Innovative Industrial Properties Inc (IIPR) 2025 Q3 法說會逐字稿

Good day and welcome to the Innovative Industrial Properties Inc. Q3 2025 earnings conference call. (Operator instructions) Please note that this event is being recorded.

大家好，歡迎參加創新工業地產公司2025年第三季業績電話會議。（操作員說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Eli Cantor. Thank you and over to you.

現在我將把會議交給伊萊·坎托爾。謝謝，接下來就交給你了。

Thank you for joining the call. Presenting today are Alan Gold, Executive Chairman, Paul Smithers, President and Chief Executive Officer, David Smith, Chief Financial Officer, and Ben Regin, Chief Investment Officer.

感謝您參加通話。今天出席的有執行主席艾倫·戈爾德、總裁兼首席執行官保羅·史密瑟斯、首席財務官大衛·史密斯和首席投資官本·雷金。

Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and actual results may differ materially due to a variety of risks, uncertainties, and other factors. Please refer to the documents filed by the company with the SEC, specifically the most recent reports on Form 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

在開始之前，我想提醒大家，今天電話會議期間發表的聲明可能被視為 1995 年《私人證券訴訟改革法案》安全港條款意義上的前瞻性聲明，實際結果可能由於各種風險、不確定性和其他因素而與預期存在重大差異。請參閱公司向美國證券交易委員會提交的文件，特別是最新的 10-K 表格和 10-Q 表格報告，其中列出了可能導致實際結果與前瞻性聲明中包含的結果存在差異的重要風險因素。我們沒有義務公開更新或修改任何前瞻性聲明，無論是由於新資訊、未來事件或其他原因。

In addition, on today's call, we will discuss certain non-GAAP financial information such as FFO, normalize FFO, and AFFO. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in our earnings release issued yesterday, as well as in our 8-K filed with the SEC. I'll now hand the call over to Alan. Alan?

此外，在今天的電話會議上，我們將討論一些非GAAP財務訊息，例如FFO、正常化FFO和AFFO。您可以在我們昨天發布的獲利報告中以及我們向美國證券交易委員會提交的 8-K 文件中找到這些資訊以及與最直接可比較的 GAAP 財務指標的調節表。現在我將把電話交給艾倫。艾倫？

Thanks, Eli. Good morning and thank you for joining our call. In the third quarter, we completed our initial investment into IQHQ, a premier life science real estate platform that enhanced the diversification of the company and is expected to provide significant earnings accretion for the benefit of IIP shareholders.

謝謝你，伊萊。早安，感謝各位參加我們的電話會議。第三季度，我們完成了對 IQHQ 的初始投資，IQHQ 是一家領先的生命科學房地產平台，這增強了公司的多元化，預計將為 IIP 股東帶來顯著的收益成長。

The total investment was USD105 million including USD100 million into a revolving credit facility and USD5 million in preferred stock. Our remaining commitment of USD165 million in preferred stock is expected to be funded in multiple tranches through the second quarter of 2027.

總投資額為 1.05 億美元，其中包括 1 億美元的循環信貸額度和 500 萬美元的優先股。我們剩餘的 1.65 億美元優先股承諾預計將在 2027 年第二季之前分多期完成融資。

In conjunction with this investment, we successfully closed on a new USD100 million secured revolving credit facility to support our investment into IQHQ and further strengthen our balance sheet.

配合這項投資，我們成功完成了一筆新的 1 億美元擔保循環信貸安排，以支持我們對 IQHQ 的投資並進一步加強我們的資產負債表。

We were very pleased with the support of our largest lender in providing this facility which we believe reflects continued confidence in our platform, balance sheet, and discipline approach to growth and capital allocation.

我們非常高興得到最大貸款方的支持，提供了這項融資，我們認為這反映了他們對我們的平台、資產負債表以及在成長和資本配置方面採取的嚴謹方法的持續信心。

These transactions mark a significant step in our evolution and our return to growth as we diversify our portfolio beyond cannabis into the dynamic life science sector.

這些交易標誌著我們在發展和重回成長軌道上邁出了重要一步，我們將業務組合從大麻領域多元化拓展到充滿活力的生命科學領域。

We have strong conviction in the long-term fundamentals driving this industry, and we believe this strategic investment at this entry point positions us to deliver highly accreted returns to our shareholders.

我們對推動該行業的長期基本面充滿信心，並且我們相信，在這個切入點進行這項戰略投資將使我們能夠為股東帶來豐厚的回報。

We believe in the value of our diversified portfolio across both cannabis and life science and the ability of our team to strengthen our platform and create long-term value for our shareholders.

