IIPR raises $402.5M in exchangeable notes, immediately uses $80.5M to buy back 1.3M shares

Filed June 15, 2026 · Period ending June 15, 2026 · ~1 min read

Key Changes

• high

  Operating partnership issued $402.5M of 6% exchangeable senior notes due 2029, adding significant leverage to the balance sheet while providing capital for operations and the concurrent share buyback.

  Item 1.01: Notes Offering verify on EDGAR →
• high

  Notes are exchangeable into common stock at $69.39/share (15% above the $60.34 buyback price), representing potential dilution of 5.8M shares if fully converted, though company controls whether to settle in cash or stock.

  Item 1.01: Exchange Terms verify on EDGAR →
• high

  Company used $80.5M of note proceeds to repurchase 1.3M shares at $60.34/share in private transactions, reducing share count but funding the buyback with debt rather than operating cash flow.

  Item 1.01: Share Repurchase verify on EDGAR →