Cannabis REIT Innovative Industrial slips on $250 mln exchangeable

Innovative Industrial Properties

09/06/2026 21:33

** Shares of Innovative Industrial Properties IIPR.N, which acquires and leases properties to state-licensed cannabis facilities operators, down 2.6% to $58.75 post-market as it looks to raise capital
** REIT kicks off private offering of $250 mln exchangeable notes due 2029
** It plans to use net offering proceeds for working capital and general purposes, including debt repayment and funding investments consistent with its investment strategy
** Also intends to use up to $50 mln of proceeds to repurchase its shares to facilitate hedging for exchangeable notes investors
** IIPR shares finished up 1.9% at $60.34 on Tues, up 27.5% YTD
** Park City, Utah-based firm has about $1.7 bln market cap
** Of 6 analysts covering the stock, 1 rates "buy", 4 "hold", 1 "sell"; median PT $56, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))