Innovative Industrial Properties, Inc. filed a Form 8-K on November 9, 2026, disclosing amendments to its existing equity distribution agreements that add the company's 9.25% Series B Cumulative Redeemable Preferred Stock to its at-the-market offering program.

Key Highlights

  • New security added: The 9.25% Series B Cumulative Redeemable Preferred Stock (par value $0.001 per share) was added to the company's existing ATM offering program alongside common stock and Series A Preferred Stock.
  • Program capacity: The ATM program covers shares with an aggregate offering price of up to $500,000,000.
  • Remaining availability: As of November 9, 2026, shares having an aggregate offering price of approximately $336.9 million remain available for offer and sale under the ATM Prospectus Supplement.
  • Six distribution agents: Amendments were made to agreements with BTIG, LLC, Piper Sandler and Co., Roth Capital Partners, LLC, Stifel Nicolaus and Company, A.G.P./Alliance Global Partners, and Huntington Securities, Inc.
  • Registration statement: Shares will be offered pursuant to Form S-3 (Registration No. 333-285148) and a prospectus supplement dated November 9, 2026.
  • Signed by: David Smith, Chief Financial Officer, on behalf of Innovative Industrial Properties, Inc.

Innovative Industrial Properties Expands ATM Program to Include Series B Preferred Stock

According to the filing, Innovative Industrial Properties, Inc. (NYSE:IIPR) and IIP Operating Partnership, LP entered into amendments on November 9, 2026, to each of the company's existing equity distribution agreements. The amendments were made solely to add the company's 9.25% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share, together with conforming changes, to the existing at-the-market offering program.

The company's ATM program, as described in the filing, covers the offer and sale of shares having an aggregate offering price of up to $500,000,000. The program previously included the company's common stock (par value $0.001 per share) and its 9.00% Series A Cumulative Redeemable Preferred Stock (par value $0.001 per share). The filing states that the company collectively refers to its common stock, Series A Preferred Stock, and Series B Preferred Stock as the "Shares."

The distribution agreements amended were originally dated May 24, 2024 (with BTIG, LLC, Piper Sandler and Co., and Roth Capital Partners, LLC or their respective affiliates or agents), May 13, 2025 (with Stifel, Nicolaus and Company, Incorporated and A.G.P./Alliance Global Partners or their respective affiliates or agents), and August 31, 2026 (with Huntington Securities, Inc. or its affiliates or agents). The filing notes that as of the report date, shares having an aggregate offering price of approximately $336.9 million remain available for offer and sale pursuant to the ATM Prospectus Supplement dated November 9, 2026. The shares will be offered under Form S-3 registration statement (Registration No. 333-285148).

What Was Disclosed

Innovative Industrial Properties disclosed amendments to six equity distribution agreements, adding the 9.25% Series B Cumulative Redeemable Preferred Stock to its ATM offering program, with approximately $336.9 million in aggregate offering price remaining available as of November 9, 2026.