Innovative Industrial Properties Acquires Illinois Property and Expands Real Estate Partnership with Green Thumb Industries (GTI)
Innovative Industrial Properties, Inc. (IIPR)
US:NYSE Investor Relations:
investors.innovativeindustrialproperties.com
Company Research
Source: Business Wire
SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on a sale-leaseback transaction with Green Thumb Industries Inc. (GTI) (CSE: GTII; OTCQX: GTBIF) for its licensed cannabis cultivation and processing facility in Oglesby, Illinois.The purchase price for the property was $9.0 million (excluding transaction costs). GTI is also expected to make certain improvements to the property, for which IIP has agreed to provide reimbursement of up to $41.0 million. Assuming full reimbursement for such improvements, IIP’s total investment in the property will be $50.0 million.This sale-leaseback transaction marks IIP’s third acquisition and lease with GTI, with prior sale-leaseback transactions for GTI’s licensed medical cannabis cultivation and processing facility in Pennsylvania completed in November 2019 and G
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Earnings
- 2/26/24 - In-Line
IIPR
Sec Filings
- 4/1/24 - Form DEFA14A
- 4/1/24 - Form DEF
- 3/4/24 - Form 8-K
- IIPR's page on the SEC website