SAN DIEGO--(BUSINESS WIRE)--
Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR)
announced today the pricing of its initial public offering of 3,350,000
shares of common stock at a public offering price of $20.00 per share.
The Company granted the underwriters of the offering a 30-day option to
purchase up to an additional 502,500 shares of the Company’s common
stock at the initial public offering price to cover over-allotments, if
any. The shares are expected to begin trading on December 1, 2016 on the
New York Stock Exchange under the symbol “IIPR.” The offering is
expected to close on December 6, 2016, subject to customary conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT:LTS), and Compass Point Research &
Trading LLC are acting as joint book-running managers for the offering.
Aegis Capital Corp. and National Securities Corporation are acting as
co-managers for the offering.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on November 30,
2016. This offering is being made only by means of a prospectus. A copy
of the final prospectus related to the offering may be obtained, when
available, from Ladenburg Thalmann & Co. Inc., 570 Lexington Avenue, 11th
Floor, New York, NY 10022, or by email at [email protected].
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be any
sale of these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such 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.
Forward-Looking Statements
This press release contains statements that we believe to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All
statements other than historical facts, including, without limitation,
statements regarding the closing of the offering and any exercise of the
over-allotment option by the underwriters, are forward-looking
statements. When used in this press release, words such as we “expect,”
“intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the
negative thereof or similar terminology are generally intended to
identify forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those expressed in, or implied by, such
statements. Investors should not place undue reliance upon
forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161201005467/en/
Innovative Industrial Properties, Inc.
Paul Smithers, 858-997-3332
Chief
Executive Officer
Source: Innovative Industrial Properties, Inc.