Company: IIPR
Filing Date: 2025-05-13
Form Type: 8-K
Source: 0001104659-25-047880
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Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-13
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events.

As
previously disclosed, on May 24, 2024, Innovative Industrial Properties, Inc. (the “ Company”) and its operating partnership,
IIP Operating Partnership, LP, a Delaware limited partnership (the “ Operating Partnership”), entered into separate equity
distribution agreements (collectively, as amended, the “ Original Equity Distribution Agreements”) with each of BTIG, LLC,
Jefferies LLC, Piper Sandler & Co., and Roth Capital Partners, LLC (or certain of their respective affiliates), in each case acting
as sales agents, and in certain cases, as forward sellers and/or forward purchasers, pursuant to which the Company may offer and sell,
from time to time, shares of (i) its common stock, $0.001 par value per share (the “ Common Stock”) and (ii) its 9.00% Series
A Cumulative Redeemable Preferred Stock, par value $0.001 per share (together with the Common Stock, the “ Shares”), having
an aggregate offering price of up to $500,000,000. The Original Equity Distribution Agreements provide that, in addition to the issuance
and sale of the Shares through the sales agents, the Company may enter into forward sale agreements under separate master forward sale
agreements (collectively, the “ Original Master Forward Sale Agreements”) and related supplemental confirmations between the
Company and a forward seller or its affiliate.

On
May 13, 2025, the Company and the Operating Partnership entered into additional equity distribution agreements (the “ Additional
Equity Distribution Agreements”) with Stifel, Nicolaus & Company, Incorporated and A. G. P. / Alliance Global Partners (or certain
of their respective affiliates), as additional sales agents, forward sellers, and/or forward purchasers, on substantially the same terms
and conditions as the Original Equity Distribution Agreements (collectively with the Original Equity Distribution Agreements, the “ Equity
Distribution Agreements”). The Additional Equity Distribution Agreements provide that, in addition to the issuance and sale of the
Shares through the sales agents, the Company may enter into forward sale agreements under separate master forward sale agreements and
related supplemental confirmations between the Company and a forward seller or its affiliate, on substantially the same terms and conditions
as the Original Master Forward Sale Agreements (collectively with the Original Master Forward Sale Agreements, the “ Master Forward
Sale Agreements”).

The
Shares will be offered and sold