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 for the
year-to-date through April 5, 2021.
Operating Activity
As of April 5, 2021, IIP owned 68 properties located in Arizona,
California, Colorado, Florida, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, Nevada, New Jersey, New York, North Dakota,
Ohio, Pennsylvania, Texas, Virginia and Washington, representing a
total of approximately 6.0 million rentable square feet (including
approximately 2.2 million rentable square feet under
development/redevelopment), which were 100% leased with a
weighted-average remaining lease term of approximately 16.7 years.
As of April 5, 2021, IIP had invested an aggregate of approximately
$1.1 billion (consisting of purchase price and development and
tenant reimbursement commitments funded, if any, but excluding
transaction costs) and had committed an additional approximately
$359.7 million to reimburse certain tenants and sellers for
completion of construction and tenant improvements at IIP’s
properties.
In January 2021, IIP executed a new long-term lease with
Holistic Industries Inc. (Holistic) for IIP’s Los Angeles,
California property, bringing IIP’s property portfolio to 100%
leased.
Investment Activity
During the year-to-date through April 5, 2021, IIP made three
acquisitions (including two new properties and additional land
expansion at an existing property) for properties located in
California, Florida and Texas, and executed three lease amendments
to provide additional tenant improvements at properties located in
Michigan, New York and Pennsylvania. In these transactions and the
new lease at IIP’s Los Angeles, California property, IIP
established a new tenant relationship with Harvest Health &
Recreation Inc., while expanding existing relationships with
Holistic, Jushi Holdings Inc., Kings Garden Inc., LivWell Holdings,
Inc., Parallel and PharmaCann Inc. Additional detail regarding each
transaction is set forth below:
State
Closing Date
Rentable Sq. Ft.(1)
Purchase Price(2)
Additional Investment
Total Investment
California
January 7, 2021
N/A
$
N/A
$
11,000
$
11,000
(3)
Florida
January 22, 2021
295,000
23,800
10,750
34,550
(4)
California
February 5, 2021
180,000
1,350
51,375
52,725
(5)
Michigan
February 16, 2021
N/A
N/A
6,895
6,895
(6)
New York
February 26, 2021
N/A
N/A
2,500
2,500
(7)
Texas
March 10, 2021
63,000
3,400
24,000
27,400
(8)
Pennsylvania
April 1, 2021
40,000
N/A
30,000
30,000
(9)
Totals
578,000
$
28,550
$
136,520
$
165,070
___________
(1)
Includes expected rentable square feet at
completion of construction for certain properties.
(2)
Excludes transaction costs.
(3)
The amount relates to a new lease executed
at IIP’s Los Angeles, California property, which provides for a
tenant improvement allowance of up to $11.0 million.
(4)
The tenant is expected to complete tenant
improvements at the property, for which IIP agreed to provide
reimbursement of up to approximately $10.8 million.
(5)
The amounts relate to the acquisition of
additional land adjacent to an existing property and a lease
amendment which provided a tenant improvement allowance and
resulted in a corresponding adjustment to the base rent for the
lease at the property. The tenant is expected to complete
construction of two new buildings at the property comprising
approximately 180,000 square feet in the aggregate, for which IIP
agreed to provide reimbursement of up to approximately $51.4
million.
(6)
The amount relates to a lease amendment
which increased the tenant improvement allowance under a lease at
one of IIP’s Michigan properties by approximately $6.9 million to a
total of approximately $29.9 million, and also resulted in a
corresponding adjustment to the base rent for the lease at the
property.
(7)
The amount relates to amendments to IIP’s
lease and development agreement which increased construction
funding at one of IIP’s New York properties by $2.5 million to a
total of $33.5 million, and also resulted in a corresponding
adjustment to the base rent for the lease at the property.
(8)
The tenant is expected to construct three
buildings at the property, for which IIP agreed to provide
reimbursement of up to $24.0 million.
(9)
The amount relates to a lease amendment
which increased the tenant improvement allowance under a lease at
one of IIP’s Pennsylvania properties by $30.0 million to a total of
approximately $40.0 million, and also resulted in a corresponding
adjustment to the base rent for the lease at the property. With
this additional tenant improvement allowance, the tenant is
expected to expand the facility by approximately 40,000 square feet
and complete the buildout of the existing 89,000 square foot
building.
Capital Markets Activity
IIP did not conduct any capital raising activities during the
year-to-date through April 5, 2021.
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
medical-use 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/20210406006083/en/
IIP Contact: Catherine Hastings Chief Financial Officer
Innovative Industrial Properties, Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
Historical Stock Chart
From Feb 2024 to Mar 2024
Innovative Industrial Pr... (NYSE:IIPR)
Historical Stock Chart
From Mar 2023 to Mar 2024