我們相信我們在大麻和生命科學領域多元化投資組合的價值，也相信我們的團隊有能力加強我們的平台，為我們的股東創造長期價值。

Now with that, I'll turn the call over to Paul. Paul?

現在，我將把電話交給保羅。保羅？

Thanks, Alan, and welcome everyone. Our investment in IQHQ, together with the new credit facility, marks a meaningful step forward in executing on our strategy to return to growth while further diversifying and strengthening our portfolio.

謝謝艾倫，也歡迎各位。我們對 IQHQ 的投資，加上新的信貸安排，標誌著我們在執行恢復成長策略的同時，進一步實現投資組合多元化和加強方面邁出了重要一步。

Expanding into life sciences positions us to capture long-term secular growth while complementing our established leadership in the regulated cannabis real estate market.

進軍生命科學領域，使我們能夠抓住長期的市場成長機遇，同時鞏固我們在受監管的大麻房地產市場中已確立的領先地位。

We continue to actively maximize the value of our assets to drive growth and optimize performance while at the same time our investment in IQHQ provides an additional avenue for future growth.

我們將繼續積極發揮資產價值，以推動成長和優化業績，同時，我們對 IQHQ 的投資也為未來的成長提供了另一條途徑。

We believe this dual track strategy will significantly enhance shareholder value and position IIP for sustained success across both industries. I'd like to provide a few specific updates on our progress within our portfolio.

我們相信，這種雙軌制策略將顯著提升股東價值，並使IIP在兩個產業中都能持續成功。我想就我們投資組合的進展提供一些具體的更新資訊。

Receivership proceedings for forefront ventures are ongoing. We are engaged with the US receiver and bankruptcy trustee regarding the properties and related claims and are working closely with outside counsel to protect our legal interests and pursue our rights under the leases.

對前沿企業集團的破產接管程序正在進行中。我們正在與美國接管人和破產受託人就這些房產和相關索賠進行交涉，並與外部律師密切合作，以保護我們的合法權益並根據租賃協議行使我們的權利。

Gold Flora remains in receivership; we remain in ongoing discussions with the receiver regarding the receivership and sale process. We will continue to monitor developments and provide updates as appropriate.

Gold Flora 仍處於破產管理狀態；我們仍在與破產管理人就破產管理和出售流程進行持續討論。我們將繼續關注事態發展，並視情況提供最新消息。

With respect to PharmaCann, we are pleased to report that the judge in Illinois ruled in our favor in our dispute with PharmaCann, and we expect to regain possession of our Illinois property by year end. Our efforts to also regain control of the properties located in New York, Ohio, and Pennsylvania remain top priority.

關於 PharmaCann，我們很高興地報告，伊利諾伊州的法官在我們與 PharmaCann 的糾紛中做出了有利於我們的裁決，我們預計將在年底前重新獲得我們在伊利諾伊州的財產。我們重新奪回位於紐約州、俄亥俄州和賓夕法尼亞州的房產控制權的努力仍然是我們的首要任務。

We continue to work closely with local council to pursue our rights and remedies under the leases and related guarantees, including monetary claims, because timing varies by state and depends on local jurisdictions, we are unable to provide a specific timeline at the moment.

我們將繼續與地方議會密切合作，以維護我們在租賃協議及相關擔保項下的權利和補救措施，包括金錢索賠。由於各州的時間安排各不相同，且取決於地方管轄權，因此我們目前無法提供具體的時間表。

We remain focused on advancing these processes as efficiently as possible and will provide updates as developments occur.

我們將繼續致力於盡可能有效率地推進這些流程，並將隨著進展及時提供最新消息。

In September we took back possession and control of the four California properties previously securing a loan totaled at USD16.1 million which we declared in default and are evaluating options to maximize the value of these assets.

9 月，我們收回了先前用於擔保總額為 1,610 萬美元貸款的四處加州房產的所有權和控制權，我們宣布這些貸款違約，並正在評估各種方案以最大限度地提高這些資產的價值。

Turning to federal developments impacting the cannabis industry, recent commentary from President Trump has reaffirmed that cannabis reform remains a priority at the federal level. His endorsement of medical cannabinoids, particularly for senior citizens, alongside references to the potential USD64 billion in health care savings, signals growing political momentum for rescheduling cannabis to Schedule 3, eliminating the burdensome USD280 tax for operators.

就影響大麻產業的聯邦發展而言，川普總統最近的評論重申，大麻改革仍然是聯邦層面的優先事項。他支持醫用大麻素，特別是對老年人而言，並提及可能節省 640 億美元的醫療保健費用，這表明將大麻重新歸類為 3 類藥物的政治勢頭日益增強，從而取消了運營商需繳納的 280 美元的繁重稅款。

We believe this shift will be a positive catalyst for the industry, unlocking broader access to capital and accelerating institutional participation that we remain cautious on the likelihood and timing.

