Cannabis REIT IIP Touts Strong Acquisitions And Portfolio Performance In Q1

Thursday, 6 May 2021, 18:44:45
Cannabis REIT Innovative Industrial Properties, Inc. (NYSE: IIPR ) announced Wednesday that its total revenue increased by 103% year-over-year to $42.9 million in the first quarter of 2021. Net income for the same period was roughly $25.6 million, or $1.05 per diluted share, representing an annual growth of 122%. Adjusted funds from operations amounted to approximately $38.4 million, or $1.47 per diluted share – an increase of 116% year-over-year. The significant yearly increase in revenue, net income and AFFO can be attributed to the acquisition and leasing of new properties and operations related to … Full story available on Benzinga.com
— Benzinga

Cannabis REIT IIP Buys $15.6M Michigan Property From Skymint, Total Assets In State Surpass $193M

Monday, 19 April 2021, 19:32:25
Cannabis-focused real-estate company Innovative Industrial Properties, Inc. (NYSE: IIPR ) confirmed Monday it has bought a property in Windsor, Michigan for around $15.6 million. The property is located at 9410 Davis Highway. What Happened In relation to the transaction, the company signed a long-term, triple-net lease agreement with Green Peak Industries LLC (known as Skymint Brands). Skymint plans to run the property as a cannabis cultivation, processing and distribution facility, once the improvements for the industrial building are finalized. The building covers roughly 175,000 sq. ft. of space, and IIP approved to compensate up to around $14.4 million for its redevelopment. In case of granting the full reimbursement, the company’s total investment in the property will amount to $30 million. The San Diego-based cannabis REIT … Full story available on Benzinga.com
— Benzinga

IIPR, 4Front Ventures Ink Another Sale-Leaseback Deal Totaling $51.5M

Tuesday, 16 March 2021, 15:36:43
Innovative Industrial Properties Inc. (NYSE: IIPR ) has agreed to purchase a cannabis cultivation site in Illinois for $6.5 million. The REIT also secured $45 million in financing to complete a buildout of the facility, which will subsequently be leased back to 4Front Ventures Corp. (CSE:FFNT) (OTCQX: FFNTF ) as part of a 20-year agreement with two five-year extension options. Phoenix-based 4Front will fund some of the construction. The deal totals some $51.5 million. The first phase of construction includes the construction of roughly 258,000 square feet of a building, 65,000 square feet of flowering canopy and roughly 70,000 square feet of production space. More than 240 employees are expected to get hired for the cultivation and production teams. A ‘Simple' Thesis The “simple” thesis, according to 4Front … Full story available on Benzinga.com
— Benzinga

Cannabis REIT IIP Closes Texas Property Purchse, Expands Collaboration With Parallel

Friday, 12 March 2021, 17:27:28
Innovative Industrial Properties Inc. (NYSE: IIPR ) has purchased a Texas-based property for roughly $3.4 million. The San Diego cannabis REIT confirmed Thursday it's closing the acquisition of a San Marcos-based property and entering into a long-term lease with Surterra Texas' subsidiary. Surterra San Marcos LLC opted to build one retail and two industrial buildings under the deal, spanning 63,000 square feet in total. In exchange, IIP agreed to pay $24 million, bringing its total investment into the property to $27.4 … Full story available on Benzinga.com
— Benzinga

Innovative Industrial Properties (IIPR) Lags Q4 FFO and Revenue Estimates | Investing.com

Thursday, 25 February 2021, 02:20:06
Stocks Analysis by Zacks Investment Research covering: Innovative Industrial Properties Inc. Read Zacks Investment Research's latest article on Investing.com
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