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Innovative Industrial (IIPR) Expands Ties With Holistic Industries
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Innovative Industrial Properties (IIPR - Free Report) recently announced entering into a long-term lease with Holistic Industries Inc. for its Los Angeles, CA, property, following Holistic’s acquisition of retail, distribution, cultivation and manufacturing licenses for cannabis operations from the previous tenant at this property, which was in receivership.
The cannabis-focused real estate company, Innovative Industrial, will offer a reimbursement of up to $11 million to Holistic with regard to the planned redevelopment of the property. Considering full reimbursement for the property revamp, Innovative Industrial’s total investment in the property will be worth $24 million.
The company’s partnership with Holistic is a strategic fit. This is because Holistic is one of the largest private, vertically-integrated multi-state operators in the cannabis industry with operations in California, Maryland, Massachusetts, Michigan, Pennsylvania and Washington DC. Moreover, it is expected to soon begin operations in Missouri and West Virginia.
Apart from the California property, Innovative Industrial Properties owns and leases regulated cannabis cultivation and processing facilities encompassing a total of roughly 333,000 square feet in Maryland, Massachusetts, Michigan and Pennsylvania to Holistic. Innovative Industrial’s total investment in properties leased to Holistic is estimated to be $108.4 million, considering full repayment for tenant improvements under the leases.
The legalization of marijuana’s medical use across several states in the United States, as well as the permission of recreational consumption in some, has opened up opportunities for the cannabis industry. Thus, with more states in the nation giving cannabis the green light, Innovative Industrial Properties has incentives to partner with experienced medical-use cannabis operators, and serve as a vital source of capital by acquiring and leasing back their real-estate assets. Its strategy is to acquire the existing, redeveloped and under-development industrial buildings, including attached enclosed greenhouse facilities.
Innovative Industrial Properties currently carries a Zacks Rank #3 (Hold). Over the past three months, shares of the company have outperformed the industry. The stock has rallied 33%, as against the industry’s decline of 2.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
CubeSmart’s (CUBE - Free Report) Zacks Consensus Estimate for 2021 funds from operations (FFO) per share has moved up 2.9% to $1.78 in the past month. The company currently carries a Zacks Rank of 2 (Buy).
Extra Space Storage Inc.’s (EXR - Free Report) FFO per share estimate for the current year has been revised marginally upward to $5.44 in the past week. The company carries a Zacks Rank of 2, currently.
City Office REIT, Inc.’s (CIO - Free Report) Zacks Consensus Estimate for the ongoing-year FFO per share has been unchanged at $1.32 in a month’s time. The company holds a Zacks Rank of 2 at present.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Innovative Industrial (IIPR) Expands Ties With Holistic Industries
Innovative Industrial Properties (IIPR - Free Report) recently announced entering into a long-term lease with Holistic Industries Inc. for its Los Angeles, CA, property, following Holistic’s acquisition of retail, distribution, cultivation and manufacturing licenses for cannabis operations from the previous tenant at this property, which was in receivership.
The cannabis-focused real estate company, Innovative Industrial, will offer a reimbursement of up to $11 million to Holistic with regard to the planned redevelopment of the property. Considering full reimbursement for the property revamp, Innovative Industrial’s total investment in the property will be worth $24 million.
The company’s partnership with Holistic is a strategic fit. This is because Holistic is one of the largest private, vertically-integrated multi-state operators in the cannabis industry with operations in California, Maryland, Massachusetts, Michigan, Pennsylvania and Washington DC. Moreover, it is expected to soon begin operations in Missouri and West Virginia.
Apart from the California property, Innovative Industrial Properties owns and leases regulated cannabis cultivation and processing facilities encompassing a total of roughly 333,000 square feet in Maryland, Massachusetts, Michigan and Pennsylvania to Holistic.
Innovative Industrial’s total investment in properties leased to Holistic is estimated to be $108.4 million, considering full repayment for tenant improvements under the leases.
The legalization of marijuana’s medical use across several states in the United States, as well as the permission of recreational consumption in some, has opened up opportunities for the cannabis industry. Thus, with more states in the nation giving cannabis the green light, Innovative Industrial Properties has incentives to partner with experienced medical-use cannabis operators, and serve as a vital source of capital by acquiring and leasing back their real-estate assets. Its strategy is to acquire the existing, redeveloped and under-development industrial buildings, including attached enclosed greenhouse facilities.
Innovative Industrial Properties currently carries a Zacks Rank #3 (Hold). Over the past three months, shares of the company have outperformed the industry. The stock has rallied 33%, as against the industry’s decline of 2.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
CubeSmart’s (CUBE - Free Report) Zacks Consensus Estimate for 2021 funds from operations (FFO) per share has moved up 2.9% to $1.78 in the past month. The company currently carries a Zacks Rank of 2 (Buy).
Extra Space Storage Inc.’s (EXR - Free Report) FFO per share estimate for the current year has been revised marginally upward to $5.44 in the past week. The company carries a Zacks Rank of 2, currently.
City Office REIT, Inc.’s (CIO - Free Report) Zacks Consensus Estimate for the ongoing-year FFO per share has been unchanged at $1.32 in a month’s time. The company holds a Zacks Rank of 2 at present.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>