IIPR increases authorized Series A Preferred by 22.66M shares, enters $500M ATM equity facility

INNOVATIVE INDUSTRIAL PROPERTIES INC

Filed Articles Supplementary designating 22,660,000 additional shares of 9.00% Series A Cumulative Redeemable Preferred Stock; total authorized now 23,350,000 shares.
Terminated prior at-the-market sales agreements with BTIG, Jefferies, Piper Sandler & Co., and Roth Capital, effective May 29, 2024.
Entered new Equity Distribution Agreements with same agents to offer up to $500,000,000 of common stock and Series A Preferred Stock at-the-market.
New agreements allow forward sale arrangements for common stock, with agents receiving commissions up to 2.0% of gross proceeds.
Sales will be made under existing Form S-3 shelf registration and a prospectus supplement dated May 24, 2024.

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