SAN DIEGO--(BUSINESS WIRE)--
Innovative Industrial Properties, Inc. (the "Company") (NYSE: IIPR)
announced today that the initial purchasers in IIP Operating
Partnership, LP's (the "Operating Partnership") previously announced
private offering of 3.75% Exchangeable Senior Notes due 2024 (the
"Notes") exercised in full their option to purchase $18.75 million
aggregate principal amount of additional Notes.
In total, the Operating Partnership issued $143.75 million in aggregate
principal amount of the Notes, raising approximately $138.4 in net
proceeds, after deducting the initial purchasers' discounts and
estimated offering expenses payable by the Operating Partnership. The
Operating Partnership intends to use the net proceeds from this private
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.
The Notes are being sold to qualified institutional buyers (as defined
under the Securities Act of 1933, as amended (the "Securities Act")) in
reliance on Rule 144A under the Securities Act. The Notes, the
guarantees and the common stock issuable upon exchange of the Notes have
not been registered under the Securities Act or any state securities
laws and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
This release shall not constitute an offer to sell or the solicitation
of an offer to buy the Notes, the guarantees or the common stock
issuable upon exchange of the Notes, nor shall it constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.
Forward-Looking Statements
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: https://www.businesswire.com/news/home/20190222005214/en/
Catherine Hastings
Chief Financial Officer, Chief Accounting
Officer and Treasurer
Innovative Industrial Properties, Inc.
(858)
997-3332
Source: Innovative Industrial Properties, Inc.