Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR), the
first and only real estate company on the New York Stock Exchange
focused on the regulated U.S. cannabis industry, announced today
that it closed on the acquisition of a property in Pittsburgh,
Pennsylvania, which is expected to comprise approximately 239,000
square feet of industrial space upon completion of
redevelopment.
The purchase price for the property was approximately $41.8
million (excluding transaction costs). Concurrent with the closing
of the purchase, IIP entered into a long-term, triple-net master
lease for the entire property with a subsidiary of Parallel, one of
the largest privately-held multi-state cannabis operators in the
United States, for use as a regulated cannabis growing and
processing facility. Upon completion of the initial phase of
development, Parallel is expected to utilize 124,000 square feet of
space, as well as an additional 36,000 square feet of expansion
space, with the remaining 79,000 square feet being subleased.
Parallel is expected to complete additional tenant improvements for
the property, for which IIP has agreed to provide reimbursement of
up to $26.0 million. Assuming full reimbursement for the tenant
improvements, IIP’s total investment in the property is expected to
be approximately $67.8 million.
IIP also owns and leases to subsidiaries of Parallel two
regulated cannabis cultivation and processing facilities in Florida
and one property in Texas expected to be utilized for regulated
cannabis cultivation, processing and retail activities upon
completion of development. Assuming full reimbursement for tenant
improvements under the leases, IIP’s total investment in properties
leased to Parallel is expected to be approximately $195.1 million,
encompassing approximately 895,000 square feet.
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 build on our long-term real estate
partnership with Beau and the Parallel team with this newest
investment in Pennsylvania,” said Paul Smithers, President and
Chief Executive Officer of IIP. “Parallel has developed a focused,
strategic footprint in Florida, Massachusetts, Pennsylvania and
Texas, and we are proud to support them as real estate capital
partner for this newest state-of-the-art facility in Pennsylvania,
which has developed into one of the strongest medical cannabis
markets in the United States.”
“IIP has been a great business partner and through our ongoing
collaboration we have been able to lease back and continue to
improve upon our facilities in Florida, Texas, and now
Pennsylvania. The almost $200 million of total proceeds from these
transactions have contributed to our ability to scale in these
high-growth cannabis markets,” said William “Beau” Wrigley, Jr.,
Chairman and CEO of Parallel. “We look forward to bringing products
to support the quality of life of patients throughout the
commonwealth when we expect to begin operations this summer.”
With first sales in 2018, the Pennsylvania medical cannabis
market continues its strong growth trajectory. According to BDSA,
2020 medical-use cannabis sales were estimated to be approximately
$545 million, and overall regulated cannabis sales are projected to
grow to over $1.3 billion by 2026. With limited licensing, the
state allows for up to 25 growing and processing licenses and up to
150 dispensary licenses. According to Muhlenberg College’s March
2021 public health poll, nearly six in ten adult residents in
Pennsylvania also support “complete legalization” of cannabis in
the commonwealth, representing the eighth year in a row of growing
support according to the poll. Including this property, IIP owns
eight properties in Pennsylvania comprising an aggregate of
approximately 1.1 million square feet, and a total investment of
approximately $292.3 million (including commitments to fund future
development, redevelopment and tenant improvements at the
properties, but excluding transaction costs).
As of May 14, 2021, IIP owned 70 properties located in Arizona,
California, Colorado, Florida, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota,
Ohio, Pennsylvania, Texas, Virginia and Washington, representing a
total of approximately 6.4 million rentable square feet (including
approximately 2.4 million rentable square feet under
development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 16.8 years.
As of May 14, 2021, IIP had committed approximately $1.6 billion
across its portfolio, including capital invested to date (excluding
transaction costs) and additional capital commitments to fund
future construction and tenant improvements at IIP’s
properties.
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 Pennsylvania
property, Parallel and the Pennsylvania 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/20210514005122/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
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