$TURV Two Rivers' Revenue Stream Investor Update 02/08/17
We want to remind investors that Two Rivers owns 50% of each GrowCo greenhouse and production facility. The greenhouses generate $30 sq ft in revenue per year on $60 sq ft capex. The leases are triple net. The rent as a percentage of gross revenue is less than 10% of the tenants' revenue. The tenant's rent is deferred for the first 5 months of each lease.
The first tenant took occupancy of 52,500 sq ft on December 1, 2016. The second tenant will take occupancy of another 52,500 sq ft on March 1, 2017. We expect to lease another 52,500 sq ft on June 1, 2017 and another 52,500 sq ft on September 15, 2017. We expect to build and complete a Marijuana Infused Products facility later in 2017. The rental rates for that facility have not been determined yet, but will be higher due to a higher capex per sq ft.
The first tenant has moved in enough clones and plants to fully occupy their space and is now creating their own clones from cuttings. Each tenant expects to plant and harvest approximately 175 plants per week.
We want to remind investors that Two Rivers owns 50% of each GrowCo greenhouse and production facility. The greenhouses generate $30 sq ft in revenue per year on $60 sq ft capex. The leases are triple net. The rent as a percentage of gross revenue is less than 10% of the tenants' revenue. The tenant's rent is deferred for the first 5 months of each lease.
The first tenant took occupancy of 52,500 sq ft on December 1, 2016. The second tenant will take occupancy of another 52,500 sq ft on March 1, 2017. We expect to lease another 52,500 sq ft on June 1, 2017 and another 52,500 sq ft on September 15, 2017. We expect to build and complete a Marijuana Infused Products facility later in 2017. The rental rates for that facility have not been determined yet, but will be higher due to a higher capex per sq ft.
The first tenant has moved in enough clones and plants to fully occupy their space and is now creating their own clones from cuttings. Each tenant expects to plant and harvest approximately 175 plants per week.
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