我們認為這一轉變將成為該行業的積極催化劑，釋放更廣泛的資本獲取管道，並加速機構參與，但我們對其可能性和時間仍持謹慎態度。

We also see compelling demographic trends that reinforce the long-term opportunity in cannabis. Seniors, while currently underrepresented among cannabis users, are the fastest growing consumer segment, with usage growing at a 9% 5 year compounded annual growth rate, triple the rate of the broader adult population. Importantly, this cohort is more likely to rely on physician recommendations, and rescheduling could ease barriers for doctors to prescribe cannabis for conditions like pain, arthritis, and sleep disorders, Accounting for 35% of total drug spending. We believe increased adoption by seniors could drive meaningful incremental revenue for the industry and further validate cannabis as a mainstream therapeutic option.

我們也看到令人矚目的人口趨勢，這些趨勢進一步鞏固了大麻產業的長期發展機會。雖然老年人目前在吸食大麻的人群中所佔比例偏低，但他們是成長最快的消費群體，其使用量在 5 年內複合年增長率達到 9%，是成年人口整體增長率的三倍。重要的是，這群人更傾向於依賴醫生的建議，重新安排處方可以降低醫生為疼痛、關節炎和睡眠障礙等疾病開立大麻處方的障礙，這些疾病佔藥物總支出的 35%。我們相信，老年人對大麻的接受度提高可能會為該行業帶來可觀的增量收入，並進一步證實大麻是一種主流的治療選擇。

Finally, we are also pleased to share a significant legal update. Last month, the US Court of Appeals for the Third Circuit unanimously affirmed the district court's dismissal of the Federal Securities class action brought against IAP and certain of our officers and directors. While we disagreed with the arguments of this class action since the very beginning, it is great to see our views validated by the courts.

最後，我們也很高興與大家分享一個重要的法律更新。上個月，美國第三巡迴上訴法院一致維持了地區法院駁回針對 IAP 及其部分高階主管和董事提起的聯邦證券集體訴訟的裁決。雖然我們從一開始就不同意這項集體訴訟的論點，但很高興看到我們的觀點得到了法院的認可。

This outcome allows us to continue focusing on executing our strategy and delivering long-term value to our shareholders. I'd like to now turn the call over to Ben to discuss our leasing, disposition, and investment activity. Ben?

這一結果使我們能夠繼續專注於執行我們的策略，並為股東創造長期價值。現在我想把電話交給本，讓他來討論我們的租賃、處置和投資活動。本？

Thanks, Paul. Within our cannabis portfolio, we've executed leases totaling 281,000 square feet year-to-date across properties located in California and Michigan and taken advantage of capital recycling opportunities by selling two assets.

謝謝你，保羅。今年以來，我們在加州和密西根州的多個大麻產業項目中籤訂了總計 281,000 平方英尺的租賃協議，並透過出售兩項資產利用了資本循環利用的機會。

We are also closely monitoring the situations with our tenants that Paul described and are encouraged by the strong demand for our real estate and look forward to sharing additional updates in the future.

我們也密切關注保羅所描述的租戶情況，並對我們房地產的強勁需求感到鼓舞，並期待在未來分享更多最新進展。

We expect this investment to be highly accretive and positions us to capitalize on secular tailwinds. Just last month, Laila Sciences, an AI biotech company, leased 244,000 square feet across two buildings at IQHQ's Alewife Park asset in Cambridge, Massachusetts.

我們預計這項投資將帶來豐厚的回報，並使我們能夠充分利用長期利好因素。就在上個月，人工智慧生物技術公司 Laila Sciences 在麻薩諸塞州劍橋的 IQHQ Alewife Park 資產中租賃了兩棟建築共 244,000 平方英尺的辦公空間。

The transaction represents one of the largest leases in the region since the beginning of the year and underscores the improving leasing momentum for IQHQ and continued demand for premier real estate assets. Overall, global spending on AI and pharma and biotech is projected to reach USD3 billion in 2025 and USD16.5 billion by 2034, reflecting a 27% CAGR.

該交易是今年以來該地區最大的租賃交易之一，凸顯了 IQHQ 租賃勢頭的改善以及對優質房地產資產的持續需求。總體而言，預計到 2025 年全球在人工智慧、製藥和生物技術領域的支出將達到 30 億美元，到 2034 年將達到 165 億美元，年複合成長率達 27%。

The use of AI can accelerate drug discovery and innovation, resulting in an associated increase in real estate needs, according to Cushman and Wakefield. We believe the IQHQ portfolio, located in key AI and life science hubs in San Diego, San Francisco, and Boston is well positioned to capitalize on these trends.

