IIPR prices upsized $350M exchangeable notes; repays $282M senior notes due 2026

INNOVATIVE INDUSTRIAL PROPERTIES INC

Priced $350M aggregate principal 6% exchangeable senior notes due 2029, upsized from $250M; initial exchange price ~$69.39.
Initial purchasers granted 13-day option for additional $52.5M; total aggregate principal amount $402.5M if fully exercised.
Intends to use up to $80.5M of net proceeds to repurchase common stock from note purchasers in private transactions.
On May 26, 2026, fully repaid $282M of 5.50% Senior Notes due 2026.
From Apr 1 to Jun 1, 2026, sold 680,842 common shares for ~$34.8M and 948,034 preferred shares for ~$20.9M under ATM program.

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