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 July 1,
2021 through today.
Operating Activity
As of October 1, 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 7.3 million
rentable square feet (including approximately 2.7 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 October 1, 2021, IIP had invested
an aggregate of approximately $1.4 billion (consisting of purchase
price and construction funding and improvements reimbursed to
tenants, but excluding transaction costs) and had committed an
additional approximately $417.5 million to reimburse certain
tenants and sellers for completion of construction and 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 July 1, 2021 through today, IIP made four acquisitions
(including three new properties and additional land expansion at an
existing property) for properties located in Illinois, Maryland,
Missouri and New York, and executed three lease amendments to
provide additional improvement allowances at properties located in
Illinois, Maryland and Michigan. In these transactions, IIP
established a new tenant relationship with Calyx Peak, Inc., while
expanding existing relationships with 4Front Ventures Corp., Ascend
Wellness Holdings, Inc., Goodness Growth Holdings, Inc. (f/k/a
Vireo Health International, Inc.), Green Peak Industries LLC
(Skymint), Harvest Health & Recreation Inc. and Holistic
Industries, Inc. Additional detail regarding each transaction is
set forth below:
State
Closing Date
Rentable Sq. Ft.(1)
Purchase Price(2)
Additional Investment
Total Investment
Illinois
August 3, 2021
250,000
$
6,500
$
43,750
$
50,250
(3)
Maryland
August 13, 2021
112,000
16,615
12,900
29,515
(4)
Maryland
August 26, 2021
N/A
N/A
8,000
8,000
(5)
Michigan
September 2, 2021
N/A
N/A
15,000
15,000
(6)
Illinois
September 15, 2021
N/A
N/A
20,000
20,000
(7)
Missouri
September 17, 2021
83,000
1,530
26,720
28,250
(8)
New York
September 24, 2021
324,000
10,225
46,075
56,300
(9)
Totals
769,000
$
34,870
$
172,445
$
207,315
___________
(1)
Includes expected rentable square feet at
completion of construction for certain properties.
(2)
Excludes transaction costs.
(3)
The tenant is expected to construct a
250,000 square foot industrial facility, for which IIP agreed to
provide reimbursement of up to $43.75 million.
(4)
The tenant is expected to complete
improvements at the property, for which IIP agreed to provide
reimbursement of up to $12.9 million.
(5)
The amount relates to a lease amendment
which provided an additional improvement allowance under a lease at
one of IIP’s Maryland properties of $8.0 million, and also resulted
in a corresponding adjustment to the base rent for the lease at the
property.
(6)
The amount relates to a lease amendment
which increased the improvement allowance under a lease at one of
IIP’s Michigan properties by $15.0 million to a total of $29.45
million, and also resulted in a corresponding adjustment to the
base rent for the lease at the property.
(7)
The amount relates to a lease amendment
which increased the improvement allowance under a lease at one of
IIP’s Illinois properties by $20.0 million to a total of $52.0
million, and also resulted in a corresponding adjustment to the
base rent for the lease at the property.
(8)
The tenant is expected to construct an
83,000 square foot industrial facility, for which IIP agreed to
provide reimbursement of up to approximately $26.72 million.
(9)
The amounts relate to the acquisition of
additional land adjacent to an existing property and a lease
amendment which provided an allowance to fund construction of a new
building and resulted in a corresponding adjustment to the base
rent for the lease at the property. The tenant is expected to
construct approximately 324,000 square feet of industrial space,
for which IIP agreed to provide reimbursement of up to
approximately $46.1 million.
Capital Markets Activity
IIP did not conduct any capital raising activities during the
period from July 1, 2021 through today.
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/20211001005127/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
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