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Innovative Industrial Properties Inc | 9.00% Series A Cumulative Redeemable Preferred Stock (IIPR.PRA)
Prospectus excerpt: We are offering 600,000 shares of our 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the ÙSeries A Preferred Stockˆ). We will pay cumulative cash dividends on the Series A Preferred Stock, from the date of original issue, at a rate of 9.00% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual rate of? $2.25 per share). Dividends on the Series A Preferred Stock will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on January 16, 2018. The Series A Preferred Stock will rank senior to our common stock, $0.001 par value per share, with respect to dividend rights and rights upon our liquidation, dissolution or winding up. Full Prospectus PDF », Secondary Prospectus PDF », IIPR Page »
Series: | A | Alternate symbology: | IIPR-A, IIPR-PA, IIPRprA | Redeemable?: | Yes | Call Date: | 10/19/2022 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 600,000 | Overallotment: | 90,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $26.47 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $1.47 (5.88%) | Annualized Dividend: | 2.25 | Recent Ex-Date: | 3/27/2024 | Current Yield: | 8.50% | Original Coupon: | 9.00% | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
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Innovative Industrial Properties is a holding company. Through its subsidiaries, Co. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of industrial properties leased to state-licensed operators for their regulated state-licensed cannabis facilities. Co. leases its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, taxes and insurance. Co. conducts its business through an umbrella partnership REIT, in which its properties are owned by its operating partnership, IIP Operating Partnership, LP. Preferred: IIPR.PRA Open the IIPR Information Page »
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