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 acquisitions of two properties in Joliet and
Kankakee, Illinois, which comprise approximately 90,000 square feet
of industrial space in the aggregate.
The purchase prices for the properties were $32.8 million in
total (excluding transaction costs). Concurrent with the closing of
the purchases, IIP entered into a long-term, triple-net lease
agreement for each property with a wholly owned subsidiary of
Cresco Labs Inc. (Cresco), which intends to continue to operate the
properties as regulated cannabis cultivation and processing
facilities. Cresco is expected to complete additional tenant
improvements for the properties, for which IIP has agreed to
provide reimbursement of up to approximately $13.8 million.
Assuming full reimbursement for the tenant improvements, IIP’s
total investment in the two properties will be approximately $46.6
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 very pleased to introduce Cresco to our premier tenant
roster,” said Paul Smithers, President and Chief Executive Officer
of Innovative Industrial Properties, Inc. “Cresco has created a
tremendously valuable footprint in the cannabis industry throughout
their states of operation. We look forward to our long-term real
estate partnership, and continuing to support them in their
strategic growth for many years to come.”
Founded in 2013, Cresco is one of the largest
vertically-integrated cannabis companies in the United States, with
licensed operations in Arizona, California, Illinois, Ohio,
Pennsylvania, Nevada, Michigan, Maryland and New York, and pending
transactions in Florida, Utah and Massachusetts. With its pending
acquisitions, Cresco has 23 licensed cannabis production
facilities, 66 retail cannabis licenses and 34 operational cannabis
dispensaries. Employing a consumer-packaged goods (“CPG”) approach
to cannabis, Cresco’s house of brands is designed to meet the needs
of all consumer segments and includes some of the most recognized
and trusted national brands including Cresco, Remedi and Mindy’s, a
line of edibles created by James Beard Award-winning chef Mindy
Segal. Sunnyside*, Cresco’s national dispensary brand, is a
wellness-focused retailer designed to build trust, education and
convenience for both existing and new cannabis consumers. Cresco is
well-positioned for the Illinois recreational market, having
recently received the first adult-use cannabis dispensary and
cultivation approvals in Illinois, which includes the properties in
Joliet and Kankakee.
“We look forward to beginning our long-term real estate
partnership with IIP, and working closely with them to address our
future real estate capital needs as we continue to execute on our
strategic initiatives,” said Joe Caltabiano, President and
Co-Founder of Cresco. “With the continued expansion of Illinois’
medical-use cannabis program and the introduction of the regulated
adult-use cannabis program next year, we are very well-positioned,
with state-of-the-art cultivation and processing facilities and
support from IIP to continue to enhance productive capacity of
these facilities, to play a key role in the continued strong growth
of the Illinois regulated cannabis industry.”
As of October 22, 2019, IIP owned 34 properties located in
Arizona, California, Colorado, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, New York, Nevada, Ohio and Pennsylvania,
totaling approximately 2.5 million rentable square feet (including
approximately 832,000 rentable square feet under
development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 15.8 years.
As of October 22, 2019, IIP had invested approximately $354.6
million in the aggregate (excluding transaction costs) and had
committed an additional approximately $133.0 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 13.9% for these 34
properties, calculated as (a) the sum of the current base rents,
supplemental rent (with respect to the lease with a tenant at one
of IIP’s New York properties) and property management fees (after
the expiration of applicable base rent abatement or deferral
periods), 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 $133.0 million). These statistics
do not include up to $40.0 million that may be funded in the future
pursuant to IIP’s lease with a tenant at one of IIP’s Massachusetts
properties, the additional $4.0 million which may be requested by a
tenant at one of IIP’s Pennsylvania properties or $2.0 million that
may be funded in the future pursuant to IIP’s lease with a tenant
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 leases of the Illinois
properties, Cresco and the Illinois 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.
About Cresco Labs:
Cresco Labs is one of the largest vertically-integrated
multi-state cannabis operators in the United States. Cresco is
built to become the most important company in the cannabis industry
by combining the most strategic geographic footprint with one of
the leading distribution platforms in North America. Employing a
consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s
house of brands is designed to meet the needs of all consumer
segments and includes some of the most recognized and trusted
national brands including Cresco, Remedi and Mindy’s, a line of
edibles created by James Beard Award-winning chef Mindy Segal.
Sunnyside*, Cresco’s national dispensary brand, is a
wellness-focused retailer designed to build trust, education and
convenience for both existing and new cannabis consumers.
Recognizing that the cannabis industry is poised to become one of
the leading job creators in the country, Cresco has launched the
industry’s first national comprehensive Social Equity and
Educational Development (SEED) initiative designed to ensure that
all members of society have the skills, knowledge and opportunity
to work in and own businesses in the cannabis industry. Learn more
about Cresco Labs at www.crescolabs.com.
Cresco Forward-Looking
Statements
This press release contains “forward-looking information” within
the meaning of applicable Canadian securities legislation and may
also contain statements that may constitute "forward-looking
statements" within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995.
Such forward-looking information and forward-looking statements are
not representative of historical facts or information or current
condition, but instead represent only Cresco's beliefs regarding
future events, plans or objectives, many of which, by their nature,
are inherently uncertain and outside of Cresco\'s control.
Generally, such forward-looking information or forward-looking
statements can be identified by the use of forward-looking
terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’
‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’
‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative
of those forms or other comparable terms. Cresco’s forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause Cresco’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including but not limited to those
risks discussed under "Risk Factors" in Cresco’s CSE Listing
Statement filed with SEDAR; and other factors, many of which are
beyond the control of Cresco. Readers are cautioned that the
foregoing list of factors is not exhaustive. Because of these
uncertainties, you should not place undue reliance on Cresco’s
forward-looking statements. No assurances are given as to the
future trading price or trading volumes of Cresco’s shares, nor as
to Cresco’s financial performance in future financial periods.
Cresco does not intend to update any of these factors or to
publicly announce the result of any revisions to any of Cresco’s
forward-looking statements contained herein, whether as a result of
new information, any future event or otherwise. Except as otherwise
indicated, this press release speaks as of the date hereof. The
distribution of this press release does not imply that there has
been no change in the affairs of Cresco after the date hereof or
create any duty or commitment to update or supplement any
information provided in this press release or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191022006195/en/
IIP Contact: Catherine Hastings Chief Financial Officer, Chief
Accounting Officer and Treasurer Innovative Industrial Properties,
Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024