Innovative Industrial Properties, Inc. (NYSE: IIPR) announced today that it has closed its initial investment into IQHQ, Inc., a premier life‑science real‑estate platform. The transaction totaled $105 million, comprising a $100 million investment in a revolving credit facility and $5 million in shares of IQHQ preferred stock.
The company disclosed that it has remaining commitments of up to $165 million of preferred stock, which will be funded in multiple tranches between the fourth quarter of 2025 and the second quarter of 2027. In addition, IIPR has secured a three‑year, $100 million revolving credit facility from a federally regulated commercial bank, priced at one‑month SOFR plus 200 basis points (6.1% as of September 30 2025). The closing of this secured facility is subject to definitive documentation and is expected to occur in Q4 2025.
This investment marks IIPR’s first foray outside its cannabis‑focused portfolio, providing diversification into the life‑science sector. Management highlighted that the IQHQ investment is expected to be highly accretive to Adjusted Funds From Operations (AFFO) and to enhance the company’s long‑term value creation. The move also positions IIPR to leverage its real‑estate expertise in a growing life‑science market while maintaining its core cannabis real‑estate operations.
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