09:19 AM EDT, 06/10/2026 (MT Newswires) -- Innovative Industrial Properties ( IIPR ) said its operating partnership priced an upsized private offering of $350 million of 6.0% exchangeable senior notes due 2029, the company said Wednesday.

The initial purchasers have a 13-day option to buy up to an additional $52.5 million of notes to cover over-allotments.

The company said it plans to use up to $70 million of the net proceeds to finance share buybacks, with the remainder allocated to working capital, general corporate purposes, potential debt repayment, and investments.

The offering was upsized from an initial $250 million, with closing expected on June 15, it added.