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 January
1, 2022 through today.
Operating Activity
As of April 7, 2022, IIP owned 107 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 8.0 million
rentable square feet (including approximately 2.4 million rentable
square feet under development / redevelopment), with a
weighted-average remaining lease term of approximately 16.4 years.
As of April 7, 2022, IIP had invested approximately $1.9 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
$227.1 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 January 1, 2022 through today, IIP made four acquisitions
for properties located in California, Massachusetts, New Jersey and
Pennsylvania, and executed four lease amendments to provide
additional improvement allowances at properties located in
Massachusetts and Michigan. In these transactions, IIP established
a new tenant relationship with Verano Holdings Corp., while
expanding existing relationships with 4Front Ventures Corp., Ascend
Wellness Holdings, Inc., Green Peak Industries, Inc. (Skymint),
Holistic Industries Inc. and Kings Garden, Inc.
Additional detail regarding each transaction is set forth
below:
State
Closing Date
Rentable Sq. Ft.(1)
Purchase Price(2)
Additional Investment
Total Investment
Massachusetts
January 28, 2022
57,000
$
16,000
$
—
$
16,000
Michigan
February 4, 2022
N/A
N/A
18,000
18,000
(3)
New Jersey
February 10, 2022
114,000
35,400
4,600
40,000
(4)
Michigan
March 1, 2022
N/A
N/A
3,500
3,500
(5)
Michigan
March 23, 2022
N/A
N/A
4,400
4,400
(6)
Massachusetts
March 23, 2022
N/A
N/A
14,900
14,900
(7)
Pennsylvania
March 23, 2022
3,000
2,750
—
2,750
California
March 25, 2022
23,000
8,158
—
8,158
Totals
197,000
$
62,308
$
45,400
$
107,708
_________________
(1)
Includes expected rentable square feet at
completion of construction for certain properties.
(2)
Excludes transaction costs.
(3)
The amount relates to a lease amendment
which increased the improvement allowance under a lease at one of
IIP’s Michigan properties by $18.0 million to a total of
approximately $47.5 million, and also resulted in a corresponding
adjustment to the base rent for IIP’s lease at the property.
(4)
The tenant is expected to complete
improvements at the property, for which IIP agreed to provide
reimbursement of up to $4.6 million.
(5)
The amount relates to a lease amendment
which increased the improvement allowance under a lease at one of
IIP’s Michigan properties by $3.5 million to a total of $22.3
million, and also resulted in a corresponding adjustment to the
base rent for IIP’s 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 $4.4 million to a total of $19.4
million, and also resulted in a corresponding adjustment to the
base rent for IIP’s 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 Massachusetts properties by $14.9 million to a total of
$37.15 million, and also resulted in a corresponding adjustment to
the base rent for IIP’s lease at the property.
Capital Markets Activity
From January 1, 2022 through today, holders of an aggregate of
approximately $26.4 million of IIP’s 3.75% Exchangeable Senior
Notes due 2024 (the “Exchangeable Senior Notes”) submitted their
Exchangeable Senior Notes for exchange, and IIP issued a total of
404,415 shares of common stock to these holders in accordance with
the terms of the indenture governing the Exchangeable Senior Notes.
As of April 7, 2022, approximately $7.0 million aggregate principal
amount of the Exchangeable Senior Notes remains outstanding.
IIP previously entered into separate equity distribution
agreements with certain sales agents, pursuant to which IIP may
offer and sell shares of its common stock having an aggregate
offering price of up to $500.0 million from time to time through
the sales agents (the “ATM Program”). From January 1, 2022 through
April 7, 2022, IIP sold 117,023 shares of its common stock pursuant
to the ATM Program, raising net proceeds, after sales commissions,
fees and expenses, of approximately $21.1 million. As of April 7,
2022, the remaining amount available to be sold under the ATM
Program is approximately $209.9 million.
On April 5, 2022, IIP completed an underwritten public offering
of 1,578,948 shares of common stock, and on April 6, 2022, IIP
completed the issuance of an additional 236,842 shares of common
stock pursuant to the exercise in full of the underwriters’ option
to purchase additional shares in the offering, resulting in
aggregate gross proceeds of approximately $345.0 million.
IIP expects to use the net proceeds from these offerings to
invest in specialized industrial real estate assets that are used
in the regulated cannabis industry and for general corporate
purposes. As of April 7, 2022, 27,962,132 shares of IIP common
stock are outstanding.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220407005921/en/
Catherine Hastings Chief Financial Officer Innovative Industrial
Properties, Inc. (858) 997-3332
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