Innovative Industrial Properties Upsizes and Prices Public Offering of Common Stock
June 30 2020 - 6:45AM
Business Wire
Innovative Industrial Properties, Inc. (the “Company”) (NYSE:
IIPR) announced today the upsize and pricing of an underwritten
public offering of 2,683,363 shares of its common stock at $83.85
per share for gross proceeds of approximately $225.0 million. The
offering is expected to close on or about July 2, 2020, subject to
customary closing conditions. The Company has also granted the
underwriters a 30-day option to purchase up to an additional
402,504 shares of its common stock. 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 cannabis cultivation and processing industry that are
consistent with its investment strategy, and for general corporate
purposes.
BTIG, LLC is acting as sole book-running manager for the
offering; Roth Capital Partners, Compass Point Research &
Trading, LLC and Ladenburg Thalmann & Co. Inc. 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.
Copies of the preliminary prospectus supplement, final prospectus
supplement (when available) and the accompanying prospectus may be
obtained by contacting BTIG, LLC at 65 East 55th Street, New York,
NY 10022, or by email at equitycapitalmarkets@btig.com; Roth
Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach,
CA 92660, or by email at rothecm@roth.com; Compass Point Research
& Trading, LLC at 1055 Thomas Jefferson Street, N.W., Suite
303, Washington, DC 20007, or by email at
syndicate@compasspointllc.com; or Ladenburg Thalmann & Co.
Inc., 277 Park Avenue, 26th Floor, New York, NY 10172, or by email
at prospectus@ladenburg.com.
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 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. Innovative Industrial Properties,
Inc. has elected to be taxed as a REIT, commencing with the year
ended December 31, 2017.
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.
Currently, one of the most significant risks is the potential
adverse effect of the current pandemic of the novel coronavirus, or
COVID-19, on the financial condition, results of operations, cash
flows and performance of the Company and its tenants, the real
estate market, the global economy and financial markets. The extent
to which COVID-19 impacts the Company and its tenants will depend
on future developments, which are highly uncertain and cannot be
predicted with confidence, including the scope, severity and
duration of the pandemic, the actions taken to contain the pandemic
or mitigate its impact, and the direct and indirect economic
effects of the pandemic and containment measures, among others.
Moreover, investors are cautioned to interpret many of the risks
identified in the risk factors discussed in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2019 and other
filings with the Securities and Exchange Commission, as being
heightened as a result of the ongoing and numerous adverse impacts
of COVID-19. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200630005279/en/
Catherine Hastings Chief Financial Officer, Chief Accounting
Officer and Treasurer Innovative Industrial Properties, Inc. (858)
997-3332
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