Innovative Industrial Properties, Inc. (NYSE:IIPR), announced that it has commenced a public offering of 1,000,000 shares of its common stock. IIPR 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.
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, which intends to use the net proceeds 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 the 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.
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