Posted on June 13, 2018
Innovative Industrial Properties (IIP), a Maryland-based REIT specializing in the acquisition, ownership and management of industrial properties leased to medical cannabis facilities, reports in New Cannabis Ventures that its revenue jumped 107 percent in the first quarter of 2018. Rental revenues were approximately $2.7 million in the quarter, with a net income of $607,000. The company owns six properties located in Arizona, Maryland, Minnesota, New York and Pennsylvania totaling 706,000 rentable square feet, which were 100 percent leased at the end of Q1 with an average remaining lease term of 14.4 years. IIP recently acquired an 89,000 square foot medical-use cannabis cultivation and processing facility in a sale-leaseback transaction with a subsidiary of Vireo Health, Inc. Pennsylvania for “an aggregate consideration of $8.6 million (excluding transaction costs), which includes an approximately $2.8 million tenant improvement allowance available for additional improvements at the property.”