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BUZZ-Weed REIT Innovative Industrial drops after pricing upsized $225 mln stock deal

Tue 30th June, 2020 1:40pm
** Innovative Industrial Properties Inc  IIPR.N  shares down
6% at $85 as co raises equity for 2nd time in a month
    ** REIT sells ~2.7 mln shares, raises $225 mln to invest in
specialized industrial properties that support regulated
medical-use cannabis cultivation and processing industry
 urn:newsml:reuters.com:*:nBw7qhFfva
    ** Deal size increased from 1.8 mln shares; offer price of
$83.85 represents 7.3% discount to stock's Mon close
    ** BTIG sole bookrunning manager
    ** IIPR last raised equity a month ago in ~1.35 mln share
offering priced at $76.75  urn:newsml:reuters.com:*:nL1N2D9115
    ** Co has ~18.6 mln total shares outstanding for ~$1.7 bln
market cap, per Refinitiv data, and 18.1 mln shares of free
float
    ** Stock has risen 19% YTD
    ** Avg Street rating is "buy"; median PT is $110 (Refinitiv
data)

 (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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