Innovative Industrial Properties Announces Q3 2021 Operating,
SAN DIEGO, October 01, 2021–(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 its operating, investment and capital markets activity from July 1, 2021 through today.
Operating Activity
As of October 1, 2021, IIP owned 75 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 7.3 million rentable square feet (including approximately 2.7 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 October 1, 2021, IIP had invested an aggregate of approximately $1.4 billion (consisting of purchase price and construction funding and improvements reimbursed to tenants, but excluding transaction costs) and had committed an additional approximately $417.5 million to reimburse certain tenants and sellers for completion of construction and improvements at IIP’s properties, which does not include an $18.5 million loan from IIP to a developer for construction of a regulated cannabis cultivation and processing facility in California.
Investment Activity
From July 1, 2021 through today, IIP made four acquisitions (including three new properties and additional land expansion at an existing property) for properties located in Illinois, Maryland, Missouri and New York, and executed three lease amendments to provide additional improvement allowances at properties located in Illinois, Maryland and Michigan. In these transactions, IIP established a new tenant relationship with Calyx Peak, Inc., while expanding existing relationships with 4Front Ventures Corp., Ascend Wellness Holdings, Inc., Goodness Growth Holdings, Inc. (f/k/a Vireo Health International, Inc.), Green Peak Industries LLC (Skymint), Harvest Health & Recreation Inc. and Holistic Industries, Inc. Additional detail regarding each transaction is set forth below:
|
State |
Closing Date |
Rentable |
Purchase |
Additional |
Total |
||||||||||
|
Illinois |
August 3, 2021 |
250,000 |
$ |
6,500 |
$ |
43,750 |
$ |
50,250 |
(3) |
||||||
|
Maryland |
August 13, 2021 |
112,000 |
16,615 |
12,900 |
29,515 |
(4) |
|||||||||
|
Maryland |
August 26, 2021 |
N/A |
N/A |
8,000 |
8,000 |
(5) |
|||||||||
|
Michigan |
September 2, 2021 |
N/A |
N/A |
15,000 |
15,000 |
(6) |
|||||||||
|
Illinois |
September 15, 2021 |
N/A |
N/A |
20,000 |
20,000 |
(7) |
|||||||||
|
Missouri |
September 17, 2021 |
83,000 |
1,530 |
26,720 |
28,250 |
(8) |
|||||||||
|
New York |
September 24, 2021 |
324,000 |
10,225 |
46,075 |
56,300 |
(9) |
|||||||||
|
Totals |
769,000 |
$ |
34,870 |
$ |
172,445 |
$ |
207,315 |
||||||||
|
___________ |
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|
(1) |
Includes expected rentable square feet at completion of construction for certain properties. |
|
|
(2) |
Excludes transaction costs. |
|
|
(3) |
The tenant is expected to construct a 250,000 square foot industrial facility, for which IIP agreed to provide reimbursement of up to $43.75 million. |
|
|
(4) |
The tenant is… |
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Read More: Innovative Industrial Properties Announces Q3 2021 Operating,