Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock

Innovative Industrial Properties Prices Public Offering of 9.25% Series B Cumulative Redeemable Preferred Stock

Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR) announced today the pricing of an underwritten public offering of 2,000,000 shares of its 9.25% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”), at a price of $25.00 per share, for gross proceeds of $50,000,000. The Company granted the underwriters of the offering a 30-day option to purchase up to an additional 300,000 shares of the Company’s Series B Preferred Stock at the public offering price to cover overallotments, if any. The Company plans to file an application to list the Series B Preferred Stock on the New York Stock Exchange under the symbol “IIPR Pr B.” Shares of the Company’s common stock also trade on the New York Stock Exchange under the symbol “IIPR.” The offering is expected to close on October 19, 2026, subject to customary closing conditions.