庫什曼和韋克菲爾德表示，人工智慧的應用可以加速藥物發現和創新，導致房地產需求相應增加。我們相信，位於聖地牙哥、舊金山和波士頓等人工智慧和生命科學中心地帶的 IQHQ 投資組合，能夠很好地掌握這些趨勢。

And within our investment pipeline, we will continue to selectively pursue assets in the cannabis and life science industries, focusing on the highest quality investments with the most attractive risk adjusted returns for our shareholders.

在我們的投資項目中，我們將繼續有選擇地尋求大麻和生命科學產業的資產，專注於為股東帶來最具吸引力的風險調整後回報的最高品質投資。

I'll now turn the call over to David.

現在我將把電話交給大衛。

Thank you, Ben. For the third quarter, we generated total revenues of USD64.7 million, a 3% increase compared to the prior quarter. This increase was primarily due to a payment of USD0.8 million we received from the Gold Flora receivership, along with annual rent escalations in our portfolio.

謝謝你，本。第三季度，我們實現了總營收 6,470 萬美元，比上一季成長了 3%。這一增長主要是由於我們從 Gold Flora 接管人處收到了 0.8 億美元，以及我們投資組合中的年度租金上漲。

Adjusted funds from operations for the quarter totaled USD48.3 million or USD1.71 per share, representing no change from the second quarter results.

本季經調整後的營運資金總額為 4,830 萬美元，即每股 1.71 美元，與第二季業績相比沒有變動。

Our balance sheet remains strong, supported by USD2.7 billion in primarily unencumbered gross assets and a low leverage capital structure.

我們的資產負債表依然穩健，主要得益於27億美元的未抵押總資產和較低的槓桿資本結構。

We ended the quarter with nearly USD80 million in liquidity, including cash on hand and availability under our credit facility.

本季末，我們的流動資金接近 8,000 萬美元，包括手頭現金和信貸額度下的可用資金。

As Paul and Alan noted earlier, subsequent to quarter end, we secured a second revolver with a federally regulated bank for USD100 million reflecting our view that as we diversify into a new sector, it should increase IIP's access to attractively priced bank financing.

正如保羅和艾倫之前指出的那樣，在季度末之後，我們從一家聯邦監管的銀行獲得了第二筆 1 億美元的循環貸款，這反映了我們的觀點，即隨著我們多元化發展到新的領域，這將增加 IIP 獲得價格優惠的銀行融資的機會。

The new revolving credit facility secured by our IQHQ investment was structured at favorable terms of sour plus 200 basis points or 6.1% on the closing date of the facility and includes an accordion feature that could expand capacity to USD135 million subject to additional bank commitments.

以我們的 IQHQ 投資為擔保的新循環信貸安排，在信貸交割日以優惠的利率（不良貸款利率加 200 個基點或 6.1%）進行結構化安排，並包含一項可伸縮條款，根據銀行的額外承諾，該條款可將信貸額度擴大至 1.35 億美元。

This facility combined with our low leverage capital structure and strong liquidity ensures we have ample flexibility to fund future growth.

此融資機制，加上我們較低的槓桿資本結構和強勁的流動性，確保我們有足夠的靈活性來為未來的成長提供資金。

Our investment in IQHQ is expected to be highly accretive, with a blended interest rate exceeding 14%, or roughly 800 basis points higher than the current pricing on the new credit facility and aligns with our commitment to delivering strong risk adjusted returns for our shareholders.

我們對 IQHQ 的投資預計將帶來豐厚的回報，綜合利率將超過 14%，比目前新信貸安排的定價高出約 800 個基點，這符合我們為股東帶來強勁風險調整後回報的承諾。

As always, we remain focused on maintaining a conservative financial profile while pursuing strategic opportunities that drive long-term value highlighted by a low debt to gross assets ratio of 13% and a robust debt service coverage ratio exceeding 11 times.

一如既往，我們專注於維持穩健的財務狀況，同時尋求能夠創造長期價值的策略機遇，這體現在我們較低的資產負債率（13%）和超過 11 倍的穩健償債覆蓋率。

On the capital markets front during the quarter, we opportunistically issued 246,000 shares of our preferred stock for total net proceeds of USD5.9 million.

本季度，我們在資本市場方面抓住機會發行了 246,000 股優先股，總淨收益為 590 萬美元。

Looking ahead, we are actively evaluating our capital structure and having ongoing discussions regarding our bonds maturing next year to proactively address this maturity in the near term. We will continue to explore a range of strategic financing alternatives that align with our long-term growth objectives and conservative financial philosophy.

