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
its operating, investment and capital markets activity from April
1, 2021 through today.
Operating Activity
As of July 6, 2021, IIP owned 72 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 6.6 million rentable square feet (including
approximately 2.2 million rentable square feet under
development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 16.7 years.
As of July 6, 2021, IIP had invested an aggregate of approximately
$1.6 billion (consisting of purchase price and development and
tenant reimbursement commitments funded, but excluding transaction
costs) and had committed an additional approximately $347.8 million
to reimburse certain tenants and sellers for completion of
construction and tenant improvements at IIP’s properties, which
does not include an $18.5 million loan from IIP to a developer for
construction of a regulated cannabis cultivation and processing
facility in California.
Investment Activity
From April 1, 2021 through today, IIP made four acquisitions for
properties located in Massachusetts, Michigan and Pennsylvania, and
executed three lease amendments to provide additional tenant
improvements at properties located in Florida and Pennsylvania. In
these transactions, IIP established new tenant relationships with
Sozo Companies, Inc. and Temescal Wellness of Massachusetts, LLC,
while expanding existing relationships with Green Peak Industries
LLC (Skymint), Harvest Health & Recreation Inc., Jushi Holdings
Inc. and Parallel. Additional detail regarding each transaction is
set forth below:
State
Closing Date
Rentable Sq. Ft.(1)
Purchase Price(2)
Additional Investment
Total Investment
Pennsylvania
April 1, 2021
40,000
N/A
30,000
30,000
(3)
Michigan
April 16, 2021
175,000
15,550
14,450
30,000
(4)
Pennsylvania
May 13, 2021
239,000
41,750
26,000
67,750
(5)
Michigan
May 14, 2021
85,000
10,250
5,750
16,000
(6)
Massachusetts
May 26, 2021
70,000
3,100
15,000
18,100
(7)
Florida
June 8, 2021
N/A
N/A
8,000
8,000
(8)
Florida
June 18, 2021
N/A
N/A
7,100
7,100
(9)
Totals
609,000
$
70,650
$
106,300
$
176,950
___________
(1)
Includes expected rentable square
feet at completion of construction for certain properties.
(2)
Excludes transaction costs.
(3)
The amount relates to a lease
amendment which increased the tenant improvement allowance under a
lease at one of IIP’s Pennsylvania properties by $30.0 million to a
total of approximately $40.0 million, and also resulted in a
corresponding adjustment to the base rent for the lease at the
property. With this additional tenant improvement allowance, the
tenant is expected to expand the facility by approximately 40,000
square feet and complete the buildout of the existing 89,000 square
foot building.
(4)
The tenant is expected to
complete tenant improvements at the property, for which IIP agreed
to provide reimbursement of up to approximately $14.4 million.
(5)
The tenant is expected to
complete tenant improvements at the property, for which IIP agreed
to provide reimbursement of up to $26.0 million.
(6)
The tenant is expected to
complete tenant improvements at the property, for which IIP agreed
to provide reimbursement of up to approximately $5.7 million.
(7)
The tenant is expected to
complete tenant improvements at the property, for which IIP agreed
to provide reimbursement of up to $15.0 million.
(8)
The amount relates to a lease
amendment which increased the tenant improvement allowance under a
lease at one of IIP’s Florida properties by $8.0 million to a total
of $16.2 million, and also resulted in a corresponding adjustment
to the base rent for the lease at the property.
(9)
The amount relates to a lease
amendment which increased the tenant improvement allowance under a
lease at one of IIP’s Florida properties by $7.1 million to a total
of approximately $17.9 million, and also resulted in a
corresponding adjustment to the base rent for the lease at the
property.
In addition, on June 25, 2021, IIP closed on a construction loan
with a developer for the construction of a regulated cannabis
cultivation and processing facility in California. IIP is expected
to lend up to $18.5 million to the developer for the construction
of an approximately 102,000 square foot building. Following
completion of development of the property, IIP has an option to
purchase the property, and may execute a negotiated lease with an
affiliate of the developer or with another third party, if IIP
determines to exercise its purchase option.
Capital Markets Activity
On May 25, 2021, IIP, through its operating partnership
subsidiary (the Operating Partnership), issued $300 million
aggregate principal amount of unsecured senior notes (the Notes).
The Notes are the Operating Partnership’s general unsecured and
unsubordinated obligations, are fully and unconditionally
guaranteed by IIP and the Operating Partnership’s subsidiaries, and
rank equally in right of payment with all of the Operating
Partnership’s existing and future senior unsecured indebtedness,
including its 3.75% Exchangeable Senior Notes due 2024. The Notes
are governed by an indenture, which includes certain covenants.
The sale of the Notes generated net proceeds of approximately
$293 million, after deducting the initial purchasers’ discounts and
commissions and offering expenses. The notes bear interest at 5.50%
per annum, payable semi-annually in arrears on May 15 and November
15 of each year, until the maturity date of May 25, 2026. IIP
intends to use the net proceeds from the offering to invest in
specialized industrial real estate assets that support the
regulated cannabis industry that are consistent with its investment
strategy, and for general corporate purposes.
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 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.
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 are forward-looking
statements. When used in this press release, words such as IIP
“expects,” “intends,” “plans,” “estimates,” “anticipates,”
“believes” 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/20210706005830/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
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