Innovative Indus Stock Price, News & Analysis

Goodness Growth announced a sale leaseback transaction with Innovative Industrial Properties (IIPR) for approximately 92.3 acres in New York for $1.2 million. IIPR will reimburse Goodness Growth $55 million for construction of a new 324,000 sq. ft. facility, enhancing the company's capacity to meet the expected surge in demand from New York's upcoming adult-use cannabis program. Initial annual rent will be 10.5% of tenant improvements plus the purchase price, with a 20-year lease and 2.75% annual increases.

Innovative Industrial Properties, Inc. (IIPR) has extended its relationship with Goodness Growth Holdings by acquiring approximately 92.3 acres in New York for about $10.23 million. This will facilitate the construction of a 324,000 square-foot cannabis cultivation and processing facility, with IIP expected to reimburse up to $46.1 million for development costs. IIP now leases two properties to Goodness Growth, committing approximately $72.8 million to the partnership. New York's evolving cannabis market presents significant growth opportunities, especially following the recent legalization of adult-use cannabis.

Innovative Industrial Properties (IIPR) has expanded its portfolio to 75 properties, totaling 7.0 million square feet across 19 states. The company acquired a property in Missouri for $1.53 million, with a total expected investment of $28.25 million after reimbursing Calyx Peak, Inc. for construction costs. This new facility aims to support the growing demand in Missouri's cannabis market, which saw $22 million in sales in August 2021 alone. IIPR continues to solidify its position as a leader in the regulated cannabis real estate sector.

Innovative Industrial Properties (IIPR) has announced a third quarter 2021 dividend of $1.50 per share, marking a 7% increase from the previous quarter and a 28% increase from Q3 2020. This is the twelfth increase since its IPO in December 2016, and the annualized dividend now stands at $6.00. The dividends are payable on October 15, 2021, to shareholders on record as of September 30, 2021. The board plans to review dividend levels every six months.

Innovative Industrial Properties (IIPR) announced an exchange offer for its unregistered 5.50% Senior Notes due 2026, originally issued on May 25, 2021, totaling $300 million. Holders can exchange their notes for new ones under an effective registration statement. The exchange offer will expire on October 13, 2021. The new notes will have different CUSIP and ISIN numbers but are substantially identical to the originals, except for transfer restrictions and registration rights. Full terms are available in a prospectus dated September 13, 2021.

Innovative Industrial Properties (IIPR) announced the acquisition of a property in Hancock, Maryland, for approximately $16.6 million. A long-term lease has been established with Harvest Health & Recreation Inc., anticipating tenant improvements costing up to $12.9 million. This brings IIP's total investment in the property to about $29.5 million. Earlier this year, IIP also acquired a Florida property linked to Harvest, projected to cost $41.7 million. IIP now owns two Maryland properties, totaling $51.9 million in investments. The company, a real estate investment trust, partners with regulated cannabis operators.

Innovative Industrial Properties (IIP) reported a 101% year-over-year revenue increase for Q2 2021, totaling approximately $48.9 million. The net income attributable to common stockholders was about $29.0 million, equating to $1.17 per diluted share. Adjusted funds from operations (AFFO) reached approximately $43.0 million, or $1.64 per diluted share. A quarterly dividend of $1.40 was announced, reflecting a 32% increase.

IIP also secured a $300 million private placement of unsecured senior notes, enhancing its financial stability.

Innovative Industrial Properties (IIPR) has successfully acquired a property in Illinois for $6.5 million, forming a long-term lease with 4Front Ventures. This acquisition includes a commitment of up to $43.75 million for construction, bringing the total investment to $50.25 million. The facility will serve as a licensed cannabis cultivation and processing site, with IIP's total investment in properties leased to 4Front expected to reach $83.25 million. IIP continues to strengthen its position in the fast-growing regulated U.S. cannabis market, which saw over $1 billion in sales in Illinois last year.

Innovative Industrial Properties (NYSE: IIPR) will announce its second-quarter results for the period ending June 30, 2021, after the market closes on August 4, 2021.

An investor conference call is scheduled for August 5, 2021, at 10:00 a.m. PT, featuring Alan Gold, Paul Smithers, Catherine Hastings, and Ben Regin, to discuss the financial results and operations. The call will be available via a live audio webcast or by phone. A playback will be accessible for one week post-call. Innovative Industrial Properties focuses on acquiring and managing industrial properties leased to licensed cannabis operators.