Innovative Industrial Properties Inc (IIPR)

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"[IIPR] acquired PharmaCann’s New York facility for $30 million in the sale-leaseback transaction. Concurrent with the closing, the Company and PharmaCann entered into a lease for an initial term of 15 years, with two five-year lease extension options.

The lease provides for an initial base rent of $319,580 per month, subject to annual increases of the greater of 4% or 75% of the consumer price index. The lease also provides for a property management fee payable to the Company equal to 1.5% of the then-current base rent throughout the term, and supplemental base rent for the first five years of the term at a rate of $105,477 per month.

Together, the annualized initial base rent, property management fee and supplemental base rent equate to approximately 17.2% of the purchase price of the New York facility."

http://www.businesswire.com/news/home/20161219006125/en/Innovative-Industrial-Properties-Closes-Sale-Leaseback-Transaction-PharmaCann