Weed Industry-Driven REIT Prices Upsized Offering For $225M

Law360 (June 30, 2020, 8:12 PM EDT) -- Real estate investment trust Innovative Industrial Properties announced Tuesday it hopes to raise roughly $225 million in an upsized public offering advised by Foley & Lardner LLP and DLA Piper LLP.

Innovative Industrial Properties Inc. said the proceeds from selling more than 2.68 million shares for $83.85 each would be used to invest in income-producing industrial properties used for regulated cannabis cultivation and processing, according to filings with the U.S. Securities and Exchange Commission. That share price is a 7.26% discount to Monday's closing price.

The Foley & Lardner-advised REIT's offering increased from the 1.8 million shares it originally filed for...

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