Innovative Industrial lists $15 million of 9% redeemable preferreds

By Susanna Moon

Chicago, Oct. 24 – Innovative Industrial Properties Inc. listed for trading its $15 million of 9% series A cumulative redeemable preferred stock on Tuesday, according to a notice.

The preferreds were to be listed on the New York Stock Exchange under the ticker symbol “IIPRPrA,” as announced Oct. 11.

As reported, Innovative priced a downsized issue of the 9% preferreds on Oct. 11 from the planned $33,062,500 deal.

Ladenburg Thalmann & Co. Inc. and National Securities Corp. were the joint bookrunning managers.

The securities will have a $25.00 liquidation preference.

There is a $2.25 million over-allotment option.

Dividends will be payable on a quarterly basis. The company can redeem the issue beginning in 2022 or upon a change of control.

The San Diego-based real estate investment trust will contribute proceeds to its operating partnership, which will then use the funds to invest in specialized industrial real estate assets that support the regulated medical-use cannabis cultivation and processing industry that are consistent with its investment strategy and for general corporate purposes.

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