Innovative Industrial Properties, Inc. filed a Form 8-K on September 1, 2026, reporting the termination of its equity distribution agreement with Jefferies LLC and the addition of Huntington Securities, Inc. as a new sales agent under the company's at-the-market share offering program, effective August 31, 2026.

Key Highlights

  • Jefferies LLC agreement terminated: On August 31, 2026, the company received notice of termination of its equity distribution agreement with Jefferies LLC, and will not offer or sell any additional shares under that agreement.
  • Huntington Securities added: On August 31, 2026, the company entered into an additional equity distribution agreement with Huntington Securities, Inc. as sales agent, forward seller, and/or forward purchaser.
  • Program size unchanged: The aggregate offering price under the program remains up to $500,000,000 in shares of common stock and 9.00% Series A Cumulative Redeemable Preferred Stock.
  • Prospectus supplement filed: A Supplement No. 3 to the ATM Prospectus was dated August 31, 2026, in connection with the updated agreements.
  • Existing agents remain: BTIG, LLC, Piper Sandler & Co., Roth Capital Partners, LLC, Stifel, Nicolaus & Company, Incorporated, and A.G.P./Alliance Global Partners continue as sales agents under their respective equity distribution agreements.

Innovative Industrial Properties Replaces Jefferies with Huntington in ATM Program

According to the filing, Innovative Industrial Properties, Inc. (NYSE:IIPR) and its operating partnership, IIP Operating Partnership, LP, maintain a series of equity distribution agreements that allow the company to offer and sell, from time to time, shares of its common stock and its 9.00% Series A Cumulative Redeemable Preferred Stock at an aggregate offering price of up to $500,000,000. The program was originally established through agreements dated May 24, 2024, with subsequent amendments and additions through May 2025.

The company disclosed that on August 31, 2026, it received notice that the equity distribution agreement with Jefferies LLC was terminated in accordance with its terms. As a result, the company stated it "will not offer or sell any additional Shares under that agreement." On the same date, the company entered into a new equity distribution agreement with Huntington Securities, Inc., described as being on "substantially the same terms and conditions" as the existing agreements. Huntington may also serve as a forward seller and/or forward purchaser under a related master forward sale agreement.

The filing notes that shares under the program are offered pursuant to a shelf registration statement on Form S-3 (File No. 333-285148), which became effective upon filing with the SEC on February 21, 2025. The base prospectus is dated February 21, 2025, and the related prospectus supplement is dated February 26, 2025, as supplemented by Supplement No. 1 dated May 13, 2025, Supplement No. 2 dated May 22, 2026, and Supplement No. 3 dated August 31, 2026. The filing was signed by David Smith, Chief Financial Officer, on August 31, 2026.

What Was Disclosed

The company reported the termination of its equity distribution agreement with Jefferies LLC and the concurrent addition of Huntington Securities, Inc. as a replacement sales agent, forward seller, and/or forward purchaser under its existing at-the-market equity offering program of up to $500,000,000.