Innovative Industrial Properties, Inc. (NYSE:IIPR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 01:00 pm ET


Innovative Industrial Properties, Inc. (NYSE:IIPR) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Innovative Industrial Properties Second Quarter 2020 Earnings Call. [Operator Instructions]

I would now like to turn the conference over to Brian Wolfe, General Counsel. Please go ahead.

Brian J. Wolfe

Thank you for joining the call. Presenting today are Alan Gold, Executive Chairman; Paul Smithers, President and Chief Executive Officer; Catherine Hastings, Chief Financial Officer; and Ben Regin, Vice President of Investments.

Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995. And actual results may differ materially due to a variety of risks, uncertainties and other factors. For a detailed discussion of some of the ongoing risks and uncertainties of the company's business, I refer you to the news release issued yesterday and filed with the SEC on Form 8-K as well as the company's reports filed periodically with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

I'll now hand the call over to Alan. Alan?

Alan D. Gold

Thank you, Brian, and welcome, everyone, to our second quarter earnings call. First and foremost, we want to express our deep appreciation to all of our medical professionals, caregivers and researchers who are on the front lines fighting the coronavirus pandemic we are experiencing across the globe. It has been a trying time over these many months, as we continue to battle this health crisis and its resulting extreme economic disruption, but we are heartened by the advancements our health and science community has made in such a short period of time to understand this disease and formulate highly effective treatment plans for our patients and what we hope is a highly effective vaccine.

As we discussed on our last call in May, the regulated cannabis industry, both medical and adult-use, was deemed an essential service by the vast majority of state and local jurisdictions in the United States. And our tenant operators have answered that call, adapting their operations in ways to ensure continued compassionate individualized service to their patients and customers in an environment designed to maximize the safety and health of patients, customers and employees.

And to recap, on our investments in support of the tremendous future of this industry, during the second quarter of 2020, we acquired eight properties, totaling over 775,000 square feet in five states and amended leases with our existing tenants for additional property improvements, collectively representing over $225 million of investments. These investments were comprised of both follow-on transactions with our existing tenant partners to facilitate their continued expansion including industry-leading operators, Ascend Wellness, Cresco, Holistic and Kings Garden, and new tenant relationships including Curaleaf and Columbia Care.

Ben Regin, our Vice President of Investments, will discuss our recent acquisitions in more detail in our overall portfolio. As of today, we own 61 properties in 16 states totaling 4.5