IIP Expands Portfolio to 75 Properties
Comprising 7.0 Million Square Feet in 19 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 Missouri, and entered
into a long-term lease with CPC of Missouri – Smithville, LLC
(CPC), a subsidiary of Calyx Peak, Inc. (Calyx).
The purchase price for the property was $1.53 million (excluding
transaction costs). CPC is expected to construct approximately
83,000 square feet of industrial space at the property, for which
IIP has agreed to provide reimbursement of up to $26.72 million.
Assuming full reimbursement for the construction, IIP’s total
investment in the property is expected to be $28.25 million
(excluding transaction costs). CPC intends to operate the property
upon completion of construction as a licensed cannabis cultivation
and processing facility.
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 excited to announce this new long-term real estate
partnership with Calyx, expanding our footprint into Missouri as
our 19th state,” said Paul Smithers, President and Chief Executive
Officer of IIP. “Calyx has developed a strong reputation for
quality, award-winning cannabis products in California, and we look
forward to working closely with the Calyx team in coming months on
the development of this new state-of-the-art facility in Missouri,
as Calyx expands its operational platform to meet the tremendous
growth in demand from patients throughout the state.”
Calyx currently operates a 235,000 square foot cannabis
cultivation facility in California, and expects to begin
construction on a dispensary location in southern California in the
near future. Calyx also has a Tier 3 cultivation license and a
provisional adult-use dispensary license in Massachusetts, and
expects to open a dispensary in the West Plaza neighborhood of
Kansas City, Missouri later this year. Founded in 2016, Calyx is
headquartered in Massachusetts and plans to be vertically
integrated in three states by the end of 2022.
“We are thrilled to enter into this long-term real estate
partnership with IIP for the development of this new facility in
Missouri,” said Erin Carachilo, CEO of Calyx, and Lee Hoffman of
CPC. “While less than one year since the launch of Missouri’s
medical cannabis program, we have witnessed a tremendous rate of
adoption by patients and growth in sales throughout the state, and
look forward to completing the development of this facility, which
will be designed with next-generation systems in a highly
controlled environment that will enable us to bring our premium,
diversified genetics at scale to Missouri patients.”
Missouri, with over six million residents, first launched
medical cannabis sales in October of last year, and regulated
medical-use sales have grown rapidly since then, with total sales
in August 2021 alone of approximately $22 million, according to the
Missouri Department of Health and Senior Services. As of August 31,
2021, there were over 177,000 patient applications and 5,800
caregiver applications in the state. Missouri’s regulations provide
for numerous qualifying medical conditions for treatment with
cannabis, including, among others, cancer, epilepsy, PTSD,
HIV/AIDS, terminal illness, Alzheimer’s and any chronic medical
condition normally treated with prescription medication that can
lead to dependence. In addition, petitions for Missouri voters to
approve adoption of an adult-use cannabis program are targeting the
November 2022 ballot.
As of September 20, 2021, IIP owned 75 properties located in
Arizona, California, Colorado, Florida, Illinois, Maryland,
Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey,
New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and
Washington, representing a total of approximately 7.0 million
rentable square feet (including approximately 2.6 million rentable
square feet under development/redevelopment), which were 100%
leased with a weighted-average remaining lease term of
approximately 16.6 years. As of September 20, 2021, IIP had
committed approximately $1.8 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, Calyx and the Missouri regulated cannabis
market, 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/20210920005118/en/
IIP Contact: 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