Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, August 11, 1:38 PM
|This Slide: #197 of 582|
Slide #197. Innovative Industrial Properties, Inc. — Preferred Stock Offering
Innovative Industrial Properties, Inc. (NYSE:IIPR)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Innovative Industrial Properties, Inc. (the "Company") (NYSE:IIPR) announced today that it has filed a registration statement for a public offering of Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"). The Company expects to grant the underwriters a 30-day option to purchase additional shares to cover overallotments, if any. Currently no market exists for the Series A Preferred Stock. The Company plans to file an application to list the Series A Preferred Stock on the NYSE under the symbol "IIPRPrA." -updated 10/11- Innovative Industrial Properties, Inc. (the "Company") (NYSE:IIPR) announced today the pricing of an underwritten public offering of 600,000 shares of its 9.0% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share (the "Series A Preferred Stock"), at a price of $25.00 per share, for gross proceeds of approximately $15.0 million. The Company granted the underwriters of the offering a 30-day option to purchase up to an additional 90,000 shares of the Company's Series A Preferred Stock at the public offering price to cover over-allotments, if any. The Company intends to list the Series A Preferred Stock on the New York Stock Exchange under the symbol "IIPRPrA." Shares of the Company's common stock also trade on the New York Stock Exchange under the symbol "IIPR." The offering is expected to close on October 19, 2017, subject to customary closing conditions.
Innovative Industrial Properties is a holding company. Through its subsidiaries, Co. is a real estate investment trust focused on the acquisition, ownership and management of industrial properties leased to state-licensed operators for their regulated state-licensed cannabis facilities. Co. leases its properties on a triple-net lease basis, where the tenant is responsible for various aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, taxes and insurance. Co. conducts its business through a real estate investment trust, in which its properties are owned by its operating partnership, IIP Operating Partnership, LP.
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Buy (3.43 out of 4)
(ranked higher than approx. 50% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com