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24.01.2020 15:14:45

Cannabis REIT Innovative Industrial Properties stock falls after stock offering prices at discount

Shares of Innovative Industrial Properties Inc. dropped 4.5% in premarket trading, after the real estate investment trust (REIT), which focuses on properties leased to cannabis companies, announced that pricing of a stock offering at a near 8% discount. The company said its offering of 2,967,799 shares, representing about 22% of the shares outstanding, priced at $73.25 to raise $217.4 million. That pricing was 7.8% below Thursday's close of $79.45. The company plans to use the proceeds from the stock sale to invest in real estate assets. The stock has rallied 9.6% over the past 3 months through Thursday, while the SPDR Real Estate Select Sector ETF has edged up 0.2%, the ETFMG Alternative Harvest ETF declined 11% and the S&P 500 has gained 10.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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A&T Corp 1'570.00 1.16% A&T Corp
Innovative Industrial Properties 105.58 -1.33% Innovative Industrial Properties

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