Innovative Industrial Properties, Inc. entered into an underwriting agreement to issue and sell 2,000,000 shares of its 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. Total net proceeds are expected to be approximately $48.4 million after deducting the underwriting discount, excluding estimated expenses and assuming no exercise of the over-allotment option. The offering is expected to close on or about October 19, 2026. Innovative Industrial Properties operates in the real estate investment trust sector, specializing in financing cannabis-related businesses.
