Landlords and developers could be due tax rebate over uninhabitable properties

Primas Law | June 18, 2019

Landlords and developers in the UK are being urged to seek advice about potential stamp duty rebates following landmark court case relating to uninhabitable property and the 3% stamp duty charge on additional homes.The case, between P N Bewley Ltd and HMRC, held that properties that are not immediately habitable at the time of completion do not constitute a being a ‘dwelling’ for the purpose of the Finance Act 2003.

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INVESTMENTS

Home Warranty of America Joins the Choice Home Warranty Family

Choice Home Warranty | February 08, 2022

Choice Home Warranty ("Choice") announced today that it has acquired certain assets of Home Warranty of America ("HWA") from Home Warranty of America, Inc. to enhance Choice's position as a leading provider of home warranty service contracts and to accelerate Choice's mission to become the US' largest and most respected home warranty provider. Financial terms of the transaction were not disclosed. Founded in 1996 and based in Illinois, HWA is recognized as a top national provider of home warranty service contracts to real estate professionals. Choice will continue to operate HWA as a stand-alone brand; but would complement HWA's strong brand and experienced employees with modern and improved customer service utilizing Choice's advanced technology. HWA's experienced team and strong reputation with real estate professionals combined with Choice's advanced technology, is an excellent fit with Choice's overall growth strategy, The combination of HWA's real estate channel experience with Choice's direct to consumer business and high-tech administration platform will be complimentary and will improve customer service, be great for our partners, and accelerate our path to attaining our goal of become the US' largest and most respected home warranty provider." Victor Hakim, Chairman, and founder of Choice. Home Warranty of America has been a trusted and recognizable brand in the home warranty space for more than 25 years, We welcome the team and are excited to bring new technology to improve and grow HWA and Choice." Hakim.

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INVESTMENTS

Lev Lending Launches to Vertically Integrate Commercial Real Estate Financing

Lev | February 09, 2022

Lev has launched Lev Lending, the world's first end-to-end digital lending platform for commercial real estate (CRE), to transform the industry's notoriously complex lending process into a surprisingly beautiful digital experience. Lev Lending is the new direct lending arm of Lev, the CRE financing platform that originated nearly $1 billion in loans via its marketplace in 2021. Lev brings speed and transparency to CRE financing by streamlining the application process with automation and deal management tools for borrowers and brokers, along with powerful financing and closing technologies. Borrowers are automatically matched with the right lender through an intuitive interface. Lev Lending utilizes Lev's proprietary AI tech and deep industry expertise to rewire the entire CRE financing process from quote to close. The platform will initially specialize in permanent, non-recourse loans on single-tenant net lease (NNN) properties. In its soft launch period, Lev Lending closed multiple million-dollar loans on retail properties such as Dollar General and KFC in as little as 30 days–or as much as 3x faster than traditional lenders. Over the last decade, most industries have been simplified by technology. Finally, these changes are coming to CRE lending, We're building a platform that not only makes life easier for current investors to get financing, but also simplifies the experience for the lender. It's a win-win for all industry players." Yaakov Zar, founder and CEO of Lev. Lev's technology infrastructure allows the company to scale its business nationally and support all asset types. By automating manual tasks, it has changed the way originators, executors and brokers provide support to their clients. As a result of this differentiated experience, the company grew 10x in 2021–its second year in business. Our goal is to become the nexus of all CRE transactions. Today's commercial borrowers are demanding fast, digital experiences that mirror consumer processes. They want a Rocket Mortgage for their commercial properties. Whether you're a borrower using our marketplace for the best deal, or you're a natural fit for NNN via Lev Lending, we're here with a fast, beautifully-engineered lending experience." Zar. About Lev Lev is the commercial real estate financing platform offering fast, transparent access to capital from the world's leading financial institutions. Having closed $1 billion in CRE mortgages in 2021, Lev has grown 10x year-over-year thanks to its proprietary approach to CRE financing, including the industry's only API. Founded in 2019, Lev has raised $40 million from StepStone Group, First American Title, NFX, Canaan Partners, JLL Spark, Animo Ventures and Ludlow Ventures, among others.

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REAL ESTATE TECHNOLOGY

Innovative Industrial Properties Acquires Massachusetts Property and Enters Into Long-Term Lease with TILT

