovative Industrial Properties, Inc. reports that affiliates of SH Parent, Inc. (Parallel) have defaulted, beyond applicable cure periods, on July rent under two leases for Florida properties. These leases represented approximately 5.2% of annualized contractual rent and income from loans and securities and 5.7% of annualized contractual rent for the three months ended March 31, 2026. The missed July obligations, including base rent, estimated tax and insurance reimbursements, default interest and late charges, total about $1.6 million. The company states it holds security deposits under these leases that may be applied to cover the defaulted amounts.
Counsel for Parallel notified the company on July 20, 2026 that Parallel has ceased cannabis operations at both properties and intends to vacate and surrender possession. The company plans to coordinate an orderly transition of possession while reserving all rights and remedies under the leases and characterizes its expectations for enforcing lease rights, future rent collection and occupancy as forward-looking and subject to risk factors described in its SEC reports.
Gold Alan D reported acquisition or exercise transactions in this Form 4 filing.
Innovative Industrial Properties executive chairman Alan D. Gold reported an equity award of 33,960 restricted stock units (RSUs) on common stock. The RSUs were granted on June 19, 2026 and each unit represents the right to receive one share of common stock upon vesting.
One‑third of these RSUs is scheduled to vest on each of January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued service and vesting conditions under the company’s nonqualified deferred compensation plan. Following the reported positions, Gold holds 213,308 common shares directly, plus additional indirect holdings through family trusts.
Smith David Jon reported acquisition or exercise transactions in this Form 4 filing.
Innovative Industrial Properties CFO David Jon Smith reported a compensation-related equity award and updated holdings. On June 19, 2026, he received a grant of 9,219 shares of common stock as restricted stock at $0.00 per share, with one-third scheduled to vest on each of January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued service.
After this grant, he directly holds 32,801 shares of common stock. He also holds outstanding restricted stock units from prior years representing 9,110, 10,893, and 13,080 underlying shares of common stock, which vest over schedules tied to the company’s NQDC Plan. The filing shows no open-market purchases or sales, only awards and continuing equity holdings.
Smithers Paul E. reported acquisition or exercise transactions in this Form 4 filing.
Innovative Industrial Properties reported that President and CEO Paul E. Smithers received a grant of 22,299 shares of common stock as equity compensation. Following this award, he holds 172,876 shares of common stock directly.
The filing also shows 6,654 restricted stock units (RSUs) from a 2021 grant, each representing the right to receive one share of common stock upon vesting. One-third of the newly granted restricted shares will be released from forfeiture on each of January 1, 2027, January 1, 2028, and January 1, 2029, if he remains an employee or non-employee director and meets plan vesting conditions.
Innovative Industrial Properties, Inc., through its operating partnership, issued $402.5 million of 6.00% exchangeable senior notes due June 15, 2029 in a private placement to institutional buyers. The notes are senior unsecured obligations of the operating partnership and fully guaranteed by the company. They bear 6.00% interest, paid semi-annually, and are exchangeable at an initial rate of 14.4113 shares per $1,000 principal amount, equivalent to an initial exchange price of about $69.39 per share, subject to adjustment and charter ownership limits. The company concurrently used approximately $80.5 million of net proceeds to repurchase 1,334,466 common shares at $60.34 per share in privately negotiated transactions.
Innovative Industrial Properties, Inc. is raising $402.5 million through a private Offering of 6.000% exchangeable senior notes due 2029, including the full exercise of the initial purchasers’ option. The notes are senior unsecured obligations of its operating partnership, guaranteed by the company, and are exchangeable into cash, common stock, or both at the issuer’s option.
The initial exchange rate is 14.4113 shares per $1,000 principal amount, implying an initial exchange price of about $69.39 per share, with semiannual interest at 6.0%. The operating partnership plans to use $80.5 million of net proceeds to repurchase 1,334,106 common shares from note purchasers and the balance for working capital, general corporate purposes, potential debt repayment and new investments. The company also fully repaid $282 million of 5.50% senior notes due 2026 and recently raised about $55.7 million via at-the-market sales of common and Series A preferred stock.
Ives Bruce Alan reported acquisition or exercise transactions in this Form 4 filing.
Innovative Industrial Properties director Bruce Alan Ives received a grant of 2,652 shares of Common Stock as restricted stock. The award carries no purchase price and increases his directly owned holdings to 2,652 shares.
All 2,652 restricted shares are subject to forfeiture and are scheduled to be released on June 9, 2027, provided he continues to serve as a non-employee director or employee of Innovative Industrial Properties, Inc. through that date.
Innovative Industrial Properties Inc. director Bruce Alan Ives filed an initial Form 3 indicating his status as a reporting person for the company. The provided data show no reported share holdings or transactions at this time, serving purely as an initial ownership disclosure.
Shoemaker Scott reported acquisition or exercise transactions in this Form 4 filing.
Innovative Industrial Properties director Scott Shoemaker received a new equity grant in the form of restricted stock units. On June 9, 2026, he was awarded 2,652 Restricted Stock Units 2026, each representing the right to receive one share of common stock upon vesting.
All of these RSUs are subject to forfeiture restrictions and vesting conditions under the company’s Nonqualified Deferred Compensation Plan, with release from forfeiture scheduled for June 9, 2027 if he remains a director or employee. The filing also shows existing direct holdings of 2,611 common shares and several earlier RSU awards, such as 2,796 underlying shares from the 2025 RSU grant.
Boyle David Gerard reported acquisition or exercise transactions in this Form 4 filing.
Innovative Industrial Properties director David Gerard Boyle reported an equity award. He received 2,652 restricted stock units (RSUs), each representing a contingent right to one share of the company’s common stock upon vesting.
The RSUs are scheduled to vest on June 9, 2027, if he continues as a non-employee director or employee and meets vesting conditions under the company’s Nonqualified Deferred Compensation Plan. Following these transactions, he directly holds 2,951 shares of common stock, in addition to the RSU award.