Innovative Industrial Properties Announces Public Offering of 1,000,000 Shares of Common Stock
SAN DIEGO, March 31, 2022–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR) announced today that it has commenced a public offering of 1,000,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 150,000 shares of its common stock. All of the shares are being sold by the Company.
The Company intends to use the net proceeds from this offering to invest in specialized industrial real estate assets used in the regulated cannabis industry that are consistent with its investment strategy, and for general corporate purposes.
BTIG, LLC is acting as sole book-running manager for the offering. Piper Sandler & Co., Roth Capital Partners and Compass Point Research & Trading, LLC are acting as co-lead managers for the offering.
The offering of the Company’s common stock will be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the accompanying prospectus may be obtained by contacting BTIG, LLC at 65 East 55th Street, New York, NY 10022, or by email at email@example.com; Piper Sandler & Co., 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or by email at firstname.lastname@example.org; Roth Capital Partners, 888 San Clemente, Suite 400, Newport Beach, CA 92660, or by email at email@example.com; or Compass Point Research & Trading, LLC at 1055 Thomas Jefferson Street, N.W., Suite 303, Washington, DC 20007, or by email at firstname.lastname@example.org.
A registration statement relating to these securities became effective upon filing with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is an internally-managed real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a REIT, commencing with the year ended December 31, 2017.