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Thursday, May 19, 2022

Why Did Innovative Industrial Properties (IIPR) Stock Decline 5% Today?

Innovative Industrial Properties Inc. (IIPR) has plunged -by 5.48% to $194.15 in the current market on the last check Friday. The stock of Innovative Industrial Properties (IIPR) completed the previous trading session at $205.40. The price range of the company’s shares was between $203.71 and $209.7499. It traded 0.6 million shares, which was above its daily average of 0.22 million shares over 100 days.

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Innovative Industrial Properties (IIPR) shares have gained by 2.63% in the last five days, while they have added 7.96% in the last month. The company has a current dividend yield of 2.92%. Further, it is currently trading at a price-to-earnings ratio of 45.02 and a price to book ratio of 3.08. IIPR stock is losing traction after announcing the pricing of a public offering.

Has IIPR made any offers?

Innovative Industrial Buildings (IIPR) is a self-managed real estate investment company (REIT) that specializes in the purchase, ownership, and administration of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis businesses. Beginning with the year ending December 31, 2017, IIPR has opted to be taxed as a REIT.

Innovative Industrial Properties (IIPR) has priced an underwritten public offering of 1,578,948 shares of its ordinary stock at $190.00 per share, raising approximately $300.0 million in gross proceeds.

  • Subject to normal closing conditions, the offering is scheduled to conclude on or about April 5, 2022.
  • The underwriters have also been given a 30-day option to acquire up to an additional 236,842 shares of IIPR’s common stock.
  • The Company is selling all of its shares.
  • The net proceeds from this offering will be utilized to invest in specialized industrial real estate assets used in the regulated cannabis business that is compatible with Innovative Industrial Properties’ investment strategy, as well as for general company purposes.
  • Innovative Industrial Properties (IIPR) has issued a $1.75 per share common stock dividend for the first quarter of 2022.
  • The dividend reflects a 17 percent increase over the $1.50 per share common stock dividend paid in the fourth quarter of 2021.
  • It’s a 33 percent increase above IIPR’s $1.32 per share common stock dividend in the first quarter of 2021.
  • The dividend is worth $7.00 per common share on an annualized basis.

What else has the IIPR revealed?

In addition, the board of directors of Innovative Industrial Properties (IIPR) has declared a normal quarterly dividend of $0.5625 per share of IIPR’s 9.00 percent Series A Cumulative Redeemable Preferred Stock. Dividends will be paid on April 14, 2022, to IIPR investors who were on the books on March 31, 2022.

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