Innovative Industrial Propertie
49.63-2.92 (-5.56%)
Oct 29, 4:00:02 PM EDT · NYSE · IIPR · USD
Key Stats
Market Cap
1.39BP/E (TTM)
10.72Basic EPS (TTM)
4.63Dividend Yield
0.15%Recent Filings
8-K
IIP secures $100M credit facility
Innovative Industrial Properties' operating partnership secured a $100 million revolving credit facility on October 3, 2025, maturing October 3, 2028, with East West Bank as agent. Backed by IQHQ preferred stock and loan receivables, it offers an accordion to $135 million and interest at SOFR plus 2.0% (minimum 6.10%), enhancing liquidity while covenants demand a 2.0x debt service coverage ratio. Yet, availability hinges on collateral values, tying funding to IQHQ's performance.
8-K
IIP's investment in IQHQ marks its first outside the cannabis sector, diversifying its portfolio exceeding $2 billion in real estate. The deal includes up to $165 million in additional preferred stock commitments through Q2 2027.
Innovative Industrial Properties, Inc. (IIP) has closed an initial $105 million investment in IQHQ, Inc., consisting of $100 million in a revolving credit facility and the remainder in preferred stock. This investment, funded through cash and existing credit, is expected to generate earnings accretion for IIP shareholders. The company also secured a $100 million secured revolving credit facility from a federally regulated bank, priced at one-month SOFR + 200 basis points (6.1% as of September 30, 2025), secured by the IQHQ investment, with closing anticipated in Q4 2025.
8-K
IIP invests $270M in IQHQ
Innovative Industrial Properties entered a $270 million deal with IQHQ on August 6, 2025, committing $100 million to a three-year revolving credit facility at 13.5% interest and up to $170 million in 15% preferred stock, funded through Q3 2025 to Q2 2027. This diversifies IIP's portfolio beyond cannabis, reducing sector concentration to 88% of revenues while generating over 14% weighted average yield and warrant upside. Yet risks linger if IQHQ delays draws or defaults on covenants.
8-K
Q2 revenues drop on defaults
Innovative Industrial Properties reported Q2 2025 revenues of $62.9 million, down 21% from $79.8 million in Q2 2024, mainly due to $15.8 million in tenant defaults from PharmaCann, Gold Flora, TILT, and 4Front. Net income fell to $25.1 million or $0.86 per share, while AFFO dropped 25% to $48.4 million. The company repurchased $19.8 million in common stock, maintaining $192.4 million in liquidity and an 11% debt ratio. Defaults pose re-leasing risks.
10-Q
Q2 FY2025 results
Innovative Industrial Properties posted Q2 revenue of $62.9M, down 21% y/y from $79.8M amid tenant defaults totaling $15.3M from PharmaCann, Gold Flora, TILT, and 4Front, yet operating income held at $28.9M versus $42.3M last year, buoyed by steady property expenses. Diluted EPS dipped to $0.86 from $1.44, aligning with 28.3M weighted shares, while YTD figures show revenue off 13% to $134.6M and EPS at $1.90 versus $2.79. Cash from operations reached $102.7M YTD, down from $135.8M due to deposit applications, supporting $99.7M in cash against $291.2M debt due 2026 at 5.50% (plans to refinance). Acquired a Maryland property in February for $7.9M; sold a California site in June for $1.8M net. Defaults from key tenants like PharmaCann (11.5% of rent) pose re-leasing risks.
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