展望未來，我們正在積極評估我們的資本結構，並就明年到期的債券進行持續討論，以便在近期內積極應對這一到期問題。我們將繼續探索一系列符合我們長期成長目標和穩健財務理念的策略融資方案。

With that, we thank you for joining the call and would like to open up the call for questions. Operator, could you please open up the call for questions?

最後，感謝各位參加本次電話會議，現在我們開放提問環節。接線員，請問可以開始接受提問嗎？

(Operator Instructions)

（操作說明）

Tom Catherwood, BTIG.

湯姆·卡瑟伍德，BT​​IG。

Thank you and good morning everybody.

謝謝大家，大家早安。

I wanted to start with a dividend question, but from a different perspective.

我想先從一個關於股利的問題入手，但要從另一個角度來談。

So, the way we see it, there are two near term catalysts that can help bridge the gap from the USD1.71 per share of AFFO that you did in Q3 to the USD0.90 of quarterly dividend. The first is, as you guys have spoken about the IQHQ investment which we think kind of conservatively can contribute let's call it USD0.11 per share on a cash basis when it's fully deployed. And the second is your signed but not commenced backfill leases, and we think those can contribute something in the range of USD11 to USD0.15 a share per quarter. So, regarding that second bucket, what are your expectations for the timing of rent commencements at your released assets and how does that timing factor in the company's dividend policy?

因此，我們認為，有兩個近期催化劑可以幫助彌合第三季度每股調整後營運資金 (AFFO) 1.71 美元與季度股息 0.90 美元之間的差距。首先，正如你們所談到的 IQHQ 投資，我們認為保守估計，當其完全部署後，每股現金收益可達 0.11 美元。第二點是已簽署但尚未生效的回租協議，我們認為這些協議每季可為每股帶來 11 美元至 0.15 美元的收益。那麼，關於第二個方面，您對已釋放資產的租金開始時間有何預期？該時間安排如何影響公司的股利政策？

Well, I mean, so I'm not sure that I follow your math exactly. I mean, I think we might be a little bit, have a little bit different perspective on the IQHQ investment, but we'll take that offline and deal with that separately. As to the timing of the rent commencements on unleased assets or assets that are we're going to be getting back keeping in mind that the Gold Flora assets is going through a receivership in which the receiver, as Paul has mentioned has awarded the opportunity to an entity that would be closing on the transaction and then paying rent on the facilities that it intends to use, leaving the remaining if there are any remaining assets for us available to release, and we believe the timing on receiving income on that would be rather quickly given the level of interest that we've seen from those or that portfolio.

嗯，我的意思是，我不太確定我是否完全理解你的計算過程。我的意思是，我覺得我們對 IQHQ 的投資可能有點不同的看法，但我們會私下單獨討論這個問題。至於未出租資產或我們將收回的資產的租金開始支付時間，需要注意的是，Gold Flora 的資產正在接受接管，正如 Paul 所提到的，接管人已將機會授予一家實體，該實體將完成交易並支付其打算使用的設施的租金，從而留下剩餘的資產（如果有的話）供我們釋放。鑑於我們看到的這些資產或該投資組合的濃厚興趣，我們相信收到這些收入的時間會相當快。

As to, and as to goal or as to forefront once again going through receivership and with the intent of seeking a buyer to purchase the entity and then continue forward we think once that is completed, the revenue would be immediate or very quickly after the completion of the receivership, which could be another Paul would you estimate?

至於目標或首要任務，即再次透過接管程序尋找買家收購該實體，然後繼續前進，我們認為一旦完成，收入將在接管程序完成後立即或很快產生，這可能是另一個保羅，你估計呢？

On forefront, it could be another 3 to 9 months.

最壞的情況可能還需要 3 到 9 個月。

And then on PharmaCann which is I think just a positive statement on the on the industry in general, we're seeing continued interest and increasing interest on those specific assets and in the individual states and while we're pleased to be getting through the legal side of the Illinois transaction, we believe that there is there is interest from interested parties to take over that take over that facility.

至於 PharmaCann，我認為這對整個行業來說是一個積極的信號，我們看到人們對這些特定資產以及各州的興趣持續增長，雖然我們很高興完成了伊利諾伊州交易的法律部分，但我們相信，有興趣的各方對接管該設施感興趣。

We've just been stymied because of the courts to be engaging those with those players and now with the positive reaction from the court to our pleadings, we believe that we will have a significant interest and be able to get revenue starting in the 6-to-9-month time frame.

我們之前一直受阻於法院，無法與這些球員進行接觸。現在，法院對我們的訴狀做出了積極回應，我們相信我們將獲得巨大的利益，並能夠在 6 到 9 個月內開始獲得收入。

Okay, I'm sorry, let me let Paul finish with it.

