SAN DIEGO--(BUSINESS WIRE)--
Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR)
announced today the pricing of an underwritten public offering of
600,000 shares of its 9.0% Series A Cumulative Redeemable Preferred
Stock, par value $0.001 per share (the "Series A Preferred Stock"), at a
price of $25.00 per share, for gross proceeds of approximately $15.0
million. The Company granted the underwriters of the offering a 30-day
option to purchase up to an additional 90,000 shares of the Company’s
Series A Preferred Stock at the public offering price to cover
over-allotments, if any. The Company intends to list the Series A
Preferred Stock on the New York Stock Exchange under the symbol
"IIPRPrA." Shares of the Company's common stock also trade on the New
York Stock Exchange under the symbol "IIPR." The offering is expected to
close on October 19, 2017, subject to customary closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT:LTS), and National Securities
Corporation, a wholly owned subsidiary of National Holdings Corporation
(NasdaqCM: NHLD), are acting as joint book-running managers for the
offering.
The Company intends to use the net proceeds from this offering to invest
in specialized industrial real estate assets that support the regulated
medical-use cannabis cultivation and processing industry that are
consistent with its investment strategy, and for general corporate
purposes.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on October 11, 2017.
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.
This press release contains statements that the Company believes 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. The Company disclaims any obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171011006307/en/
Innovative Industrial Properties, Inc.
Catherine Hastings
Chief
Financial Officer, Chief Accounting Officer and Treasurer
(858)
997-3332
Source: Innovative Industrial Properties, Inc.