Innovative Industrial Properties prices 9.25% preferred shares at $25 per share

• Innovative Industrial Properties (IIPR) priced an offering of 2M shares of its 9.25% Series B cumulative redeemable preferred stock at $25 per share.
• The company is targeting $50M in gross proceeds.
• The underwriters have a 30-day option to purchase up to 300K additional shares.
• The offering is expected to close on October 19.
• Net proceeds will be used to fund part or all of its 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.

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