Innovative Industrial Properties Inc: offers 2,000,000 Series B shares

What happened

• The Company entered into an underwriting agreement on Oct 8, 2026 to issue and sell 2,000,000 shares of 9.25% Series B cumulative redeemable preferred stock at a public offering price of $25.00 per share.
• The Company granted the underwriters a 30-day option to purchase up to an additional 300,000 shares on the same terms. The Offering is expected to close on or about Oct 19, 2026.
• On Oct 13, 2026 the Company filed Articles Supplementary to designate 2,300,000 authorized preferred shares as 9.25% Series B preferred stock, with a liquidation preference of $25.00 per share.

Key details

• Underwriting agreement dated Oct 8, 2026; offering price $25.00 per share for 2,000,000 shares.
• Underwriters’ over-allotment option: 30 days to buy up to 300,000 additional shares.
• Estimated total net proceeds, before estimated expenses and assuming no exercise of the option: approximately $48,400,000.
• Articles Supplementary filed Oct 13, 2026 designated 2,300,000 shares as Series B preferred.

Why it may matter

• Item 1.01 (entry into a material definitive agreement) reports the underwriting agreement for the Offering. Item 3.03 (material modification to rights of security holders) and Item 5.03 (amendments to articles of incorporation) report the filing of Articles Supplementary designating the Series B preferred stock and its basic terms.
• The filing does not show why the company acted.