Innovative Industrial Properties Continues To Maintain Its U.S. Market Dominance

Innovative Industrial Properties, Inc. (IIPR) has benefited from being the first cannabis focused real estate investment trust (REIT) to trade on the New York Stock Exchange (NYSE).

With a market capitalization that is north of $4.5 billion, the cannabis real estate company has attracted a lot of smart money from Wall Street banks and major financial institutions. Early this week, Innovative Industrial Properties issued an update on the operating, investment, and capital markets activity from April 1^st to the present day.

As of July 6^th, Innovative Industrial Properties owned 72 properties which are 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 6.6 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 July 6^th, the cannabis real estate company reported to have invested an aggregate of approximately $1.6 billion (consisting of purchase price and development and tenant reimbursement commitments funded but excluding transaction costs) and had committed an additional approximately $347.8 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at its properties.

During the second calendar quarter of the year, Innovative Industrial Properties has made four acquisitions of properties that are in Massachusetts, Michigan and Pennsylvania, and executed three lease amendments to provide additional tenant improvements at properties located in Florida and Pennsylvania.

Last month, the cannabis real estate company closed a construction loan with a developer for a regulated cannabis cultivation and processing facility in California. Innovative Industrial Properties is expected to lend up to $18.5 million to the developer and we will monitor how the project advances from here.

If you are interested in learning more about how Innovative Industrial Properties is capitalizing on the real estate side of the cannabis industry, please send an email to support@technical420.com with the subject “Innovative Industrial Properties” to be added to our distribution list.

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Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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