Innovative Industrial Properties launches Series B preferred stock offering
IIPR•Innovative Industrial Properties launched a public offering of its Series B Cumulative Redeemable Preferred Stock, with underwriters holding a 30-day option to buy additional shares to cover overallotments.
1. Offering proceeds
The company plans to use proceeds for the remaining unfunded commitment under a previously announced life science mezzanine loan investment. It expects to direct remaining net proceeds to investments consistent with its strategy and some general corporate purposes. The company plans to seek a NYSE listing for the preferred stock under the symbol “IIPR Pr B”.
