IIPR prices $50M offering of 9.25% Series B preferred at $25.00 per share

INNOVATIVE INDUSTRIAL PROPERTIES INC

2,000,000 shares of 9.25% Series B Cumulative Redeemable Preferred priced at $25.00; 30-day option for 300,000 additional shares.
Net proceeds expected ~$48.4M after underwriting discount; offering expected to close on or about October 19, 2026.
Articles Supplementary filed with Maryland on October 13, 2026 designated 2,300,000 authorized preferred shares as Series B; $25.00 liquidation preference.
Stifel, Nicolaus & Company, Incorporated acts as representative of the underwriters under an October 8, 2026 underwriting agreement.
If Series B distributions go undeclared, IIPR's ability to pay distributions on or redeem junior/parity stock is restricted.

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