好的，抱歉，還是讓保羅說完吧。

Yeah, just some additional thoughts Tom I think, as far as the litigation, I think we're in the 4th quarter of getting some resolution. It takes a long time in these various jurisdictions to get a trial date, and as we reported, we had a favorable outcome in Illinois, I think Pennsylvania and Ohio will be next in line by either a trial or summary judgment and at some point in New York after that, so we are getting close, much closer to a resolution of those matters. And I also want to add that you know in the bankruptcy cases involving Forefront and Gold Flora, our back rent and rent owed to us is considered an administrative claim in the receivership process. So once the receivership is concluded, we should receive significant funds by way of administrative claim, and again, that is, gold Flora is sooner than forefront, but we'll continue to report on the timing on those.

是的，湯姆，我還有一些補充想法。就訴訟而言，我認為我們已經進入了解決問題的第四階段。在這些不同的司法管轄區，確定審判日期需要很長時間，正如我們報道的那樣，我們在伊利諾伊州取得了有利的結果，我認為賓夕法尼亞州和俄亥俄州將是下一個通過審判或簡易判決來解決的地區，之後是紐約州，所以我們越來越接近解決這些問題了。另外，我還想補充一點，您也知道，在 Forefront 和 Gold Flora 的破產案件中，我們拖欠的租金和應收租金在接管程序中被視為行政索賠。因此，一旦接管結束，我們應該會透過行政索賠收到大量資金，也就是說，黃金弗洛拉的進展比預期更快，但我們將繼續報告這些進展的時間表。

That's great. So that was really helpful. And just kind of to add to that, there's a couple other leases that you've signed since the end of 2023. So, these are like the releasing you did with mitten extracts or Loom cannabis, Tri Mountain Pier, and Berry Green, all the backfills that were already done. For that run rate that you had this quarter, that 171, how many of those leases have commenced in that run rate this quarter and how many are still left to commence kind of near term?

那太棒了。那真的很有幫助。補充一點，自 2023 年底以來，您還簽署了其他幾份租賃合約。所以，這些就像你之前發布的Mitten Extracts或Loom Cannabis、Tri Mountain Pier和Berry Green一樣，都是之前已經完成的補充。以本季171份租賃合約的運作速度，其中有多少份租賃合約已在本季開始執行，還有多少份租賃合約尚未開始執行？

Hey Tom, this is Ben. Yeah, I think it's pretty minimal for the third quarter. I think just as a general statement, when we sign a lease, there's sometimes a licensing process, a ramp up of operations, kind of various things that impact when that revenue starts. But just to echo, what Alan and Paul said, I think we've been very pleased with the leasing success very optimistic about the demand we're seeing really across all assets that are going through the various kind of legal processes, so timing is a little more difficult to peg, but you know again very encouraged by the demand that we're seeing really across the portfolio.

嗨，湯姆，我是本。是的，我認為第三季的數據相當少。我認為總的來說，當我們簽訂租賃合約時，有時會有一個許可流程、一個營運啟動階段，以及其他各種影響收入何時開始產生的事情。但我想再次強調 Alan 和 Paul 的說法，我們對租賃的成功感到非常滿意，對目前所有正在經歷各種法律程序的資產的需求都非常樂觀，因此時間安排有點難以確定，但我們再次對整個投資組合的需求感到非常鼓舞。

Okay, but just to clarify, Ben, so those ones that I mentioned, the ones that you had backfilled over the past two years, those you said it was a de-minimis contribution to 3Q, so there's still more of that to roll in, is that correct?

好的，但為了澄清一下，Ben，我提到的那些，你在過去兩年裡填補的那些，你說它們對第三季度的貢獻微乎其微，所以還有更多需要計入，是這樣嗎？

Yeah, I mean, Tom, on that side there was a slight benefit, but I would say de-minimis this quarter, as those as those leases come online and wrap up.

是的，我的意思是，湯姆，從那方面來看，確實有一點好處，但我認為這一季度微乎其微，因為那些租賃合約陸續生效並最終完成。

And to wrap up in the 4th quarter and beyond.

最後，總結一下第四季及以後的情況。

Perfect. All right. And then the last one for me in terms of the balance sheet, and as we think through sources and uses over the next 6 months, you obviously mentioned the prepared remarks, the new USD100 million dollar revolver, which kind of can continue to support your ongoing investment in IQHQ for the unsecured bonds that mature in May. What are the specific options or kind of kind of avenues that you're currently pursuing and what is your expectation in terms of timing and getting to a resolution on those?

