NYSE Listed Cannabis REIT to Raise Capital Selling Shares
Innovative Industrial Properties Announces Public Offering of 2,000,000 Shares of Common Stock
SAN DIEGO, OCTOBER 3, 2018–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR) announced today that it has commenced a public offering of 2,000,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 300,000 shares of its common stock to cover overallotments, if any. 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 that support the regulated cannabis cultivation and processing industry that are consistent with its investment strategy, and for general corporate purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS), Compass Point Research & Trading, LLC and BTIG, LLC are acting as joint book-running 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 Ladenburg Thalmann & Co. Inc., 277 Park Avenue, 26th Floor, New York, NY 10172, or by email at email@example.com; 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; or BTIG, LLC at 825 3rd Avenue, 32nd Floor, New York, NY 10022, or by email at email@example.com.
A registration statement relating to these securities has been declared effective by 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 a self-advised Maryland corporation 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 intends to elect to be taxed as a real estate investment trust.
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