Following the shut of the market on Tuesday, cannabis REIT (Actual Property Funding Belief) Revolutionary Industrial Properties, Inc. (IIP) (NYSE: IIPR) posted its working, funding, and capital markets exercise from April 1, 2021, via at present. The corporate’s first quarter resulted in March, however since that point IIP has been very energetic.
IIP stated that from April 1, 2021, via Tuesday, it has made 4 acquisitions for properties situated in Massachusetts, Michigan, and Pennsylvania, and executed three lease amendments to supply extra tenant enhancements at properties situated in Florida and Pennsylvania. In these transactions, IIP stated it established new tenant relationships with Sozo Firms, Inc. and Temescal Wellness of Massachusetts, LLC, whereas increasing present relationships with Inexperienced Peak Industries LLC (Skymint), Harvest Well being & Recreation Inc., Jushi Holdings Inc., and Parallel.
As well as, on June 25, 2021, IIP stated it closed on a building mortgage with a developer for the development of a regulated cannabis cultivation and processing facility in California. IIP stated it’s anticipated to lend as much as $18.5 million to the developer for the development of an roughly 102,000 sq. foot constructing. Following completion of growth of the property, IIP stated it has an choice to buy the property and will execute a negotiated lease with an affiliate of the developer or with one other third social gathering if IIP determines to train its buy possibility.
Capital Markets Exercise
On Could 25, 2021, IIP issued a $300 million mixture principal quantity of unsecured senior notes. The sale of the notes generated internet proceeds of roughly $293 million, after deducting the preliminary purchaser’s reductions and commissions and providing bills. The notes bear curiosity at 5.50% every year, payable semi-annually in arrears on Could 15 and November 15 of every yr, till the maturity date of Could 25, 2026. IIP stated it intends to make use of the online proceeds from the providing to put money into specialised industrial actual property belongings that assist the regulated cannabis trade that’s in keeping with its funding technique, and for common company functions.
As of July 6, 2021, IIP owns 72 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 6.6 million rentable sq. ft (together with roughly 2.2 million rentable sq. ft beneath growth/redevelopment), which have been 100% leased with a weighted-average remaining lease time period of roughly 16.7 years.
As of July 6, 2021, IIP had invested an mixture of roughly $1.6 billion (consisting of the acquisition value and growth and tenant reimbursement commitments funded, however excluding transaction prices) and had dedicated an extra roughly $347.8 million to reimburse sure tenants and sellers for completion of building and tenant enhancements at IIP’s properties, which doesn’t embody an $18.5 million mortgage from IIP to a developer for building of a regulated cannabis cultivation and processing facility in California.
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