Innovative Industrial Properties, Inc. Form 8-K Filing

Innovative Industrial Properties, Inc. (the "Company"), through its operating partnership IIP Operating Partnership, LP, has issued $402,500,000 in aggregate principal amount of 6.00% exchangeable senior notes due 2029. These notes were offered in a private placement and are exchangeable for cash, shares of the Company's common stock, or a combination thereof, based on an initial exchange rate of 14.4113 shares per $1,000 principal amount. The notes are senior unsecured obligations of the Operating Partnership, guaranteed by the Company. The issuance and related transactions are detailed in a Form 8-K filing dated June 15, 2026. The company also used approximately $80.5 million of the net proceeds to repurchase shares of its common stock.