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 October
1, 2021 through today.
Operating Activity
As of January 5, 2022, 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 2.5 million rentable
square feet under development / redevelopment). As of January 5,
2022, IIP had invested approximately $1.7 billion across its
portfolio (consisting of purchase price and construction funding
and improvements reimbursed to tenants, but excluding transaction
costs) and had committed an additional approximately $316.1 million
to reimburse certain tenants and sellers for completion of
construction and 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.
Investment Activity
From October 1, 2021 through today, IIP made 29 acquisitions
(including 28 new properties and the acquisition of certain
facilities at an existing property) for properties located in
California, Colorado, Michigan, North Dakota and Pennsylvania, and
executed one lease amendment to provide an additional improvement
allowance at a property located in Massachusetts. In these
transactions, IIP established new tenant relationships with Gold
Flora, LLC, Medicine Man Technologies, Inc. (Schwazze) and
Southwest Alternative Care, LLC (Kaya Cannabis), while expanding
existing relationships with Columbia Care Inc., Curaleaf Holdings,
Inc., LivWell Holdings, Inc. and Temescal Wellness of
Massachusetts, LLC.
Additional detail regarding each transaction is set forth
below:
State
Closing Date
Rentable Sq. Ft.(1)
Purchase Price(2)
Additional Investment
Total Investment
California
October 15, 2021
201,000
$
51,000
$
9,000
$
60,000
(3)
Massachusetts
November 1, 2021
N/A
N/A
8,700
8,700
(4)
Michigan
December 9, 2021
15,000
34,150
550
34,700
(5)
Multiple
December 14, 2021
179,000
72,657
N/A
72,657
(6)
Totals
395,000
$
157,807
$
18,250
$
176,057
___________
(1)
Includes expected rentable square feet at
completion of construction for certain properties.
(2)
Excludes transaction costs.
(3)
The tenant is expected to complete
improvements at the property, for which IIP agreed to provide
reimbursement of up to $9.0 million.
(4)
The amount relates to a lease amendment
which increased the improvement allowance under a lease at one of
IIP’s Massachusetts properties by $8.7 million to a total of $23.7
million, and also resulted in a corresponding adjustment to the
base rent for the lease at the property.
(5)
IIP acquired the central utility plant
facilities from the tenant at the property, which increased the
total rentable square feet at the property to 205,000 square feet,
provided reimbursement to the tenant for certain other improvements
made at the property, and amended the lease to increase the
improvement allowance for future improvements by $550,000, all of
which resulted in a corresponding adjustment to the base rent for
the property.
(6)
IIP acquired a portfolio of 27 properties
in Colorado, Pennsylvania and North Dakota.
Capital Markets Activity
In December 2021, IIP Operating Partnership, LP, IIP’s operating
partnership subsidiary (the Operating Partnership), and IIP entered
into privately-negotiated exchange agreements with certain holders
of the Operating Partnership’s 3.75% Exchangeable Senior Notes due
2024 (the Notes), pursuant to which the Operating Partnership
delivered and paid an aggregate of (a) 1,684,237 shares of the IIP
common stock, which were the number of aggregate shares issuable
upon exchange of the Notes pursuant to the indenture governing the
Notes; and (b) approximately $2.3 million in cash, collectively, in
exchange for approximately $110.4 million principal amount of the
Notes (the Exchange Transactions). Following the closing of the
Exchange Transactions, approximately $33.4 million in aggregate
principal amount of the Notes remain outstanding with terms
unchanged. IIP executed the Exchange Transactions in part to
mitigate future stockholder dilution, as the exchange rate for the
Notes adjusts each quarter pursuant to the indenture as a result of
IIP’s issuances of common stock dividends, resulting in additional
shares being issuable to holders of the Notes over time upon an
election by the noteholder to exchange the Notes for shares of
IIP’s common stock.
IIP did not conduct any capital raising activities during the
period from October 1, 2021 through today and has approximately
$231.7 million in shares of common stock available for issuance
under its “at-the-market” equity offering program.
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/20220105005949/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
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