Every 424B that Innovative Industrial Properties, Inc. (IIPR) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow IIPR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full IIPR filings page.
Innovative Industrial Properties, Inc. (IIPR) is offering 2,000,000 shares of 9.25% Series B cumulative redeemable preferred stock at $25.00 per share. Estimated net proceeds are approximately $48.1 million after the underwriting discount and estimated offering expenses. Underwriters may purchase up to 300,000 additional shares within 30 days solely to cover over-allotments; estimated net proceeds would be approximately $55.4 million if exercised in full. Proceeds are intended to fund all or part of the remaining unfunded commitment under the Alewife Mezzanine Loan; any remainder may support other investments, working capital or general corporate purposes.
The shares carry cumulative cash dividends at 9.25% of the $25.00 liquidation preference, equal to $2.3125 annually per share and payable quarterly; the first payment is scheduled for January 15, 2027, at $0.5524 per share. They rank on parity with Series A preferred stock and ahead of common stock for dividends and liquidation, but below debt. They have no stated maturity and generally cannot be redeemed before October 19, 2031. IIPR intends to apply for NYSE listing under IIPR Pr B; if approved, trading is expected to begin within 30 days after initial delivery.
Innovative Industrial Properties, Inc. (IIPR) is conducting a preliminary offering of Series B Cumulative Redeemable Preferred Stock with a $25.00 per-share liquidation preference. The shares rank senior to common stock and on parity with Series A preferred stock for dividend and liquidation rights, but junior to debt in right of payment. They have no stated maturity and are not subject to mandatory redemption or a sinking fund. IIPR intends to apply to list the shares on the NYSE under IIPR Pr B; if approved, trading is expected within 30 days after initial delivery.
On September 28, 2026, wholly owned subsidiary IIP Life Science Investments II LLC funded an approximately $111.0 million initial advance under the Alewife Mezzanine Loan. The proceeds repaid an existing $85.0 million bridge loan, plus accrued interest, fees, a minimum return payment and other amounts due. The loan’s Applicable Rate is the greater of 14% per annum or the applicable benchmark—initially one-month Term Secured Overnight Financing Rate—plus 9.0% per annum. Its maturity is February 9, 2028, with a one-year extension option subject to conditions. Net proceeds from the preferred offering are intended to fund all or part of the remaining unfunded loan commitment; any remainder is intended for investments consistent with IIPR’s strategy, working capital or other general corporate purposes.
Innovative Industrial Properties, Inc. (IIPR) is continuing an at-the-market offering of its common stock and 9.00% Series A Cumulative Redeemable Preferred Stock with an aggregate offering price of up to $500,000,000 under existing shelf registration materials. Sales are made from time to time through multiple equity distribution agreements with designated sales agents and, in some cases, forward sellers and forward purchasers.
As of this supplement, the company has sold 859,497 common shares and 5,066,082 Series A Preferred shares, leaving a remaining aggregate offering amount of approximately $336.9 million. Huntington Securities, Inc. has been added as a sales agent, forward seller and forward purchaser, and the agreement with Jefferies LLC has been terminated. The company operates as a REIT and applies a 9.8% ownership limit on common or total capital stock to help maintain REIT qualification.
Innovative Industrial Properties, Inc. supplements its prospectus for an at-the-market offering of up to $500,000,000 of Common Stock and 9.00% Series A Preferred Stock to be sold from time to time. The company entered an ATM Advance Agreement with A.G.P. on May 22, 2026 and borrowed a $20,000,000 term loan that bears interest at 10.0% (rising to 18.0% on continuing default) and matures on October 9, 2026. Under the Agreement, net sales proceeds from A.G.P.’s ATM program must be deposited into a Segregated Account; upon an event of default, A.G.P. can direct sales under an Escrowed Placement Notice and apply proceeds to loan obligations. The supplement discloses that the company has sold 859,497 shares of common stock and 5,066,082 shares of Series A Preferred Stock, leaving a remaining aggregate offering amount of $336,934,000 available under the program.