Innovative Industrial Properties, Inc. (NYSE:IIPR) has placed approximately 2,000,000 shares of common stock for public offering, representing roughly 22% of the shares outstanding.
The company’s plan for the revenue of the sale is to invest in specialized real estate assets. The assets are intended for cultivation and processing facilities for corporate use and in alignment with the company’s investment strategy.
The company placed the public offering of 2.967M common shares at $73.25/share. Gross proceeds will equate to $217.4M. Underwriters are expected to be offered a 30-day option to purchase up to an additional 300,000 shares of its common stock.
According to MarketWatch, since the announcement of the public offering, the REIT’s stock has dropped 4.5% in premarket trading, pricing 7.8% Thursday’s close of $79.45.
Key players in the offering include BTIG, LLC as sole-book running manager, BTIG, LLC is acting as sole book-running manager for the offering; Compass Point Research & Trading, LLC and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. as co-lead managers, and Roth Capital Partners as a co-manager.
Innovative Industrial Properties, Inc. is an internally managed real estate investment trust. It is focused on the acquisition, ownership and management of specialized industrial properties leased to licensed medical-use cannabis facilities.