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BUZZ-Weed REIT Innovative Industrial hit on planned 1.8 mln share offer

Mon 29th June, 2020 9:41pm
** Innovative Industrial Properties Inc  IIPR.N  shares fall
>4% after hours as co looks to raise equity for 2nd time in a
month
    ** IIPR closed Mon regular session up 2.5% at $90.42
    ** After the bell, co commences 1.8 mln share offering to
invest in specialized industrial properties that support
regulated medical-use cannabis cultivation and processing
industry  urn:newsml:reuters.com:*:nBw8TflLwa
    ** BTIG sole bookrunner for offering expected to price
overnight/before market open Tues
    ** IIPR raised equity a month ago after ~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
    ** IIPR has gained ~19% YTD
    ** Avg rating among 5 brokerages is "buy" and 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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