IIPR adds Huntington to ATM program as Jefferies exits, with no shares sold

This is a financing-mechanics update, not a capital raise. IIPR terminated Jefferies’ participation and added Huntington as another sales agent, forward seller and/or forward purchaser. 〔0〕 〔1〕

The headline capacity remains potential, not realized dilution. The ATM permits sales of common stock and 9.00% Series A preferred stock, but the filing does not report that any shares were sold on August 31, 2026. The disclosed offering framework covers up to $500 million in aggregate offering price.

Versus expectations, the clean read is neutral because no operating or financial outcome changed. There is no published earnings, guidance or transaction benchmark to beat or miss here; the filing mainly confirms a replacement/addition of distribution infrastructure. The practical implication is continued access to equity or preferred funding, while the actual balance-sheet and dilution impact depends on whether IIPR later uses the program and at what prices.