IIPR authorizes new $100M share repurchase plan

Innovative Industrial Properties, Inc. announced that its Board of Directors approved a new share repurchase program authorizing the buyback of up to $100 million of its common stock.

Rhea-AI Filing Summary

Innovative Industrial Properties, Inc. announced that its Board of Directors approved a new share repurchase program authorizing the buyback of up to $100 million of its common stock. This new authorization replaces the company’s existing program, which was scheduled to expire on March 17, 2026.

Repurchases may be carried out through open market purchases, block trades or privately negotiated transactions in accordance with Rule 10b-18. The company may also use a Rule 10b5-1 plan so that repurchases can occur under preset criteria during blackout periods.

Management will determine the timing, volume and nature of any repurchases based on the company’s capital needs, market conditions and legal requirements. The program runs through March 4, 2027, but the company notes there is no guarantee any shares will be repurchased and it may change or end the program at its discretion.

Insights

REIT and capital allocation analyst

New $100M buyback authorization adds flexible capital return option but execution is uncertain.

The Board of Innovative Industrial Properties approved a new share repurchase authorization of up to $100 million in common stock, replacing a prior program that was nearing expiration. The structure allows use of open market purchases, block trades and privately negotiated deals under Rule 10b-18.

The company may also implement a Rule 10b5-1 plan, enabling pre-programmed repurchases during blackout or insider-sensitive periods. Actual impact will depend on how aggressively management deploys the authorization versus other capital needs such as investments, debt management or dividends.

The program extends through March 4, 2027 and can be modified, suspended or terminated at any time. There is explicitly no guarantee that any particular number of shares will be repurchased, so subsequent disclosures will be needed to understand realized buyback activity.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did Innovative Industrial Properties (IIPR) announce regarding share repurchases?

Innovative Industrial Properties approved a new share repurchase program authorizing buybacks of up to $100 million of its common stock. This authorization gives management flexibility to repurchase shares in the market or through negotiated transactions, subject to legal requirements and market conditions.

How large is Innovative Industrial Properties’ new share repurchase program?

The new share repurchase program authorizes Innovative Industrial Properties to buy back up to $100 million of its common stock. This limit represents the maximum dollar value of shares that may be repurchased under the program, with actual repurchase volumes determined by management over time.

When does Innovative Industrial Properties’ new share repurchase program expire?

The share repurchase program for Innovative Industrial Properties expires on March 4, 2027. Until that date, the company may repurchase shares at its discretion, and it also retains the right to extend, suspend, modify or discontinue the program at any time.

What methods can Innovative Industrial Properties use to repurchase its shares?

Innovative Industrial Properties may repurchase shares through open market purchases, block trades, and privately negotiated transactions in line with Rule 10b-18. It may also adopt a Rule 10b5-1 plan, enabling repurchases under pre-set criteria during blackout or insider-restricted periods.

Does Innovative Industrial Properties guarantee that shares will be repurchased under this program?

No, the company explicitly states there is no guarantee any particular number of shares will be repurchased under the program. Actual buybacks will depend on management’s assessment of capital needs, market conditions, and applicable legal requirements during the authorization period.

What happens to Innovative Industrial Properties’ existing share repurchase program?

The newly approved share repurchase program replaces Innovative Industrial Properties’ existing program, which was scheduled to expire on March 17, 2026. The new authorization continues the company’s ability to repurchase shares but on updated terms and with a new expiration date in 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 03/03/2026 - 05:56 PM Learn about SEC filing dates

false 0001677576 0001677576 2026-03-03 2026-03-03 0001677576 us-gaap:CommonStockMember 2026-03-03 2026-03-03 0001677576 us-gaap:SeriesAPreferredStockMember 2026-03-03 2026-03-03 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 3, 2026

Innovative Industrial Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland		001-37949		81-2963381
(State or Other Jurisdiction of Incorporation)		(Commission File No.)		(I.R.S. Employer Identification No.)

1389 Center Drive, Suite 200

Park City, UT 84098

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (858) 997-3332

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		IIPR		New York Stock Exchange
Series A Preferred Stock, par value $0.001 per share		IIPR-PA		New York Stock Exchange

Item 8.01 Other Events.

On March 3, 2026, the Board of Directors of Innovative Industrial Properties, Inc. (the “Company”) approved a new share repurchase program authorizing the repurchase of up to $100 million of the Company's common stock (the “Share Repurchase Program”). The Share Repurchase Program replaces the Company's existing share repurchase program, which is scheduled to expire on March 17, 2026.

Repurchases will be made through open market purchases, block trades and/or privately negotiated transactions in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, and other relevant factors. The Company may also adopt a Rule 10b5-1 share repurchase plan, which would allow the Company to repurchase shares through pre-determined criteria at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The timing, volume and nature of the repurchases will be at the discretion of management based on its evaluation of the capital needs of the Company, market conditions, applicable legal requirements and other factors. There is no guarantee as to the number of shares that will be repurchased, if any. The Share Repurchase Program expires on March 4, 2027, and may be extended, suspended, modified or discontinued at any time at the Company's discretion.

Item 9.01 Financial Statements and Exhibits.

(d)       Exhibits

Exhibit Number		Description of Exhibit
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 3, 2026	INNOVATIVE INDUSTRIAL PROPERTIES, INC.
	By:	/s/ David Smith
	Name:	David Smith
	Title:	Chief Financial Officer

Filing Exhibits & Attachments

4 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.2 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 26.4 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 35.7 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 25.0 KB