Financing ·
On June 15, 2026, IIP Operating Partnership, LP issued $402.5 million in 6.00% exchangeable senior notes due 2029…
IIPRInnovative Industrial Properties Inc
On June 15, 2026, IIP Operating Partnership, LP issued $402.5 million in 6.00% exchangeable senior notes due 2029, guaranteed by Innovative Industrial Properties, Inc. The notes are exchangeable for cash, common stock, or a combination thereof, with an initial exchange rate of 14.4113 shares per $1,000 principal (approximately $69.39 per share). Concurrently, the company used approximately $80.5 million of the net proceeds to repurchase 1,334,466 shares of common stock at $60.34 per share. The company operates as a real estate investment trust that acquires and manages properties for cannabis cultivation.