IIP Expands Portfolio to 73 Properties
Comprising 6.8 Million Square Feet in 18 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 that it
closed on the acquisition of a property in Illinois, and entered
into a long-term lease with a subsidiary of 4Front Ventures Corp.
(CSE: FFNT) (OTCQX: FFNTF) (4Front).
The purchase price for the property was $6.5 million (excluding
transaction costs). 4Front is expected to construct approximately
250,000 square feet of industrial space at the property, for which
IIP has agreed to provide reimbursement of up to $43.75 million.
Assuming full reimbursement for the construction, IIP’s total
investment in the property is expected to be $50.25 million
(excluding transaction costs). 4Front intends to operate the
property upon completion of construction as a licensed cannabis
cultivation and processing facility.
IIP also owns and leases to subsidiaries of 4Front a regulated
cannabis cultivation, processing and dispensing facility in
Massachusetts and a managed regulated cannabis cultivation and
processing facility in Washington. Assuming full reimbursement for
tenant improvements under the Illinois lease, IIP’s total
investment in properties leased to 4Front is expected to be $83.25
million, encompassing approximately 431,000 square feet.
As the pioneering real estate investment trust (REIT) for the
regulated cannabis industry, IIP partners with experienced,
regulated 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 expand our long-term real estate partnership
with 4Front with this new ground-up development project in
Illinois,” said Paul Smithers, President and Chief Executive
Officer of IIP. “We look forward to working closely with the 4Front
team in the coming months on the development of this
state-of-the-art facility, which we expect will provide 4Front with
tremendous, cost-effective scalability and a highly controlled
environment for production of the quality products that 4Front is
known for. New Frontier projects Illinois to be in the top three
states for regulated cannabis sales by 2025, and we believe 4Front
will be well-positioned to meet that continued demand growth.”
4Front is a national, vertically integrated multi-state cannabis
operator that owns or manages operations and facilities in
strategic medical and adult-use cannabis markets, including
California, Illinois, Massachusetts, Michigan and Washington. Since
its founding in 2011, 4Front has built a strong reputation for its
high standards and low-cost cultivation and production
methodologies earned through a track record of success in facility
design, cultivation, genetics, growing processes, manufacturing,
purchasing, distribution and retail. To date, 4Front has
successfully brought to market more than 20 different cannabis
brands and nearly 2,000 unique product lines, which are
strategically distributed through its fully owned and operated
Mission dispensaries and retail outlets in its core markets. As
4Front continues to drive value for its shareholders, its team is
applying its decade of expertise in the sector across the cannabis
industry’s ecosystem.
“We are excited to expand our partnership with IIP as the
Illinois marketplace continues its record-breaking sales streak,”
said Leo Gontmakher, Chief Executive Officer of 4Front. “This
next-generation cultivation and manufacturing facility will not
only allow us to best meet the state’s robust market demand, but it
will also broaden the reach of our innovative, low-cost cultivation
and manufacturing methodologies. We look forward to continuing to
expand our operations in Illinois, creating brands and products
that consumers love and driving added value for our customers and
shareholders.”
Illinois, the eleventh state to legalize cannabis for adult-use,
commenced adult-use cannabis sales at the beginning of last year.
In this first year of adult-use sales, Illinois’ regulated cannabis
sales were over $1.0 billion in 2020, including $669 million in
adult-use sales and over $366 million in medical-use sales. In June
2021 alone, reflecting the continued strong and growing demand,
Illinois adult-use cannabis dispensaries generated over $115
million in sales (excluding medical cannabis sales), according to
the Illinois Department of Financial and Professional Regulation.
For the first time, in the first quarter of 2021, Illinois’ tax
revenues from regulated cannabis sales surpassed tax revenues from
liquor sales. IIP owns seven regulated cannabis cultivation and
processing facilities in Illinois, representing a total expected
investment of approximately $254.9 million, which includes
commitments by IIP to fund future tenant improvements and
construction at certain properties.
As of August 3, 2021, IIP owned 73 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 6.8 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 16.7 years.
As of August 3, 2021, IIP had committed approximately $1.7 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,
but excluding an $18.5 million loan from IIP to a developer for
construction of a regulated cannabis cultivation and processing
facility in California.
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.
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 development and lease of the
Illinois property, 4Front 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210803006138/en/
Catherine Hastings Chief Financial Officer 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