Innovative Industrial Properties Acquires Michigan Property and Enters Into Long-Term Lease with LivWell
10 10월 2019 - 5:37AM
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, announced today
that it closed on the acquisition of a property in Warren,
Michigan, which comprises approximately 156,000 square feet of
industrial space.
The purchase price for the Michigan property was $19.0 million
(excluding transaction costs). Concurrent with the closing of the
purchase, IIP entered into a long-term, triple-net lease agreement
with LivWell Michigan, LLC, a licensee of LivWell Holdings, Inc.
(LivWell), which intends to operate the property as a licensed
cannabis cultivation and processing facility upon completion of
redevelopment. LivWell is expected to complete tenant improvements
for the property, for which IIP has agreed to provide reimbursement
of up to $23.0 million. Assuming full reimbursement for the tenant
improvements, IIP’s total investment in the property will be $42.0
million.
As the pioneering real estate investment trust (REIT) for the
medical-use cannabis industry, IIP partners with experienced
medical-use cannabis operators and serves as a source of capital by
acquiring and leasing back their real estate assets, in addition to
offering other creative real estate-based capital solutions.
“We are excited to announce the beginning of our long-term real
estate partnership with LivWell,” said Paul Smithers, President and
Chief Executive Officer of IIP. “LivWell has developed a tremendous
track record of success in Colorado during the last decade, and we
look forward to supporting the rapid expansion of their operations
in Michigan.”
Established in 2009, LivWell employs over 700 employees and is
one of the preeminent licensed cannabis operators in Colorado with
18 dispensary locations, in addition to operations in Oregon,
Michigan, Puerto Rico and Canada. John Lord, Chief Executive
Officer of LivWell, leads a highly accomplished management team and
brings over 30 years of business management experience to LivWell.
Under Mr. Lord’s leadership, LivWell serves as a policy leader on
local, national and federal levels, bringing its expertise to
assist in the creation of sound statutory and regulatory frameworks
for the industry.
“The IIP team has been great to work with, throughout this
transaction, and we look forward to working with them in the
long-term as a proven, reliable real estate partner for this
industry,” said Dean Heizer, Executive Director of LivWell. “We are
full-speed ahead on our redevelopment of this property, building to
the specifications we need to deliver the highest quality products
to the people of Michigan. With the ongoing expansion of our
operations, we also plan to provide for well-paying jobs,
educational and advancement opportunities for our employees and the
broad community engagement that are just a few of the hallmarks of
our company.”
As of October 9, 2019, IIP owned 32 properties located in
Arizona, California, Colorado, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, New York, Nevada, Ohio and Pennsylvania,
totaling approximately 2.3 million rentable square feet (including
approximately 843,000 rentable square feet under
development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 15.9 years.
As of October 9, 2019, IIP had invested approximately $317.9
million in the aggregate (excluding transaction costs) and had
committed an additional approximately $123.1 million to reimburse
certain tenants and sellers for completion of construction and
tenant improvements at IIP’s properties. IIP’s average current
yield on invested capital is approximately 14.1% for these 32
properties, calculated as (a) the sum of the current base rents
(after the expiration of applicable base rent abatement or deferral
periods), supplemental rent (with respect to the lease with
PharmaCann LLC at one of IIP’s New York properties) and property
management fees, divided by (b) IIP’s aggregate investment in these
properties (excluding transaction costs and including aggregate
potential development/redevelopment funding and tenant
reimbursements of approximately $123.1 million). These statistics
do not include up to $40.0 million that may be funded in the future
pursuant to IIP’s lease with Trulieve Cannabis Corp. at one of
IIP’s Massachusetts properties, the additional $4.0 million which
may be requested by PharmaCann LLC at one of IIP’s Pennsylvania
properties or $2.0 million that may be funded in the future
pursuant to IIP’s lease with Holistic Industries, Inc. at one of
IIP’s Massachusetts properties, as the tenants at those properties
may not elect to have IIP disburse those funds to them and pay IIP
the corresponding base rent on those funds.
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, including, without
limitation, statements regarding the lease of the Michigan
property, LivWell and the Michigan regulated cannabis market, 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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version on businesswire.com: https://www.businesswire.com/news/home/20191009005750/en/
Catherine Hastings Chief Financial Officer, Chief Accounting
Officer and Treasurer Innovative Industrial Properties, Inc. (858)
997-3332
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