{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-074144","form_type":"8-K","ticker":"IIPR","cik":"0001677576","company_name":"INNOVATIVE INDUSTRIAL PROPERTIES INC","filed_at":"2026-06-15T21:26:11+00:00","discovered_at":"2026-06-15T21:28:00.346010+00:00","generated_at":"2026-06-15T21:28:48.522775+00:00","sec_items":["1.01","2.03","3.02","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"IIPR issues $402.5M 6.00% exchangeable notes due 2029; uses $80.5M to repurchase shares","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-074144","json":"https://secwatch.observer/filing/0001104659-26-074144.json","markdown":"https://secwatch.observer/filing/0001104659-26-074144.md","text":"https://secwatch.observer/filing/0001104659-26-074144.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1677576/000110465926074144/0001104659-26-074144-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1677576/000110465926074144/tm2617982d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T21:28:48.522775+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"c8d6ba32455120261f9e5c0def42410290440714","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1677576/000110465926074144/0001104659-26-074144-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$402,500,000 aggregate principal amount"},{"label":"Counterparty","value":"BTIG, LLC and certain other initial purchasers"},{"label":"Rate","value":"6.00% per annum"},{"label":"Maturity","value":"June 15, 2029"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"d3ace2805993ba05bee210fc34c458d0a8c1895f","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1677576/000110465926074144/0001104659-26-074144-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"underwriting"},{"label":"Counterparty","value":"BTIG, LLC and certain other initial purchasers"},{"label":"Value","value":"$402,500,000 aggregate principal amount"},{"label":"Effective","value":"2026-06-09"}],"fact_type":"material_agreement"},{"claim_id":"dfed77531db5df611be468f0e22bb4dc348fae42","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1677576/000110465926074144/0001104659-26-074144-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Argent Institutional Trust Company, as trustee"},{"label":"Value","value":"$402,500,000 aggregate principal amount"},{"label":"Effective","value":"2026-06-15"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}