SAN DIEGO--(BUSINESS WIRE)--
Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR)
announced today that it has commenced a public offering of 1,000,000
shares of its common stock. The Company expects to grant the
underwriters a 30-day option to purchase up to an additional 150,000
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
medical-use 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), is acting as lead
book-running manager. Compass Point Research & Trading, LLC 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 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 protected].
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.
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 offering and the use of proceeds from the
offering, 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/20180117006382/en/
Innovative Industrial Properties, Inc.
Catherine Hastings, (858)
997-3332
Chief Financial Officer, Chief Accounting Officer and
Treasurer
Source: Innovative Industrial Properties, Inc.