Innovative Industrial Properties Series A preferred shares offer an ~9.17% yield but are best suited for short-term, moderate allocations. IIPR.PR.A trades just below par, post-call date, exposing investors to negative convexity and heightened interest-rate sensitivity, limiting upside if rates decline. IIPR's low leverage and robust common equity base (~$1.8B) provide strong coverage for preferred obligations, with 19x earnings coverage on preferred dividends.









