# INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR-PA) — capital_raise/atm_program [announced]
Source: SEC API (secapi.ai) · situation sit_c589ef2b7986b0e5fa11 · retrieved 2026-08-11T16:11:04.515Z

## Overview
Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry, with a portfolio of 108 properties comprising approximately 8.4 million rentable square feet across 19 U.S. states.

Innovative Industrial Properties completed a private offering of $402.5 million aggregate principal amount of 6.0% exchangeable senior notes due 2029. The notes are exchangeable for cash, common stock, or a combination at the company's option. The operating partnership used $80.5 million of net proceeds to repurchase 1,468,542 shares of common stock at a weighted average price of approximately $60.58 per share. Remaining proceeds are intended for working capital, general corporate purposes, potential debt repayment, and future investments.

## Terms
- Deal value: $402.5M · Consideration: mixed · Price/share: $60.58

## Key dates
- Announced 2026-08-03

## Timeline
- 2026-08-03 · 8-K (0001677576-26-000003): 8-K - INNOVATIVE INDUSTRIAL PROPERTIES INC — *Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and financial investments in the life science industry, with a portfolio of 108 properties comprising approximately 8.4 million rentable square feet across 19 U.S. states.* Innovative Industrial Properties completed a private offering of $402.5 million aggregate principal amount of 6.0% exchangeable senior notes due 2029. The notes are exchangeable for cash, common stock, or a combination at the company's option. The operating partnership used $80.5 million of net proceeds to repurchase 1,468,542 shares of common stock at a weighted average price of approximately $60.58 per share. Remaining proceeds are intended for working capital, general corporate purposes, potential debt repayment, and future investments.
  https://www.sec.gov/Archives/edgar/data/1677576/0001677576-26-000003.txt

## Citations
- 0001677576-26-000003 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000167757626000003