SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (“IIP”) (NYSE: IIPR) today announced that its operating partnership, IIP Operating Partnership, LP, has commenced an exchange offer for its outstanding unregistered 5.50% Senior Notes due 2026. These notes were originally issued on May 25, 2021 in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, in an aggregate principal amount of $300,000,000. Holders of these notes may ex