INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR): debt financing — IIPR issues $402.5M 6.00% exchangeable notes due 2029; uses $80.5M to repurchase shares

INNOVATIVE INDUSTRIAL PROPERTIES INC

Issued $402.5M aggregate principal of 6.00% exchangeable senior notes due June 15, 2029, including $52.5M from full option exercise.
Notes exchangeable at 14.4113 shares per $1,000 principal (~$69.39/share), may be settled in cash, stock, or combination.
Used $80.5M of net proceeds to repurchase 1,334,466 shares of common stock at $60.34 per share in privately negotiated transactions.
Notes are senior unsecured obligations and fully and unconditionally guaranteed by the company.
Operating partnership cannot redeem notes before maturity; holders may require repurchase upon fundamental change.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred senior notes of $402,500,000 aggregate principal amount with BTIG, LLC and certain other initial purchasers at 6.00% per annum maturing June 15, 2029.

Instrument: senior notes
Principal: $402,500,000 aggregate principal amount
Counterparty: BTIG, LLC and certain other initial purchasers
Rate: 6.00% per annum
Maturity: June 15, 2029
Event: incurrence

Exact text from the filing

On June 15, 2026, IIP Operating Partnership, LP (the “Operating Partnership”), the operating partnership of Innovative Industrial Properties, Inc. (the “Company”), issued $402,500,000 aggregate principal amount of 6.00% exchangeable senior notes due 2029 (the “Notes”) to BTIG, LLC and certain other initial purchasers (collectively, the “Initial Purchasers”) pursuant to a Purchase Agreement, dated as of June 9, 2026 (the “Purchase Agreement”), which includes $52,500,000 in aggregate principal amount of the Notes that were sold to the Initial Purchasers pursuant to the full exercise of the option set forth in the Purchase Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INNOVATIVE INDUSTRIAL PROPERTIES INC entered into Purchase Agreement with BTIG, LLC and certain other initial purchasers valued at $402,500,000 aggregate principal amount (effective 2026-06-09).

Action: entry
Agreement: underwriting
Counterparty: BTIG, LLC and certain other initial purchasers
Value: $402,500,000 aggregate principal amount
Effective: 2026-06-09

Exact text from the filing

pursuant to a Purchase Agreement, dated as of June 9, 2026 (the “Purchase Agreement”), which includes $52,500,000 in aggregate principal amount of the Notes that were sold to the Initial Purchasers pursuant to the full exercise of the option set forth in the Purchase Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INNOVATIVE INDUSTRIAL PROPERTIES INC entered into Indenture with Argent Institutional Trust Company, as trustee valued at $402,500,000 aggregate principal amount (effective 2026-06-15).

Action: entry
Agreement: notes offering
Counterparty: Argent Institutional Trust Company, as trustee
Value: $402,500,000 aggregate principal amount
Effective: 2026-06-15

Exact text from the filing

The Notes were issued pursuant to an Indenture, dated as of June 15, 2026, by and among the Company, the Operating Partnership and Argent Institutional Trust Company, as trustee (the “Trustee”), governing the terms of the Notes.

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295 debt financings filed in the last 30 days. Browse all debt financings →

INNOVATIVE INDUSTRIAL PROPERTIES INC filing history →

Source: SEC EDGAR

accession 0001104659-26-074144

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