完美的。好的。最後，就資產負債表而言，當我們思考未來 6 個月的資金來源和用途時，您顯然提到了準備好的發言稿，以及新的 1 億美元循環信貸額度，這可以繼續支持您對 IQHQ 的持續投資，用於償還 5 月份到期的無擔保債券。您目前正在採取哪些具體措施或途徑？您對這些措施的解決時間和達成協議的預期是什麼？

Well, I mean, I think the options are very clear. We're either going to refinance them or we're going to refinance them. I think that's what we're, that's our options right now.

嗯，我的意思是，我認為選擇非常明確。我們要么會給它們重新貸款，要么會給它們重新貸款。我認為這就是我們目前的處境，這就是我們現有的選擇。

We believe that we have a very strong and a firm rating from Egan Jones and continue to believe that we have a very strong balance sheet. One of the strongest in land, and we believe that investors will recognize the strength of our balance sheet and the fact that we have executed on our promise to pay on the bonds for the last 4.5 or 4.3 years and we believe we have sufficient time to work through the refinancing, as they become due next year, and the earliest that they become repayable I believe is in the first quarter.

我們相信我們獲得了 Egan Jones 非常強勁且穩定的評級，我們仍然相信我們擁有非常穩健的資產負債表。我們是陸地上實力最強的公司之一，我們相信投資者會認可我們資產負債表的實力，以及我們在過去 4.5 或 4.3 年裡履行了償還債券的承諾。我們相信我們有足夠的時間完成再融資，因為這些債券將於明年到期，我認為最早的償還日期是第一季。

Okay, so that's perfect, Alan. So, timing wise we should just kind of expect to see, get to the end of that process in first quarter of 26', correct?

好的，那就太好了，艾倫。所以，從時間安排來看，我們應該預期在 2026 年第一季完成這個過程，對嗎？

That is the plan that we have on the table today.

這就是我們目前提出的方案。

Perfect. That's it for me. Thanks everyone.

完美的。就這些了。謝謝大家。

Thanks Tom.

謝謝你，湯姆。

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

Hi, thank you for the questions. So first one for me, just on potential impact of rescheduling. I know it's been talked about in the past. I just wanted to, revisit again because it does in terms of direct impact, it would seem, better cash and stabilizing your existing base of tenants, so maybe less worry of incremental defaults. But how do you think about potential opportunities for growth and more uses, for acquisitions and new tenants? Is it less so dependent on rescheduling and more so dependent on additional states coming online? I just want to give you a broader outlook on cannabis given, the supply and demand that we've seen in a lot of the existing states, the appetite that you're seeing for a potential additional cultivation or if that's more so depending on new states versus rescheduling there.

您好，感謝您的提問。首先，我想問的是重新安排賽程可能產生的影響。我知道以前有人討論過這個問題。我只是想再次強調一下，因為就直接影響而言，它似乎確實能帶來更好的現金流，並穩定現有的租戶基礎，從而減少對逐步違約的擔憂。但您如何看待潛在的成長機會、更多用途、收購和新租戶？是否較少依賴重新安排賽程，而更多地依賴更多州加入？我想就大麻的供需情況，以及我們在許多現有州看到的供需關係，向你們提供一個更廣闊的視角，看看你們對潛在的額外種植的需求，或者這種需求是否更多地取決於新的州，而不是重新安排那裡的種植。

Thank you.

謝謝。

Yeah, I think as we alluded to earlier in our comments that we're really seeing some really you know positive interest in our facilities that we have in the states when we do have facilities. So we're seeing continued interest by the existing growers in those in those states who have, maybe survived or as you want to say, we think that the consolidation phase of that of this market of the cannabis industry seems to have worked it worked through the Majority of that consolidation and that the most efficient and the efficient growers and companies in that industry have survived and are continuing to look to. But grow their focus in the individual states that they're in. So, we're seeing that that positive green shoot there without the rescheduling current and we believe that that will continue to build over time and as it builds over time, we are absolutely best positioned to take advantage of any new demand for the sale leas back program that we continue to offer to the market and to use our capital for the benefit of IIP shoulders. Now, Paul, I mean, do you want to add anything to with regards to the rescheduling and what you think how the impact might be for our tenants?

