Innovative Indus SEC Filings

Innovative Industrial Properties, Inc. is raising $402.5 million through a private Offering of 6.000% exchangeable senior notes due 2029, including the full exercise of the initial purchasers’ option. The notes are senior unsecured obligations of its operating partnership, guaranteed by the company, and are exchangeable into cash, common stock, or both at the issuer’s option.

The initial exchange rate is 14.4113 shares per $1,000 principal amount, implying an initial exchange price of about $69.39 per share, with semiannual interest at 6.0%. The operating partnership plans to use $80.5 million of net proceeds to repurchase 1,334,106 common shares from note purchasers and the balance for working capital, general corporate purposes, potential debt repayment and new investments. The company also fully repaid $282 million of 5.50% senior notes due 2026 and recently raised about $55.7 million via at-the-market sales of common and Series A preferred stock.

Ives Bruce Alan reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties director Bruce Alan Ives received a grant of 2,652 shares of Common Stock as restricted stock. The award carries no purchase price and increases his directly owned holdings to 2,652 shares.

All 2,652 restricted shares are subject to forfeiture and are scheduled to be released on June 9, 2027, provided he continues to serve as a non-employee director or employee of Innovative Industrial Properties, Inc. through that date.

Innovative Industrial Properties Inc. director Bruce Alan Ives filed an initial Form 3 indicating his status as a reporting person for the company. The provided data show no reported share holdings or transactions at this time, serving purely as an initial ownership disclosure.

Shoemaker Scott reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties director Scott Shoemaker received a new equity grant in the form of restricted stock units. On June 9, 2026, he was awarded 2,652 Restricted Stock Units 2026, each representing the right to receive one share of common stock upon vesting.

All of these RSUs are subject to forfeiture restrictions and vesting conditions under the company’s Nonqualified Deferred Compensation Plan, with release from forfeiture scheduled for June 9, 2027 if he remains a director or employee. The filing also shows existing direct holdings of 2,611 common shares and several earlier RSU awards, such as 2,796 underlying shares from the 2025 RSU grant.

Boyle David Gerard reported acquisition or exercise transactions in this Form 4 filing.

Innovative Industrial Properties director David Gerard Boyle reported an equity award. He received 2,652 restricted stock units (RSUs), each representing a contingent right to one share of the company’s common stock upon vesting.

The RSUs are scheduled to vest on June 9, 2027, if he continues as a non-employee director or employee and meets vesting conditions under the company’s Nonqualified Deferred Compensation Plan. Following these transactions, he directly holds 2,951 shares of common stock, in addition to the RSU award.

Innovative Industrial Properties, Inc. reported the results of its annual stockholder meeting held on June 9, 2026. Stockholders approved the new 2026 Omnibus Incentive Plan, which replaces the 2016 plan. As of that date, up to 1,250,000 shares of common stock may be issued under awards granted pursuant to the 2026 Plan.

All five director nominees were elected to serve until the 2027 annual meeting. Stockholders also ratified the appointment of BDO USA, P.C. as independent registered public accounting firm for the year ending December 31, 2026. The advisory vote on executive compensation was approved, and stockholders indicated a preference for holding future advisory votes on executive pay every one year.

Innovative Industrial Properties, Inc. supplements its prospectus for an at-the-market offering of up to $500,000,000 of Common Stock and 9.00% Series A Preferred Stock to be sold from time to time. The company entered an ATM Advance Agreement with A.G.P. on May 22, 2026 and borrowed a $20,000,000 term loan that bears interest at 10.0% (rising to 18.0% on continuing default) and matures on October 9, 2026. Under the Agreement, net sales proceeds from A.G.P.’s ATM program must be deposited into a Segregated Account; upon an event of default, A.G.P. can direct sales under an Escrowed Placement Notice and apply proceeds to loan obligations. The supplement discloses that the company has sold 859,497 shares of common stock and 5,066,082 shares of Series A Preferred Stock, leaving a remaining aggregate offering amount of $336,934,000 available under the program.

Innovative Industrial Properties, Inc. entered into a new secured term loan on May 22, 2026, signing an ATM Advance Agreement with A.G.P./Alliance Global Partners for a $20 million loan. The company expects to use the proceeds for general corporate purposes, including repaying its 5.50% Senior Notes due May 2026.

The loan bears interest at 10.0% per annum, compounding monthly, rising to 18.0% during an event of default, and matures on October 9, 2026, with weekly principal and interest payments starting May 29, 2026. The company granted a security interest over proceeds from its at-the-market equity offering program with the lender and must deposit all such proceeds into a segregated, controlled account.

The agreement includes a 1% setup fee, allows voluntary prepayment without penalty, and requires mandatory prepayments upon certain asset sales or adverse events affecting the company’s financial position, capital markets access, ownership structure, or key collateral. It also contains customary covenants and events of default, and gives the lender enhanced remedies, including control over the segregated account and the ability to execute an escrowed placement notice to sell equity under the existing sales agreement if a default occurs.

Innovative Industrial Properties, Inc. entered into new secured term loan agreements and disclosed related details. Two indirect subsidiaries closed secured term loans totaling $21,960,000 with Amalgamated Bank, including a $10,560,000 loan to IIP‑MD 1 LLC and an $11,400,000 loan to IIP‑NJ 3 LLC.

Each loan bears a fixed 6.67% annual interest rate, amortizes over 25 years with monthly payments beginning July 5, 2026, and matures June 5, 2031, secured by first‑priority liens on the related properties. The company guaranteed the borrowers’ obligations and disclosed customary covenants, events of default, and prepayment premiums. A related press release noted four secured term loans totaling $44.9 million in gross proceeds, expected to repay unsecured notes maturing at the end of the month.