Innovative Industrial Properties | May 17, 2022

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced that it closed on the acquisition of a property comprising approximately 104,000 square feet of industrial space in Taunton, Massachusetts. The purchase price for the property was $40.0 million (approximately $384 per square foot), which is fully built out and operational as a regulated cannabis cultivation, processing and dispensing facility. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of TILT Holdings Inc. (TILT). TILT was a tenant of the prior owner of the property, and executed a purchase agreement with the prior owner to acquire the property for $13.0 million (approximately $125 per square foot). In addition, during TILT’s tenancy with the prior owner, TILT invested in excess of $27.0 million (approximately $260 per square foot) of its own funds in improvements to the building. IIP’s investment of $40.0 million consists of the original purchase price for the approximately 12-acre site and standard industrial building to the prior owner and a portion of the costs invested in the building by TILT for buildout of the facility, which included the HVAC, electrical, plumbing, cultivation, extraction and processing room buildouts and other building systems infrastructure necessary to support regulated cannabis cultivation and processing. The property consists of approximately 60,000 square feet of cultivation space, 8,000 square feet of production space (including a full commercial kitchen and extraction facility), 2,400 square feet of retail space and mechanical, office, administrative and storage space. The property currently produces a wide variety of form factors, both in-house and with third-party branded partners, including packaged and pre-rolled flower, concentrates, edibles and vaporizers. As the pioneering real estate investment trust (REIT) for the regulated cannabis industry, IIP partners with experienced, regulated 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. TILT is a vertically integrated enterprise with a portfolio of companies focused on inhalation technology and regulated cannabis operations, and in 2021 generated approximately $203 million in revenues. Jupiter Research LLC, a wholly-owned subsidiary of TILT and leader in the vaporization segment, focuses on hardware design, research, development and manufacturing with customers across the United States, as well as Canada, Israel, Mexico, South America and the European Union. TILT also conducts regulated cannabis operations in Massachusetts, Pennsylvania, Ohio and New York (through its partnership with the Shinnecock Indian Nation). TILT owns a vertically integrated license in Massachusetts, with its Taunton facility dually licensed for both medical and adult-use cultivation, product manufacturing and retail. In addition to the Taunton facility, TILT operates a dispensary in Brockton that is licensed for both medical and adult-use cannabis, and expects regulatory approval soon for an additional medical-use dispensary in the city of Cambridge. TILT’s products recently were awarded first-place gold in “solvent concentrates” and second-place silver in the “edibles category” at the 2022 NECANN Canna Competition in Boston. According to the Massachusetts Cannabis Control Commission, 2021 regulated cannabis sales in Massachusetts were approximately $1.6 billion. Including this property, IIP owns nine properties in Massachusetts, comprising approximately 879,000 rentable square feet (including square footage under redevelopment) and representing a total investment, including commitments to fund future improvements, of approximately $282.7 million (approximately $322 per square foot). As of May 16, 2022, IIP owned 110 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington, representing a total of approximately 8.2 million rentable square feet (including approximately 2.4 million rentable square feet under development / redevelopment). As of May 16, 2022, IIP had committed approximately $2.2 billion across its portfolio, including capital invested to date (excluding transaction costs) and additional capital commitments to fund future construction and improvements at IIP’s properties. These statistics do not include an $18.5 million loan from IIP to a developer for construction of a regulated cannabis cultivation and processing facility in California and up to $55.0 million that may be funded between June 15, 2022 and July 31, 2022 pursuant to IIP’s lease with a tenant at one of IIP’s Pennsylvania properties, as the tenant at that property may not elect to have IIP disburse those funds and pay IIP the corresponding base rent on those funds. About Innovative Industrial Properties Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

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REAL ESTATE TECHNOLOGY

Related Companies in Conjunction with Atria Senior Living and Welltower Close on Strategic Partnership for two Silicon Valley Developments

Welltower Inc. | March 07, 2022

A joint venture between Related Companies and Atria Senior Living, in conjunction with Welltower Inc., this quarter signed a strategic partnership to develop two world class senior living communities in Silicon Valley, one in Santa Clara, CA (Santa Clara Development) and the other in Cupertino, CA (Cupertino Development), as part of a larger strategic partnership among the three companies. The Related|Atria JV was formed in 2018 to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas. The Santa Clara and Cupertino Developments will be the third and fourth locations for the joint venture's new series of upscale senior living communities after the newly opened Coterie Cathedral Hill at 1001 Van Ness in San Francisco and Coterie Hudson Yards at 451 10th Avenue in New York City which will open later in 2022. The 191-unit Santa Clara Development is immediately adjacent to a larger fully entitled 9.2 million square foot urban development by Related who commenced entitlement and pre-development work on the urban plan in 2015. Related Santa Clara will create an unparalleled new mixed-use downtown for Silicon Valley, consisting of traditional office and medical office buildings, hotel rooms, multifamily housing and retail amenities. At the apex of Silicon Valley and the growing East Bay, the Santa Clara Development is conveniently located to numerous commuting options, including a wide variety of public transit and proximity to Highways 237, 101 and Interstate 880. The senior living development is expected to break ground mid- 2022 with completion projected by 2024. Pre-development of the 158-unit Cupertino Development began in 2019 with plans of construction start by the end of 2022 and completion in 2024. Situated on a well-located corner of Stevens Creek Boulevard, Cupertino's major thoroughfare and State Route 85, as well as adjacent to the Cupertino Senior Center, Cupertino Memorial Park, and De Anza College, this development will grant seniors unrivaled access to the best of Cupertino's amenities with convenient connectivity to Silicon Valley. The Cupertino Development will also include an outdoor community park. About Welltower Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at welltower.com. We routinely post important information on our website at welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of the company's website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only. About Related Companies Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed over 45 years ago, Related is the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. Related was recently named to Fast Company Magazine's list of the 50 Most Innovative Companies in the World. About Atria Atria Senior Living is a leading operator of independent living, assisted living, supportive living and memory care communities in more than 400 locations in 45 states and seven Canadian provinces. With the addition of Holiday Retirement to its portfolio in 2021, Atria is now the residence of choice for more than 43,000 older adults, and the workplace of choice for more than 17,000 employees. In 2022, J.D. Power ranked Atria #1 in customer satisfaction among assisted living and memory care communities. Atria creates vibrant communities where older adults can thrive and participate, know that their contributions are valued, and enjoy access to opportunities and support that help them keep making a positive difference in our world. Atria operates seven distinct senior living brands: Coterie a luxury brand in a joint venture with Related Companies, Atria Signature, Atria Senior Living, Atria Park, Holiday Retirement, Atria Retirement and Gladwell. Atria's subsidiary, Glennis Solutions, is the only fully integrated cloud-based software suite specifically designed to serve the senior housing industry.

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