Innovative Industrial Properties, Inc. announced that its operating partnership, IIP Operating Partnership, LP, has commenced a #public offering, subject to market and other conditions, of $300 #million aggregate principal amount of #senior notes due 2027.
The notes will be the Operating Partnership’s general #unsecured and unsubordinated obligations. It will be fully and unconditionally #guaranteed by the #Company and the Operating Partnership’s subsidiaries, and will rank equally in right of payment with all of the Operating Partnership’s existing and #future senior unsecured indebtedness, including its 3.75% #Exchangeable Senior Notes due 2024 and 5.50% Senior Notes due 2026. The Operating Partnership may redeem some or all of the notes in its sole discretion at any time in whole or in part at the applicable redemption price. The Operating Partnership 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. Innovative Industrial Properties trades on the #NY #Stock Exchange as IIPR.