IIP’s Portfolio Now Spans 103 Properties
Consisting of 7.7 Million Rentable Square Feet Across 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 today
that it closed on the acquisition of a portfolio of 27 properties
in Colorado, Pennsylvania and North Dakota that are 100% leased for
use as regulated cannabis dispensing, processing and/or cultivation
facilities. The aggregate purchase price for the portfolio was
approximately $72.7 million (excluding transaction costs).
The property portfolio consists of 24 properties located in
Colorado, two properties located in North Dakota and one property
located in Pennsylvania. 16 properties are leased to a subsidiary
of Columbia Care Inc.; four properties are leased to subsidiaries
of Medicine Man Technologies, Inc. (Schwazze); three properties are
leased to subsidiaries of Curaleaf Holdings, Inc.; three properties
are leased to subsidiaries of LivWell Holdings, Inc.; and one
property is leased to a subsidiary of Southwest Alternative Care,
LLC (Kaya Cannabis).
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.
“This transaction represents an outstanding addition to our
portfolio, and we are thrilled to continue to expand on our
long-term real estate partnerships with Columbia Care, Curaleaf and
LivWell, in addition to welcoming Kaya Cannabis and Schwazze to our
tenant roster,” said Paul Smithers, President and Chief Executive
Officer of IIP. “The purchase of this portfolio also provides us an
opportunity to efficiently add well-located retail space to our
portfolio, with strong, established operators in place.”
Columbia Care, a publicly traded company, is one of the largest
multi-state operators, licensed in 18 jurisdictions in the United
States and Europe, with 99 retail locations and 31 cultivation and
processing facilities in the United States alone. Including the
properties acquired within this portfolio, IIP owns 21 properties
leased to subsidiaries of Columbia Care comprising an aggregate of
approximately 584,000 square feet, and a total investment of
approximately $147.8 million (including commitments to fund future
improvements at the properties, but excluding transaction
costs).
Schwazze, a publicly traded company, is a leading regulated
cannabis operator in Colorado, with 19 retail locations, in
addition to cultivation and processing facilities. Earlier this
month, Schwazze announced it executed definitive agreements to
acquire all of the operating assets of a New Mexico regulated
cannabis operator, including ten dispensaries, four cultivation
facilities and one manufacturing location.
Curaleaf, a publicly traded company, owns and operates 101
dispensaries, 22 cultivation facilities and 30 processing
facilities across 23 states. Including the properties acquired
within this portfolio, IIP owns seven properties leased to
subsidiaries of Curaleaf comprising an aggregate of approximately
367,000 square feet, and a total investment of approximately $107.6
million (excluding transaction costs).
LivWell, a privately held, regulated cannabis cultivation and
retail leader founded in 2009, has operations in Colorado and
Michigan, and in October 2021, announced that it had executed a
definitive merger agreement pursuant to which PharmaCann Inc. will
acquire LivWell. Upon completion of the planned merger, PharmaCann
and LivWell are expected to operate approximately 60 dispensaries
and 11 cultivation and processing facilities across eight states.
Including the properties acquired within this portfolio, IIP owns
six properties leased to subsidiaries of LivWell comprising an
aggregate of approximately 225,000 square feet, and a total
investment of approximately $91.2 million (including commitments to
fund future improvements at the properties, but excluding
transaction costs).
Kaya Cannabis is a privately held, vertically-integrated
operator in Colorado, with seven dispensaries and one production
facility.
As of December 14, 2021, IIP owned 103 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 7.7 million
rentable square feet (including approximately 2.6 million rentable
square feet under development/redevelopment). As of December 14,
2021, IIP had committed approximately $2.0 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.
These statistics do not include an $18.5 million loan from IIP to a
developer for construction of a regulated cannabis cultivation and
processing facility in California and up to $55.0 million that may
be funded between June 15, 2022 and July 31, 2022 pursuant to IIP’s
lease with a tenant at one of IIP’s Pennsylvania properties, as the
tenant at that property may not elect to have IIP disburse those
funds and pay IIP the corresponding base rent on those funds.
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 leases and tenants of the
portfolio of properties, and the Colorado, Pennsylvania and North
Dakota regulated cannabis markets, 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/20211214006278/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