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Innovative Industrial Properties Inc (NYSE:IIPR) Reports Launch of Series “A” Preferred Stock Offering

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Innovative Industrial Properties Inc (NYSE:IIPR) has submitted a registration statement for an offering of Series “A” Cumulative Redeemable Preferred Stock. The firm anticipates to allow the underwriters a 30-day alternative to buy additional shares to opt for overallotments, if any. As of now, no market exists for the Series “A” Preferred Stock. The firm plans to submit a filing to list the Series “A” Preferred Stock on the NYSE under the ticker “IIPRPrA.”

The details

Innovative Industrial Properties plans to use the net proceeds from the preferred stock offering to invest in dedicated industrial real estate assets that boost the regulated medical-use cannabis grow and processing industry that are par with its investment plan, and for general corporate uses. Ladenburg Thalmann & Co. Inc. has been appointed as book-running manager for the stock offering. National Securities Corporation would be serving as a co-manager for the offering.

In an unrelated news, Innovative Industrial Properties reported that its board has announced a third quarter 2017 payout of $0.15 per share. The dividend is equivalent to a yearly payout of $0.60 per common share. As per the update, the dividend will be paid on October 13, 2017 to shareholders of record as of September 29, 2017.

Innovative Industrial Properties is a self-advised Maryland entity focused on the ownership, management and acquisition of specialized industrial assets leased to experienced, state-approved operators for their legalized medical-use cannabis facilities. The company plans to designate to be taxed as a real estate investment trust. Investors can get more information on the company’s official site.

In the last trading session, the stock price of Innovative Industrial Properties traded in a narrow range only to close flat at $18.71. The traded share volume was 12,643 compared to average share volume of 28,735. As per the last close, the market cap of firm stood at $65.51 million.

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