Innovative Industrial Properties Acquires Massachusetts Property and Expands Long-Term Real Estate Partnership with Curaleaf
02 9월 2022 - 6:41AM
Business Wire
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 comprising
approximately 104,000 square feet of industrial space in Webster,
Massachusetts.
The purchase price for the property was $21.5 million
(approximately $207 per square foot), which is fully built out and
operational as a regulated cannabis cultivation and processing
facility. Concurrent with the closing of the purchase, IIP entered
into a long-term, triple-net lease agreement for the property with
a subsidiary of Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF)
(Curaleaf).
The property consists of cultivation, manufacturing, office,
administrative and storage space, and is estimated to produce
approximately 32,000 pounds of cannabis flower annually. Together
with this facility in Massachusetts, IIP owns and leases four other
cultivation and processing facilities and three dispensary
locations in Illinois, New Jersey, North Dakota and Pennsylvania to
Curaleaf, comprising a total of approximately 578,000 square feet.
Curaleaf is IIP’s fifth largest tenant partner in terms of capital
investment.
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.
Headquartered in Wakefield, Massachusetts, Curaleaf is a top
regulated cannabis operator in the United States, with a presence
in 22 states, and is also the largest vertically integrated
cannabis company in Europe. Curaleaf operates 26 cultivation sites
totaling approximately 4.4 million square feet, 136 dispensary
locations and has 6,000+ employees worldwide. Curaleaf is a
vertically-integrated operator in Massachusetts, with four
dispensaries and two cultivation and processing facilities
(including this facility).
Curaleaf reported second quarter 2022 total revenues of $338
million ($1.4 billion annualized), and adjusted EBITDA of $86
million ($344 million annualized), reflecting quarter-over-quarter
sequential growth in these metrics of 8% and 18%, respectively.
Curaleaf also continued to add to its talented management team in
2022, including Ed Kremer as Chief Financial Officer, Camilo Lyon
as Chief Investment Officer, Mitch Hara as Chief Strategy Officer
and Tyneeha Rivers as Chief People Officer.
As of September 1, 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 8.7 million
rentable square feet (including approximately 2.1 million rentable
square feet under development / redevelopment). As of September 1,
2022, IIP had committed approximately $2.4 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 commitment from IIP
to a developer for construction of a regulated cannabis cultivation
and processing facility in California.
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 Massachusetts property and
Curaleaf, 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/20220901005836/en/
Catherine Hastings Chief Financial Officer Innovative Industrial
Properties, Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
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