INNOVATIVE INDUSTRIAL PROPERTIES (IIPR) Company Report

Innovative Industrial Properties (IIPR) reported $64.7 million in total revenue for Q3 2025, with annualized Adjusted Funds From Operations (AFFO) per share at $6.84 and annualized dividends per share at $7.60.
The company made a $270 million investment in the life science industry, including a $100 million revolving credit facility at a 13.5% yield and $170 million in preferred stock at a 15.0% yield, which is expected to reduce cannabis rental revenues to 88% of total.
IIPR's total committed/invested capital stands at $2.5 billion across 112 properties in 19 U.S. states, operating within a U.S. legal cannabis market that grew 6% to $31.4 billion in 2024 and is projected to reach $44 billion by 2029.

Nov 4, 2025, 5:00 PM

IIPR Reports Q3 2025 Results and Strategic Diversification into Life Sciences

IIPR

Earnings

New Projects/Investments

Legal Proceedings

Innovative Industrial Properties (IIPR) reported Q3 2025 revenues of $64.7 million, a 3% increase compared to the prior quarter, with Adjusted Funds From Operations (AFFO) totaling $48.3 million, or $1.71 per share, which remained unchanged from the second quarter.
The company completed an initial $105 million investment into IQHQ, a life science real estate platform, including $100 million into a revolving credit facility and $5 million in preferred stock, marking a strategic diversification beyond cannabis. This investment was supported by a new $100 million secured revolving credit facility.
IIPR is actively managing its cannabis portfolio, with ongoing receivership proceedings for Forefront Ventures and Gold Flora, and a favorable court ruling in Illinois regarding PharmaCann, with the company expecting to regain possession of the Illinois property by year-end. Approximately 20% of Annualized Base Rent (ABR) is currently not rent-paying.
The U.S. Court of Appeals for the Third Circuit unanimously affirmed the dismissal of the federal securities class action brought against IIPR.
Management noted growing political momentum for rescheduling cannabis to Schedule III, which could eliminate the 280E tax for operators and act as a positive catalyst for the industry.

Nov 4, 2025, 5:00 PM

Innovative Industrial Properties Reports Q3 2025 Results, Announces Life Science Investment, and Secures New Credit Facility

IIPR

Earnings

New Projects/Investments

Dividends

Innovative Industrial Properties (IIP) reported total revenues of $64.7 million and net income attributable to common stockholders of $28.3 million ($0.97 per share) for the third quarter ended September 30, 2025.
The company announced a $270 million commitment to invest in IQHQ, a life science real estate platform, with an initial $105 million investment closing in September 2025.
IIP closed on a new $100 million secured revolving credit facility in October 2025, enhancing its financial flexibility.
As of September 30, 2025, IIP's balance sheet showed $2.7 billion in total gross assets with a 13% debt to total gross assets ratio and $79.4 million in total liquidity.
A quarterly dividend of $1.90 per common share was paid on October 15, 2025.

Nov 3, 2025, 11:26 PM

Innovative Industrial Properties secures new revolving credit facility

IIPR

Debt Issuance

New Projects/Investments

Innovative Industrial Properties, Inc. (IIP) announced the closing of a new $100 million secured revolving credit facility on October 6, 2025.
The facility has an initial term of 3 years and is secured by the Company’s IQHQ investment.
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.
The Credit Facility includes a $35 million "accordion feature", allowing for an expansion of borrowing capacity to a total of $135 million.
This facility is intended to support the Company's strategic growth and investment in the life science industry.

Oct 9, 2025, 12:55 PM

Innovative Industrial Properties Secures New $100 Million Revolving Credit Facility

IIPR

Debt Issuance

New Projects/Investments

Innovative Industrial Properties (IIPR) has closed a new $100 million secured revolving credit facility with a federally regulated commercial bank.
The credit facility has an initial term of 3 years and is secured by the Company's IQHQ investment.
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).
The facility includes a $35 million "accordion feature", allowing the borrowing capacity to expand to a total of $135 million.

Oct 6, 2025, 12:49 PM

Innovative Industrial Properties Closes Initial Investment in IQHQ

IIPR

New Projects/Investments

Debt Issuance

Innovative Industrial Properties (IIPR) closed its initial investment in IQHQ, Inc. totaling $105 million on October 1, 2025. This investment was comprised of a $100 million investment into a revolving credit facility and the remainder in preferred stock.
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. This marks IIPR's first investment outside the cannabis industry, providing portfolio diversification.
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. IIPR's CEO, Paul Smithers, was designated to serve as a voting member on IQHQ REIT's board of directors.

Oct 2, 2025, 8:10 PM

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

IIPR

New Projects/Investments

Debt Issuance

Innovative Industrial Properties (IIPR) has closed its initial investment into IQHQ, a life science real estate platform, totaling $105 million.
This investment represents IIPR's first venture outside the cannabis industry, providing portfolio diversification.
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.
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.