Innovative Industrial Properties Inc. (NYSE: IIPR) shares dropped to close out the week after the company priced its secondary offering at a discount to its current price level. The price represents roughly an 8% discount to Thursday’s closing price.
In the offering, the company intends to price 2,967,799 shares of common stock at $73.25 apiece, expecting gross proceeds of roughly $217.4 million. There is an overallotment option for an additional 445,170 shares. All shares are being sold by the company.
Note that the shares being offered here represent about 22% of those outstanding.
BTIG is acting as sole book-running manager for the offering. Compass Point Research & Trading and Ladenburg Thalmann are acting as co-lead managers for the offering. Roth Capital Partners is acting as a co-manager for the offering.
The company intends to use the net proceeds from the offering to invest in specialized industrial real estate assets that support the regulated medical-use cannabis cultivation and processing industry and for general corporate purposes.
[nativounit]
Innovative Industrial Properties 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 stock was last seen down nearly 2% at $78.03 a share, in a 52-week range of $58.01 to $139.53. The consensus price target is $140.50.
[recirclink id=638100]
[wallst_email_signup]
Top Gaining Stocks
Top Losing Stocks