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BUZZ-Cannabis REIT Innovative Industrial falls after pricing share offering

Wed 27th May, 2020 1:40pm
** Innovative Industrial Properties Inc  IIPR.N  shares down
~3% at $82.50 premarket after co prices follow-on
    ** Stock could snap 8-session win streak if losses hold
    ** Co sells ~1.35 mln shares for ~$100 mln gross raise
 urn:newsml:reuters.com:*:nBw3NxNzMa
    ** Deal size upsized from 1 mln shares; prices at $74.16, a
12.8% discount to stock's Tues close
    ** IIPR to use net proceeds to invest in specialized
industrial properties that support regulated medical-use
cannabis cultivation and processing industry
    ** Co has ~17 mln total shares outstanding, per Refinitiv
data 
    ** BTIG sole bookrunning mananger for offering
    ** IIPR last raised equity in Jan when co priced $217 mln
follow-on at $73.25  urn:newsml:reuters.com:*:nL1N29T0AC
    ** Stock has gained 12% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
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