Aaron Grey

Alexander Goldfarb

Bill Kirk

Merrill Ross

Thomas Catherwood

William Catherwood

William Kirk

Connor Mitchell

Eric Des Lauriers

- Innovative Industrial Properties, Inc. (IIP) announced the closing of a **new $100 million secured revolving credit facility** on October 6, 2025.  **[1677576_0001104659-25-098109_tm2528333d1_ex99-1.htm:0]** 
- The facility has an initial term of **3 years** and is secured by the Company’s **IQHQ investment**.  **[1677576_0001104659-25-098109_tm2528333d1_ex99-1.htm:0]** 
- Borrowings will bear interest at the **one-month Secured Overnight Financing Rate (SOFR) plus 200 basis points**, which was **6.1% based on rates as of October 3, 2025**.  **[1677576_0001104659-25-098109_tm2528333d1_ex99-1.htm:0]** 
- The Credit Facility includes a **$35 million "accordion feature"**, allowing for an expansion of borrowing capacity to a total of **$135 million**.  **[1677576_0001104659-25-098109_tm2528333d1_ex99-1.htm:0]** 
- This facility is intended to support the Company's **strategic growth** and investment in the **life science industry**.  **[1677576_0001104659-25-098109_tm2528333d1_ex99-1.htm:0]**

Innovative Industrial Properties secures new revolving credit facility

- Innovative Industrial Properties (IIPR) has closed a **new $100 million secured revolving credit facility** with a federally regulated commercial bank.  **[1677576_7362e5c842634f3992246d7bea6c1f5d_0]** 
- The credit facility has an initial term of **3 years** and is secured by the Company's **IQHQ investment**.  **[1677576_7362e5c842634f3992246d7bea6c1f5d_0]** 
- Borrowings under the facility will bear interest at the **one-month Secured Overnight Financing Rate (SOFR) plus 200 basis points** (6.1% based on rates as of October 3, 2025).  **[1677576_7362e5c842634f3992246d7bea6c1f5d_0]** 
- The facility includes a **$35 million "accordion feature"**, allowing the borrowing capacity to expand to a total of **$135 million**.  **[1677576_7362e5c842634f3992246d7bea6c1f5d_0]**

Innovative Industrial Properties Secures New $100 Million Revolving Credit Facility

- Innovative Industrial Properties (IIPR) closed its initial investment in IQHQ, Inc. totaling **$105 million** on October 1, 2025.  **[1677576_0001104659-25-096061_tm2527741d1_ex99-1.htm:1]** **[1677576_0001104659-25-096061_tm2527741d1_8k.htm:4]**  This investment was comprised of a **$100 million** investment into a revolving credit facility and the remainder in preferred stock.  **[1677576_0001104659-25-096061_tm2527741d1_ex99-1.htm:1]** 
- IIPR has remaining commitments of up to **$165 million of preferred stock** in IQHQ, expected to be funded in multiple tranches between **Q4 2025 and Q2 2027**.  **[1677576_0001104659-25-096061_tm2527741d1_ex99-1.htm:1]**  This marks IIPR's **first investment outside the cannabis industry**, providing portfolio diversification.  **[1677576_0001104659-25-096061_tm2527741d1_ex99-1.htm:1]** 
- The company 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 **Q4 2025**.  **[1677576_0001104659-25-096061_tm2527741d1_ex99-1.htm:1]**  IIPR's CEO, **Paul Smithers**, was designated to serve as a voting member on IQHQ REIT's board of directors.  **[1677576_0001104659-25-096061_tm2527741d1_8k.htm:1]**

Innovative Industrial Properties Closes Initial Investment in IQHQ

- 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 (IIPR)