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 property in New Jersey, and
entered into a long-term lease with a subsidiary of Ascend Wellness
Holdings, Inc. (AWH) at the property.
The purchase price for the property was $35.4 million (excluding
transaction costs). AWH is expected to complete additional
improvements for the approximately 114,000 square foot property as
a regulated cannabis cultivation and processing facility, for which
IIP has agreed to provide reimbursement of up to $4.6 million.
Assuming full reimbursement for the tenant improvements, IIP’s
total investment in the property is expected to be $40.0 million.
AWH is planning to build out its overall New Jersey cultivation
footprint to include a lab, kitchen and 150,000 square feet of
canopy by the end of 2023.
In addition to this New Jersey property, IIP owns and leases to
AWH three other properties in Illinois, Massachusetts and Michigan,
with IIP’s total investment in properties leased to AWH, including
commitments to fund future tenant improvements, equaling
approximately $179.75 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 have been AWH’s long-term real estate partner since 2018,
and are excited to once again expand our relationship with Abner
and his team,” said Paul Smithers, President and Chief Executive
Officer of IIP. “The AWH team continues to distinguish themselves
in delivering the highest quality cannabis products and services to
their patients and customers, and has developed a tremendous
strategic footprint in some of the strongest regulated cannabis
markets, including New Jersey.”
AWH is a publicly traded, vertically integrated cannabis
company, with assets in Illinois, Michigan, Ohio, Massachusetts and
New Jersey and approximately 1,500 employees. AWH owns and operates
state-of-the-art cultivation facilities, grows award-winning
strains, and produces a curated selection of products, including
its Ozone branded products. In New Jersey, AWH currently operates
two dispensaries in Montclair and Rochelle Park, and expects to
open an additional dispensary in Fort Lee in late spring of
2022.
“Throughout these transformational years of AWH, we have greatly
valued our long-term real estate partnership with IIP, working
closely together to deliver optimal real estate capital solutions
that have been instrumental in driving our expansion over time,”
said Abner Kurtin, Chief Executive Officer and Co-Founder of AWH.
“With IIP’s partnership, we look forward to significantly enhancing
our production capacity in New Jersey, and bringing our
award-winning products and exceptional service to patients and
customers throughout the state.”
New Jersey has taken strong steps in recent years to expand
access of the medical cannabis program to patients throughout the
state, including amending the rules to allow for oil-based
formulations, and adding seven new qualifying medical conditions,
including PTSD, anxiety, migraines and certain types of chronic
pain. The program was further expanded by the passage of the Jake
Honig Compassionate Use Medical Cannabis Act, which, among other
things, increased the monthly limit for cannabis patients, allowed
physician assistants and advanced practice nurses to recommend
medical cannabis to patients, and allowed the dispensing of
cannabis edibles to adult patients.
In addition, Governor Phil Murphy signed into law the New Jersey
Cannabis Regulatory, Enforcement, Assistance, and Market
Modernization Act (CREAMMA) in February 2021, which legalized
cannabis for adult-use. In August 2021, New Jersey’s Cannabis
Regulatory Commission adopted its initial rules and regulations.
According to MJBizDaily, New Jersey regulated adult-use cannabis
sales are expected to reach $2.1 billion by the fourth year of the
program. IIP owns three regulated cannabis cultivation and
processing facilities and one dispensary in New Jersey,
representing a total expected investment of approximately $90.0
million, which includes commitments by IIP to fund future
improvements at certain properties.
As of February 10, 2022, IIP owned 105 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 7.9 million
rentable square feet (including approximately 2.5 million rentable
square feet under development / redevelopment). As of February 10,
2022, IIP had committed approximately $2.1 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.
About AWH
AWH is a vertically integrated operator with assets in Illinois,
Michigan, Ohio, Massachusetts and New Jersey. AWH owns and operates
state-of-the-art cultivation facilities, growing award winning
strains and producing a curated selection of products. AWH produces
and distributes Ozone branded products. For more information, visit
www.awholdings.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 acquisition and lease of the
New Jersey property, AWH and the New Jersey 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.
The CSE has not reviewed, approved or disapproved the content of
this news release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220210005855/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332 AWH
Contact: Rebecca Koar (617) 453-4042 ext. 90102
IR@awholdings.com
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