Innovative Industrial Properties Drops After Pricing of 1.3M Share Offering
Alphria
Innovative Industrial Properties (IIPR) - Get Report is falling about 9% Friday after the real estate investment trust priced a public offering of 1.3 million common shares at $126 each, below its Thursday closing price of $137.62.
The company is selling all the shares. Gross proceeds from the offering are expected to be $163.8 million.
The San Diego company said it planned to use the proceeds to further its strategy of purchasing specialized industrial properties for lease to state-licensed operators of medical-use-cannabis facilities.
BTIG, Compass Point Research and Ladenburg Thalmann are joint book-runners for the sale.
The underwriters have a 30-day option to buy an additional 195,000 shares. The offering is expected to close on or about July 16.
Innovative Industrial shares were down 9.2% to $125.02 on Friday.