Cannabis REIT Innovative Industrial Properties to raise $300 million via notes offering

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Cannabis real estate investment trust (REIT) Innovative Industrial Properties is launching a senior notes offering to raise an aggregate principal amount of $300 million.

Proceeds from the public notes offering by the Innovative Industrial Properties (IIP) operating partnership will be used “to invest in specialized industrial real estate assets used in the regulated cannabis industry” and for general corporate purposes, the company announced in a Tuesday news release.

The notes will mature in 2027, but a preliminary prospectus did not list the interest rate.

The debt will rank equally in right of payment with other IIP senior notes, including 3.75% senior notes due in 2024 and 5.5% senior notes due in 2026, the company said.

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IIP’s real estate portfolio includes 104 properties in the United States, according to the prospectus.

The company’s shares trade on the New York Stock Exchange as IIPR.