Innovative Industrial Properties priced an offering of 2 million shares of its 9.25% Series B cumulative redeemable preferred stock at $25 per share, targeting $50 million in gross proceeds. The underwriters hold a 30-day option to purchase up to 300,000 additional shares, and the offering is expected to close on October 19. Net proceeds will be used to fund part or all of the company's remaining commitment under a previously announced mezzanine loan investment in the life sciences industry, with any remaining funds earmarked for investments and general corporate purposes.
Innovative Industrial Properties IncIIP prices a $50M preferred stock offering, a financing event that dilutes but funds a mezzanine loan investment.
