Innovative Industrial Properties, Inc. entered into a purchase agreement to sell $455 million in aggregate principal amount of 6.000% exchangeable senior notes due 2029, including a $52.5 million over-allotment option. The notes are exchangeable for cash, common stock, or a combination thereof at an initial exchange price of approximately $69.39 per share. The company intends to use $80.5 million of the net proceeds to repurchase 1,334,106 shares of common stock, with the remainder allocated to working capital and general corporate purposes. Additionally, the company confirmed the full repayment of $282 million in 5.50% senior notes that matured on May 25, 2026. The company is a real estate investment trust that operates industrial properties.
