Sharing is Caring – Innovative Industrial Properties Offers 1.3 Million Shares

SAN DIEGO–(BUSINESS WIRE)– Innovative Industrial Properties, Inc. (the "Company") (NYSE: IIPR) announced today the pricing of an underwritten public offering of 1,300,000 shares of its common stock at $126.00 per share for gross proceeds of $163.8 million. The offering is expected to close on or about July 16, 2019, subject to customary closing conditions. The Company has also granted the underwriters a 30-day option to purchase up to an additional 195,000 shares of its common stock. 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 cannabis cultivation and processing industry that are consistent with its investment strategy, and for general corporate purposes.

BTIG, LLC, Compass Point Research & Trading, LLC and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS), are acting as joint book-running managers for the offering.

The offering of the Company's common stock will be made only by means of a prospectus supplement and the accompanying prospectus.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is an internally-managed real estate investment trust (REIT) 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, Inc. has elected to be taxed as a REIT, commencing with the year ended December 31, 2017.

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Louis O'Neill
Louis O'Neill

Louis is a writer based in Sydney with a focus on social and political issues. Having interviewed local politicians and entrepreneurs, Louis now focuses on cannabis culture, legislation & reform.

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