Alan Gold, Executive Chairman of Innovative Industrial Properties, Responds to Short-Seller Report
April 09 2020 - 4:43PM
Business Wire
Innovative Industrial Properties, Inc. (IIP), the first and only
real estate company on the New York Stock Exchange (NYSE: IIPR)
focused on the regulated U.S. cannabis industry, today announced
that it is aware of a short-seller report released earlier today,
which contains numerous false and misleading statements about IIP
and its Executive Chairman, Alan Gold. The report is flawed and
demonstrates a fundamental misunderstanding of IIP’s business
model. As such, most of the report’s content does not warrant a
response from IIP. Mr. Gold, however, strongly refutes any
inference that he is not firmly committed to the long-term success
of IIP.
Alan Gold has served as IIP’s Executive Chairman since IIP’s
inception in 2016. Prior to co-founding IIP, Mr. Gold’s 30 years of
real estate experience included co-founding BioMed Realty Trust,
Inc. (formerly NYSE: BMR) in 2004 and serving as chairman,
president and chief executive officer of BioMed Realty, leading
BioMed Realty for twelve years and through the sale of the company
in 2016 to affiliates of Blackstone Real Estate Partners VIII in an
$8 billion transaction.
At IIP’s initial public offering in 2016, Mr. Gold purchased
$4.0 million of common stock in IIP at the initial public offering
price, and has continued to significantly increase his ownership
position over time. As of today, Mr. Gold beneficially owns, either
directly or through his children’s trusts, 377,086 shares of common
stock of IIP valued at approximately $28.5 million (based on IIP’s
closing common stock price today). Mr. Gold has not sold a single
share of common stock in IIP since inception.
“I am proud of all that our team has accomplished since IIP’s
inception, providing key growth capital to our tenant operators
through creative real estate solutions, and conducting our business
as we always have, with an absolute dedication to transparency to
all of our partners, including our valued long-term investors,”
said Mr. Gold. “I am also very excited for the future of IIP, and
look forward to continuing to lead IIP and its talented management
team every day in our continued execution on IIP’s strategy for the
years to come.”
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised
Maryland corporation focused on the acquisition, ownership and
management of specialized industrial properties leased to
experienced, state-licensed operators for their regulated
medical-use cannabis facilities. Innovative Industrial Properties,
Inc. has elected to be taxed as a real estate investment trust,
commencing with the year ended December 31, 2017. Additional
information is available at
www.innovativeindustrialproperties.com.
Innovative Industrial Properties
Forward-Looking Statements
This press release contains statements that IIP believes to be
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than historical facts are forward-looking
statements. When used in this press release, words such as we
“expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or
“should” or the negative thereof or similar terminology are
generally intended to identify forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed in, or implied by, such statements. Investors should not
place undue reliance upon forward-looking statements. IIP disclaims
any obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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Catherine Hastings Chief Financial Officer, Chief Accounting
Officer and Treasurer Innovative Industrial Properties, Inc. (858)
997-3332
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