Innovative Industrial Properties Prices $50 Million Series B Preferred Stock Offering
Innovative Industrial Properties Inc (NYSE:IIPR) priced 2,000,000 shares of its 9.25% Series B preferred stock at $25 per share. The transaction raises $50 million in gross capital before accounting for underwriters' options. Underwriters have been granted an option to purchase up to 300,000 additional shares under the same terms.
The company plans to use the net proceeds to meet its remaining mezzanine loan commitments within the life-sciences sector. Capital will also support future investments and general corporate operations. Shares of the real estate firm traded down 0.17% to $51.83 following the announcement.
Investors will look toward the expected closing date of Oct. 19, 2026, to confirm final transaction completion. Following the close, the preferred stock is scheduled to trade on the New York Stock Exchange under the symbol IIPR Pr B.
Key points
- Innovative Industrial Properties Inc (NYSE:IIPR) priced 2,000,000 Series B preferred shares at $25.00 each to raise $50 million.
- Underwriters hold an option to buy up to 300,000 additional preferred shares.
- Net proceeds will fund remaining life-sciences mezzanine loan commitments, future investments, and corporate needs.
- The offering is expected to close on Oct. 19, 2026, with preferred shares listing under ticker IIPR Pr B.
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How much money is Innovative Industrial Properties raising in its preferred stock offering?
Innovative Industrial Properties is raising $50 million by offering 2,000,000 Series B preferred shares at $25 per share, with an underwriters' option for 300,000 additional shares.
How will Innovative Industrial Properties use the proceeds from the offering?
Proceeds will fund remaining mezzanine loan commitments in the life-sciences sector, support additional investments, and cover general corporate expenses.
When is the offering expected to close?
The transaction is expected to close on Oct. 19, 2026, after which the preferred shares will trade on the NYSE under the symbol IIPR Pr B.