SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc.(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.
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.