Innovative Industrial Properties Prices Preferred Shares Offering
Innovative Industrial Properties (IIPR) has priced an offering of 2 million shares of its 9.25% Series B cumulative redeemable preferred stock at $25 per share, aiming to raise approximately $50 million in gross proceeds. The company announced that the underwriters have a 30-day option to purchase up to additional shares. This capital-raising move is part of IIPR's strategy to fund its operations and growth initiatives within the cannabis real estate sector. Preferred stock offerings like this one are often used by companies seeking stable, long-term financing without diluting common shareholders excessively.
Tickers: $IIPR