Cannabis REIT IIPR Seeks to Raise up to $100MM

One year after its debut on the NYSE and fewer than two months after completing its $15mm sale of preferred shares, Innovative Industrial Properties (NYSE: IIPR) has filed a preliminary prospectus to raise up to $100mm. The S-3 registration statement indicates that the company may sell common stock, preferred stock, depositary shares, warrants, rights and/or units.

With the recently announced pending property acquisition of The Pharm’s 358K sq. ft. facility for $15mm, with $3mm of additional improvements, the company, which is also landlord to Pharmacann in New York, Vireo Health in Minnesota and New York and Holistic Industries in Maryland, needs to raise capital to support further expansion. IIPR went public in late November last year at a price of $20, and currently has an NAV of $17.13, based on the balance sheet in its Q3 10-Q, with 3.501mm common shares outstanding. The company pays a quarterly dividend of $0.15 per share, giving it a dividend yield of 3.2% based on the close of $18.90.

 

 

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Breaking news by Alan Brochstein, CFA

ab-byline-ncvBased in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV.

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