Innovative Industrial Properties Announces Q1 2022 Operating, Investment and Capital Markets Activity

Innovative Industrial Properties Announces Q1 2022 Operating, Investment and Capital Markets Activity
CANNANNEW REPORT

SAN DIEGO–(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 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…

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Source : Innovative Industrial Properties Announces Q1 2022 Operating, Investment and Capital Markets Activity

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