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 Wimauma,
Florida, which comprises approximately 373,000 square feet of
industrial and greenhouse space, from an affiliate of Parallel, a
leading multi-state cannabis company with operations in Florida,
Massachusetts, Nevada and Texas. Parallel is the corporate parent
company to Surterra Wellness, a market leader and one of the
original licensed vertical operators in Florida, with a rapidly
growing footprint that includes 39 retail dispensaries across the
state and multiple industrial-scale cultivation, production and
research facilities.
The purchase price for the property was $35.3 million (excluding
transaction costs). Concurrent with the closing of the purchase,
IIP entered into a long-term, triple-net lease agreement for the
property with a subsidiary of Parallel, which intends to continue
to operate the property as a regulated medical cannabis cultivation
and processing facility. Parallel is expected to complete
additional tenant improvements for the property, for which IIP has
agreed to provide reimbursement of up to $8.2 million. Assuming
full reimbursement for the tenant improvements, IIP’s total
investment in the property will be $43.5 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 thrilled to execute this transaction with Parallel, and
look forward to supporting Parallel as their long-term real estate
capital partner in Florida and elsewhere,” said Paul Smithers,
President and Chief Executive Officer of IIP. “Parallel has a
tremendous footprint in Florida with its 39 operating dispensary
locations, and we expect the Wimauma facility to be a critical
catalyst to Parallel’s continued growth and expansion of operations
to meet the tremendous patient need for high quality medical
cannabis products throughout Florida.”
Parallel is one of the largest privately-held multi-state
cannabis operators in the U.S., with leading positions in several
of the largest and fastest-growing markets, including Florida,
Massachusetts, Nevada and Texas. Parallel’s operations include 42
retail dispensaries, a robust portfolio of proprietary consumer
brands and innovative products, and state-of-the-art cultivation,
production and research facilities. Parallel has over 1,700
employees nationwide, and has raised more than $300 million in
capital to date. Parallel’s highly accomplished management team is
led by Chairman and CEO William “Beau” Wrigley, Jr., who previously
served as the Chairman and CEO of global gum and confectionery
leader the Wm. Wrigley Jr. Company, which was acquired by Mars,
Inc. in 2008 for $23 billion.
“We are thrilled to partner with IIP on this transaction, which
enables Parallel to unlock previously untapped sources of growth
capital from our real estate holdings to help drive our continued
expansion in Florida as well as in other markets,” said Beau
Wrigley, Jr., Chairman and CEO of Parallel. “As the premier real
estate capital provider for the cannabis space, IIP is best
positioned to support Parallel’s continued growth to enable us to
continue to meet our customers’ needs by delivering a wide variety
of consistent, high-quality cannabis products.”
Florida represents one of the largest and one of the fastest
growing medical-use cannabis markets in the United States.
Floridians overwhelmingly supported the passage of the medical-use
cannabis program in 2016 with 71% voter approval. Qualifying
medical conditions for the program include, among others, cancer,
epilepsy, PTSD, HIV/AIDS and multiple sclerosis. According to the
Florida Office of Medical Marijuana Use (OMMU), as of March 6,
2020, there were over 320,000 qualified patients and over 2,500
qualified physicians in the medical-use cannabis program.
As of March 11, 2020, IIP owned 53 properties located in
Arizona, California, Colorado, Florida, Illinois, Maryland,
Massachusetts, Michigan, Minnesota, New York, Nevada, North Dakota,
Ohio, Pennsylvania and Virginia, totaling approximately 3.8 million
rentable square feet (including approximately 1.1 million rentable
square feet under development/redevelopment), which were 99.1%
leased (based on square footage) with a weighted-average remaining
lease term of approximately 15.9 years. As of March 11, 2020, IIP
had invested approximately $611.0 million in the aggregate
(excluding transaction costs) and had committed an additional
approximately $168.6 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 13.2% for these 53 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 $168.6 million). These
statistics do not include up to approximately $15.9 million that
may be funded in the future pursuant to IIP’s lease with a tenant
at one of IIP’s Illinois properties, or the approximately $35.7
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. These statistics also treat IIP’s Los Angeles,
California property as not leased, due to the tenant’s ongoing
default in its obligation to pay rent at that location.
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.
About Parallel
Parallel (formerly Surterra Wellness) is a leading global
company that is pioneering human well-being and improving quality
of life for humanity through the benefits of cannabinoids. Parallel
is one of the fastest growing cannabis companies in the world with
vertical operations in Florida, Texas, Nevada, and Massachusetts, a
developing international footprint in the European Union (EU),
South America and Asia, a global retail brand, Goodblend, and a
diverse portfolio of high quality, proprietary consumer brands,
including Surterra Wellness, Coral Reefer, Endless Summer, and
Float. Parallel’s business also includes Massachusetts’ New England
Treatment Access (NETA), a leading vertical cannabis operation with
regional retail dispensaries and consumer brands; Molecular
Infusions (Mi), a cannabis based biopharmaceutical company; and
Nevada’s The Apothecary Shoppe, a vertical cannabis dispensary.
Parallel’s integrated footprint includes 42 retail dispensaries
across the United States (US), including 39 in Florida, cultivation
and manufacturing operations across the platform, R&D
facilities in Massachusetts, Florida, and Budapest, Hungary, and an
exclusive partnership with global biotechnology company Intrexon to
drive its science and technology-led innovation. Parallel follows
rigorous operational and business practices to ensure the quality,
safety, consistency and efficacy of its products, and is building a
business based on strong values to be the gold standard for the
industry. For more information: www.liveParallel.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 Florida property,
Parallel and the Florida 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200311005750/en/
IIP Contact: Catherine Hastings Chief Financial Officer, Chief
Accounting Officer and Treasurer Innovative Industrial Properties,
Inc. (858) 997-3332
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