SAN DIEGO–()–Innovative Industrial Properties, Inc. (IIP), the primary and solely actual property firm on the New York Stock Exchange (NYSE: IIPR) centered on the regulated U.S. hashish business, introduced at this time its working, funding and capital markets exercise for the year-to-date by way of April 5, 2021.

Operating Activity

As of April 5, 2021, IIP owned 68 properties situated 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 complete of roughly 6.zero million rentable sq. toes (together with roughly 2.2 million rentable sq. toes below improvement/redevelopment), which had been 100% leased with a weighted-average remaining lease time period of roughly 16.7 years. As of April 5, 2021, IIP had invested an mixture of roughly $1.1 billion (consisting of buy value and improvement and tenant reimbursement commitments funded, if any, however excluding transaction prices) and had dedicated a further roughly $359.7 million to reimburse sure tenants and sellers for completion of development and tenant enhancements at IIP’s properties.

In January 2021, IIP executed a brand 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 by way of April 5, 2021, IIP made three acquisitions (together with two new properties and extra land growth at an present property) for properties situated in California, Florida and Texas, and executed three lease amendments to offer extra tenant enhancements at properties situated in Michigan, New York and Pennsylvania. In these transactions and the brand new lease at IIP’s Los Angeles, California property, IIP established a brand new tenant relationship with Harvest Health & Recreation Inc., whereas increasing present relationships with Holistic, Jushi Holdings Inc., Kings Garden Inc., LivWell Holdings, Inc., Parallel and PharmaCann Inc. Additional element concerning every transaction is about forth under:

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 anticipated rentable sq. toes at completion of development for sure properties.

(2)

Excludes transaction prices.

(3)

The quantity pertains to a brand new lease executed at IIP’s Los Angeles, California property, which offers for a tenant enchancment allowance of as much as $11.zero million.

(4)

The tenant is anticipated to finish tenant enhancements on the property, for which IIP agreed to offer reimbursement of as much as roughly $10.Eight million.

(5)

The quantities relate to the acquisition of extra land adjoining to an present property and a lease modification which offered a tenant enchancment allowance and resulted in a corresponding adjustment to the bottom lease for the lease on the property. The tenant is anticipated to finish development of two new buildings on the property comprising roughly 180,000 sq. toes within the mixture, for which IIP agreed to offer reimbursement of as much as roughly $51.Four million.

(6)

The quantity pertains to a lease modification which elevated the tenant enchancment allowance below a lease at one in all IIP’s Michigan properties by roughly $6.9 million to a complete of roughly $29.9 million, and additionally resulted in a corresponding adjustment to the bottom lease for the lease on the property.

(7)

The quantity pertains to amendments to IIP’s lease and improvement settlement which elevated development funding at one in all IIP’s New York properties by $2.5 million to a complete of $33.5 million, and additionally resulted in a corresponding adjustment to the bottom lease for the lease on the property.

(8)

The tenant is anticipated to assemble three buildings on the property, for which IIP agreed to offer reimbursement of as much as $24.zero million.

(9)

The quantity pertains to a lease modification which elevated the tenant enchancment allowance below a lease at one in all IIP’s Pennsylvania properties by $30.zero million to a complete of roughly $40.zero million, and additionally resulted in a corresponding adjustment to the bottom lease for the lease on the property. With this extra tenant enchancment allowance, the tenant is anticipated to increase the power by roughly 40,000 sq. toes and full the buildout of the prevailing 89,000 sq. foot constructing.

Capital Markets Activity

IIP didn’t conduct any capital elevating actions throughout the year-to-date by way of April 5, 2021.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland company centered on the acquisition, possession and administration of specialised industrial properties leased to skilled, state-licensed operators for his or her regulated medical-use hashish services. Innovative Industrial Properties, Inc. has elected to be taxed as an actual property funding belief, commencing with the 12 months ended December 31, 2017. Additional info is obtainable at www.innovativeindustrialproperties.com.

This press launch accommodates statements that IIP believes to be “forward-looking statements” inside the which means of the secure harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements apart from historic details are forward-looking statements. When used on this press launch, phrases corresponding to IIP “expects,” “intends,” “plans,” “estimates,” “anticipates,” “believes” or “should” or the unfavorable thereof or comparable terminology are usually meant to determine forward-looking statements. Such forward-looking statements are topic to dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed in, or implied by, such statements. Investors shouldn’t place undue reliance upon forward-looking statements. IIP disclaims any obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case.

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