IIP Expands Portfolio to 111 Properties
Comprising 8.4 Million Square Feet in 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 that it
closed on the acquisition of a property in Texas, and entered into
a long-term lease with a subsidiary of Texas Original Holdings, LLC
(Texas Original).
The purchase price for the property was approximately $12.0
million (excluding transaction costs), which was derived from costs
Texas Original incurred to acquire the 25 acres of land and develop
the property through the date of closing. At the time of closing,
the majority of project sitework had been completed and two of the
four buildings have been dried in with interior finish out under
construction. Texas Original is expected to complete construction
of the approximately 85,000 square foot industrial and hybrid
greenhouse facility, for which IIP has agreed to provide
reimbursement of up to approximately $10.0 million, consisting of
completion of building shell, interior buildout of cultivation and
production rooms, and mechanical, electrical and plumbing systems.
Assuming full reimbursement for the construction, IIP’s total
investment in the property is expected to be $22.0 million
(excluding transaction costs), or approximately $259 per square
foot. Upon completion, the property is expected to include
approximately 49,000 square feet of cultivation space, with the
balance of the space utilized for manufacturing, processing,
testing and administrative activities.
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.
Texas Original is one of three vertically integrated cannabis
license holders in Texas, is the only provider headquartered in the
state, and is estimated to hold a large majority of the current
market share within Texas’ medical cannabis program. After raising
approximately $40.0 million to date, Texas Original currently
operates a regulated cannabis production and dispensary facility in
Austin as well as the state’s largest distribution and delivery
network. Texas Original’s daily and weekly deliveries, in addition
to its statewide pickup locations, provide qualifying patients
across the state of Texas access to medical cannabis under the
Texas Compassionate Use Program (CUP).
Texas, the second most populous state with nearly 30 million
residents, passed the CUP in 2015, which is currently a limited
program providing low-THC medical cannabis to qualifying patients.
The program currently provides for a limited set of qualifying
medical conditions, including epilepsy and seizure disorders,
multiple sclerosis, PTSD, spasticity, all forms of cancer,
incurable neurological disorders, autism and ALS. According to a
Texas GOP Voter Survey conducted by Baselice & Associates in
April 2022, 64% of Republican primary voters favor legalizing
medical marijuana in Texas that is prescribed by a physician for
serious medical conditions. In the same poll, 72% of Republican
primary voters favor allowing physicians in Texas to prescribe
medical marijuana as an alternative to opioids to treat patients
with chronic pain. In May 2022, according to a University of Texas
at Tyler poll, 83% of Texas voters support legalization of cannabis
for medical use, and 60% of Texas voters support legalization of
cannabis for adult-use. As of May 2022, the current program had
approximately 26,000 registered patients and 580 physicians;
however, New Frontier Data estimates annual spending on illicit
cannabis sales in Texas to be $6.0 billion. Neighboring state New
Mexico legalized cannabis for adult-use earlier this year, while
Oklahoma and Louisiana have legalized cannabis for full
medical-use.
As of June 15, 2022, IIP owned 111 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 8.4 million
rentable square feet (including approximately 2.6 million rentable
square feet under development / redevelopment). As of June 15,
2022, IIP had committed approximately $2.3 billion across its
portfolio, including capital invested to date (excluding
transaction costs) and additional capital commitments to fund
future 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.
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 Texas Original
Texas Original is the leading licensed medical cannabis producer
in Texas, working alongside physicians to provide the highest
quality cannabis medicine to patients and families seeking relief
across the state. As fellow Texans, we are dedicated to
representing the integrity of this great state with our commitment
to quality, consistency, and purity in every product we produce. We
remain committed to advancing safe, legal access to this powerful
medicine. Texas Original is headquartered in Austin, with delivery
throughout the entire state. For more information, visit
www.texasoriginal.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 development and lease of the
Texas property, Texas Original and the Texas 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/20220615005992/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
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