Aaron Grey

Alexander Goldfarb

Bill Kirk

Merrill Ross

Thomas Catherwood

William Catherwood

William Kirk

Connor Mitchell

Eric Des Lauriers

- Innovative Industrial Properties (IIPR) has closed its initial investment into IQHQ, a life science real estate platform, totaling **$105 million**.  **[1677576_44253b3ccb914495b856ab69ae683d75_0]** 
- This investment represents IIPR's **first venture outside the cannabis industry**, providing portfolio diversification.  **[1677576_44253b3ccb914495b856ab69ae683d75_0]** 
- The company has remaining commitments of up to **$165 million** in IQHQ preferred stock, expected to be funded in multiple tranches between the **fourth quarter of 2025 and the second quarter of 2027**.  **[1677576_44253b3ccb914495b856ab69ae683d75_0]** 
- IIPR also received a commitment for a **three-year, $100 million secured revolving credit facility**, priced at one-month SOFR + 200 basis points (6.1% as of September 30, 2025), which is expected to close in the **fourth quarter of 2025**.  **[1677576_44253b3ccb914495b856ab69ae683d75_0]**

Innovative Industrial Properties Announces Initial Investment in IQHQ and New Credit Facility

INNOVATIVE INDUSTRIAL PROPERTIES (IIPR)