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Innovative Industrial Properties Inc (NYSE:IIPR) Update On Acquisition Activity

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Subsequent to the close of the quarter, in the month of October 2017, Innovative Industrial Properties Inc (NYSE:IIPR) bought a property in New York for around $3.4 million, excluding transaction costs in a sale-leaseback deal, and concurrently finalized a triple-net lease for the entire asset with a subsidiary of Vireo to run a medical-use cannabis grow and processing facility.

The details

Vireo and its firms operate one grow and processing facility and four legal medical use cannabis dispensaries in Minnesota, and one grow and processing facility as well as four registered medicinal use cannabis dispensaries in New York, and are temporarily approved to grow and process medical use cannabis in Pennsylvania.

Innovative Industrial Properties reported that the tenant is accountable for paying all maintenance expenses, structural repairs, taxes and insurance related to the property, and the lease offers that the firm will fund up to $1 million as reimbursement for upcoming tenant improvements at the asset. The preliminary annualized base rent for the asset is $660,000, or 15% of the amount of the purchase price and the tenant enhancement allowance made available for the asset, and subject to yearly increases at a rate of 3.5%.

The firm also gets a property management fee as per the terms of lease equal to 1.5% of the then-prevailing base rent throughout the term. The preliminary lease term is 15 years, with two alternatives to extend the lease term for two additional five-year periods.

Also, subsequent to the close of the quarter, on November 8, 2017, Innovative Industrial bought a property in Minnesota for around $3 million, excluding transaction costs in a sale-leaseback deal. Upon the closing, the firm finalized a triple-net lease for the entire asset with another subsidiary of Vireo to run a medical-use cannabis grow and processing facility. The tenant is accountable for paying all maintenance expenses, structural repairs, taxes and insurance related to the respective property, and the lease offers that the firm will fund up to $1 million as reimbursement for upcoming tenant improvements at the property.


 

 

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