Cannabis REIT IIPR Will Not Proceed With Previous $300M Offering

Cannabis REIT Innovative Industrial Properties IIPR had announced last week that its operating partnership, IIP Operating Partnership, LP  would commence a public offering of $300 million aggregate principal amount of senior notes due 2027. But then on Friday after the market close, the company announced via SEC filing that it had “determined not to proceed with its proposed public offering of $300 million of senior notes due 2027 previously announced on February 1, 2022, due to market conditions.”

IIPR, which has around $1.7 billion in assets under management, noted at the time that it intends to use the net proceeds from this offering to invest in specialized industrial real estate assets used in the regulated cannabis industry that are consistent with its investment strategy and for general corporate purposes. The notes were to include its 3.75% exchangeable senior notes due 2024 and 5.50% senior notes due 2026.

Last year the stock went up 40.5%, and over the last five years it gained an amazing 947.09%. Year to date, the stock is down 24.07.

At the time of writing, IIPR shares traded 2.48% lower at $187.92.

Photo: Courtesy of Diyahna Lewis on Unsplash