Leading REIT for the Medical-Use Cannabis
Industry Expands Portfolio to 47 Properties Comprising
Approximately 3.1 Million Square Feet in 15 States
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 Richmond,
Virginia, which is expected to comprise approximately 82,000 square
feet of industrial space upon completion of development.
The purchase price for the Virginia property was approximately
$11.8 million (excluding transaction costs). Concurrent with the
closing of the purchase, IIP entered into a long-term, triple-net
lease agreement with a subsidiary of Green Leaf Medical, LLC (Green
Leaf Medical), which intends to operate the property as a licensed
medical-use cannabis cultivation, processing and dispensing
facility upon completion of development. IIP has also agreed to
provide reimbursement of up to approximately $8.0 million in
connection with the completion of development of the property.
Assuming full reimbursement, IIP’s total investment in the property
will be approximately $19.8 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.
This transaction marks IIP’s second property acquisition and
lease with Green Leaf Medical, with IIP’s prior sale-leaseback
transaction for Green Leaf Medical’s 266,000 square foot licensed
medical cannabis cultivation and processing facility in
Pennsylvania, of which 103,000 square feet is operational and an
additional 163,000 square feet of industrial space is available for
future redevelopment and expansion.
“We are excited to team again with multi-state operator Green
Leaf Medical as our tenant partner in Virginia,” said Paul
Smithers, President and Chief Executive Officer of IIP. “Green Leaf
Medical continues to execute well on its business, dramatically
expanding patient access in the Northeast. We look forward to
working closely with them as they complete development of this
state-of-the-art facility to meet the patient demand of the greater
Richmond area.”
Green Leaf Medical, which produces a variety of cannabis
products under the gLeaf brand, conducts licensed medical-use
cannabis operations in multiple states, holding cultivation,
extraction and retail licenses in Maryland, Pennsylvania, Ohio and
Virginia. Green Leaf Medical holds one of five vertically
integrated licenses to cultivate, process and dispense medical
cannabis in Virginia. The Virginia medical cannabis market is in
its very early stages, with first sales by dispensaries expected
later this year. In a state-wide survey conducted in September 2019
by University of Mary Washington, 61% of Virginians also supported
legalization of adult-use cannabis.
“Partnering again with IIP allows us to free up our capital and
redeploy across our multi-state operating platform, including our
anticipated launch of operations in Virginia this year,” said
Philip Goldberg, Chief Executive Officer of Green Leaf Medical.
“Our Richmond location will serve patients directly through our
onsite retail dispensary and will act as a hub for our statewide
home delivery service.”
As of January 15, 2020, IIP owned 47 properties located in
Arizona, California, Colorado, Florida, Illinois, Maryland,
Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota,
Ohio, Pennsylvania and Virginia, totaling approximately 3.1 million
rentable square feet (including approximately 850,000 rentable
square feet under development/redevelopment), which were
approximately 98.9% leased (based on square footage) with a
weighted-average remaining lease term of approximately 15.5 years.
As of January 15, 2020, IIP had invested approximately $510.6
million in the aggregate (excluding transaction costs) and had
committed an additional approximately $130.6 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 13.3% for these 47
properties, calculated as (a) the sum of the current base rents,
supplemental rent (with respect to 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 $130.6 million). These statistics do not include up
to approximately $16.4 million that may be funded in the future
pursuant to IIP’s lease with a tenant at one of IIP’s Illinois
properties, approximately $37.4 million that may be funded in the
future pursuant to IIP’s lease with a tenant at one of IIP’s
Massachusetts properties, or an additional $4.0 million which may
be requested by a tenant at one of IIP’s Pennsylvania 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. These statistics also treat IIP’s Los Angeles,
California property as not leased, due to the tenant’s default in
its obligation to pay rent at that location in January 2020.
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 Virginia
property, Green Leaf Medical and the Virginia 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/20200115005866/en/
IIP Contact: Catherine Hastings Chief Financial Officer, Chief
Accounting Officer and Treasurer Innovative Industrial Properties,
Inc. (858) 997-3332
Green Leaf Medical Contact: Philip Goldberg Chief Executive
Officer Green Leaf Medical, LLC 800-508-7391
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