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Innovative Industrial Properties Closes Stock Issue, Raises $250M

TheMotleyFool

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Innovative Industrial Properties Closes Stock Issue, Raises $250MPhoto, wide shot, wide-angle lens, Diversified industrial company, sunset photo at golden hour, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/3bc2ecaa-ddda-4d9f-865e-4df253bbd22f.png

Innovative Industrial Properties (NYSE: IIPR) has shut the lid on its latest fund-raising effort. The company said in a press release published on Tuesday that it closed a secondary share issue, from which it raised gross proceeds of roughly $250 million.

The company, which is a real estate investment trust (REIT) concentrating entirely on properties used by the cannabis industry, brought in more than it originally anticipated. When first announced earlier this month, Innovative said it was floating 2 million shares of its common stock to the public, and offering an additional 300,000 to the issue's underwriters in a 30-day option.

Image source: Getty Images

Source Fool.com

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