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Innovative Industrial Properties agreed to issue 2,000,000 shares of 9.25% Series B cumulative redeemable preferred stock at $25.00 per share, for gross proceeds of $50 million. Stifel represents the underwriters, who have a 30-day option.
Innovative Industrial Properties said it has commenced a public offering of its Series B Cumulative Redeemable Preferred Stock and expects to grant underwriters a 30-day overallotment option. The company said it plans to use proceeds for a mezzanine loan commitment, other investments and general corporate purposes.
Innovative Industrial Properties commenced a public offering of Series B Cumulative Redeemable Preferred Stock and plans to grant underwriters a 30-day option to buy additional shares.