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
that it closed on the acquisition of a 201,000 square foot
industrial property in Desert Hot Springs, California, and entered
into a long-term lease with Gold Flora, LLC (Gold Flora).
The purchase price for the property was $51.0 million (excluding
transaction costs). Gold Flora is expected to complete additional
tenant improvements for the property as a regulated cannabis
cultivation and processing facility, for which IIP has agreed to
provide reimbursement of up to $9.0 million. Assuming full
reimbursement for the tenant improvements, IIP’s total investment
in the property is expected to be $60.0 million.
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 welcome Laurie and the Gold Flora team as our
newest tenant partner,” said Paul Smithers, President and Chief
Executive Officer of IIP. “Gold Flora has established a strong
reputation and presence in the largest regulated cannabis market in
the world, California, and we look forward to supporting them as a
long-term real estate capital partner for many years to come, as
they continue to expand the breadth of their operations and reach
throughout the state.”
Founded in 2017, Gold Flora is a vertically integrated operator
in California, including cultivation, manufacturing, distribution
and retail. Gold Flora is led by a seasoned management team with a
track record of success in the regulated cannabis industry and
developing and leading the execution of company strategy, including
Chief Executive Officer Laurie Holcomb, Chief Operations Officer
Greg Gamet, Chief Financial Officer Chris Martin and Chief
Cultivation Officer Phillip Hague. Earlier this year, Gold Flora
announced a strategic partnership with Stately Brands, including
the establishment of an advisory board to Gold Flora and financing
to further expand Gold Flora’s retail operations, brands and
distribution network.
“Teaming with IIP on this transaction strategically unlocks
capital for us as we focus on our continued growth in California,
and we look forward to working with the IIP team for many years to
come as our go-to real estate capital provider,” said Laurie
Holcomb, Chief Executive Officer of Gold Flora. “In a few short
years, I am proud of what our team at Gold Flora has accomplished,
with our best-in-class line of products and strategic relationships
that I believe will continue to distinguish us in the California
marketplace, as we look to expand our footprint and distribution
throughout the state.”
California is the largest regulated cannabis market in the
United States, generating approximately $4.4 billion in regulated
cannabis sales in 2020, versus $2.8 billion in 2019, representing
an annual growth rate well in excess of 50%, according to Marijuana
Business Daily. While many cities and counties initially banned
regulated cannabis businesses in their jurisdictions, that approach
has shifted over time: in early 2019, about a year after the
regulated adult-use market launched, only 161 of California’s 482
cities and 24 of 58 counties permitted any type of regulated
cannabis business; as of July 2021, those numbers had grown to 182
cities and 31 counties. According to the California Department of
Tax and Fee Administration, taxable sales of regulated cannabis
products in California totaled approximately $1.4 billion in the
second quarter of 2021 alone, continuing a strong growth
trajectory.
As of October 18, 2021, IIP owned 76 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 7.5 million
rentable square feet (including approximately 2.8 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 18, 2021, IIP had committed
approximately $1.9 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 lease of the California
property, Gold Flora and the California 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/20211018005104/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