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Innovative Industrial Properties Acquires Virginia Property and Enters Into Long-Term Lease with Green Leaf Medical

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 the acquisition of a property in Richmond, Virginia, which is expected to comprise approximately 82,000 square feet of industrial space upon completion of development.


The purchase price for the Virginia property was approximately $11.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement with a subsidiary of Green Leaf Medical, LLC (Green Leaf Medical), which intends to operate the property as a licensed medical-use cannabis cultivation, processing and dispensing facility upon completion of development. IIP has also agreed to provide reimbursement of up to approximately $8.0 million in connection with the completion of development of the property. Assuming full reimbursement, IIPa??s total investment in the property will be approximately $19.8 million.


As the pioneering real estate investment trust (REIT) for the medical-use cannabis industry, IIP partners with experienced medical-use cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions.


This transaction marks IIPa??s second property acquisition and lease with Green Leaf Medical, with IIPa??s prior sale-leaseback transaction for Green Leaf Medicala??s 266,000 square foot licensed medical cannabis cultivation and processing facility in Pennsylvania, of which 103,000 square feet is operational and an additional 163,000 square feet of industrial space is available for future redevelopment and expansion.


"We are excited to team again with multi-state operator Green Leaf Medical as our tenant partner in Virginia,a?? said Paul Smithers, President and Chief Executive Officer of IIP. "Green Leaf Medical continues to execute well on its business, dramatically expanding patient access in the Northeast. We look forward to working closely with them as they complete development of this state-of-the-art facility to meet the patient demand of the greater Richmond area.a??
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