是的，我認為正如我們之前在評論中提到的那樣，我們確實看到人們對我們在美國擁有的設施表現出了非常積極的興趣。因此，我們看到現有種植者對那些在那些州生存下來的種植者仍然保持著濃厚的興趣，或者正如您所說，我們認為大麻行業的市場整合階段似乎已經成功，大部分整合已經完成，而該行業中最有效率的種植者和公司已經生存下來，並繼續尋求發展。但要將注意力集中在他們所在的各州。所以，我們看到，在沒有重新安排的情況下，出現了積極的復甦跡象，我們相信這種情況會隨著時間的推移而持續發展。隨著時間的推移，我們將處於最佳位置，利用我們繼續向市場提供的售後回租計劃的任何新需求，並將我們的資本用於 IIP 的利益。保羅，關於重新安排日程以及你認為這會對我們的租戶產生什麼影響，你還有什麼要補充的嗎？

Sure. So, I think we've in the past discussed, what rescheduling would look like and how that helps, and I think you identified it that I think the first real impact is really improving the credit of the operators, they had just much more free cash to use so that improves their credit as far as our tenant base, but also gives them the opportunity to use that cash to expand and you know so much of our development is our operators expanding the existing facilities coming to us for additional investment. So, we think that's certainly a possibility or likelihood, I think with rescheduling and as we noted in our remarks that there is, this kind of up and down enthusiasm about rescheduling work.

當然。所以，我認為我們過去討論過重新安排會是什麼樣子以及它如何有所幫助，我認為你已經指出，我認為第一個真正的影響是真正改善運營商的信用，他們有更多的自由現金可以使用，這不僅改善了他們對我們租戶基礎的信用，而且還讓他們有機會利用這些現金進行擴張，你知道，我們的很多開發項目都是額外運營商。所以，我們認為這當然是一種可能性或可​​能性，我認為隨著重新安排工作，正如我們在演講中提到的，人們對重新安排工作的熱情有起有落。

Now we're in a place where some really positive comments have come out of the White House, both by the President and the President's staff that said we expect a resolution on the rescheduling by the end of this year, which means what, two months now, so we are anxiously awaiting that. We do believe that it makes sense for the President to get ahead of this issue politically and He is motivated that way, and his comments about CBD usage for the elderly and things of that nature that he's posted really give a lot of momentum to having some resolution and we think it would be a positive resolution on rescheduling hopefully by the end of the year.

現在，白宮方面，總統和總統的幕僚都發表了一些非常積極的評論，表示我們預計在今年年底前解決重新安排賽程的問題，這意味著還有兩個月的時間，所以我們正在焦急地等待著。我們認為，總統在政治上先發制人是明智之舉，他也有這樣的動機。他發表的關於老年人使用 CBD 等類似言論，確實為達成解決方案注入了動力。我們認為，如果能在年底前就重新安排禁毒日程達成積極解決方案，那將是一個不錯的選擇。

Really appreciate that color. That was helpful there.

非常喜歡這個顏色。那很有幫助。

So then in the near term, right, so before we see rescheduling, you talked about potential opportunities for both life sciences and as well as cannabis. How should we think about, prioritizing in the near term and your current, given your current liquidity position?

那麼在短期內，對吧，在我們看到重新安排之前，您談到了生命科學和醫用大麻的潛在機會。鑑於您目前的流動性狀況，我們應該如何考慮近期和當前階段的優先事項？

Does life science offer more near-term opportunities, given what we just saw with IQHQ and the rate you're on the revolver, was that something that's related to, obviously it's related to the IQHQ and a much better rate than you had from the other revolver related to the cannabis. So this absent rescheduling, do you see more opportunities in the life sciences for the near term, or do you still see even an absent rescheduling, equal opportunity within both?

鑑於我們剛剛看到的 IQHQ 以及您在循環信貸中的利率，生命科學是否提供了更多近期機會？顯然，這與 IQHQ 有關，而且利率比您之前從其他與大麻相關的循環信貸中獲得的利率要好得多。因此，如果沒有重新安排，您認為短期內生命科學領域的機會更多嗎？或者您認為即使沒有重新安排，兩者的機會也相同嗎？

Thank you.

謝謝。

Yeah, no, I think we are highly focused on the cannabis industry and making sure that we are supporting our tenant partners as best we can, and we believe that that's our primary focus.

是的，我認為我們高度專注於大麻產業，確保我們盡最大努力支持我們的租戶合作夥伴，我們相信這是我們的首要任務。

Secondarily, do I think that there are more, double-digit plus, yield opportunities in the life science industry.

其次，我認為生命科學產業還有更多兩位數以上的收益機會。

We are constantly looking at that, but I think that that that was a very unique opportunity that we were able to capitalize based on our expertise and knowledge, and we will continue to look at that, but I think our primary focus will remain in the cannabis industry.

我們一直在關注這方面，但我認為那是一個非常獨特的機會，我們憑藉自身的專業知識和經驗抓住了這個機會，我們將繼續關注這方面，但我認為我們的主要關注點仍將放在大麻行業。

Okay great thanks for the color. I'll jump back in the queue.

好的，非常感謝你提供的顏色資訊。我重新排隊。

Thank you, Aaron.

謝謝你，亞倫。

Bill Kirk, Roth Capital Partners.

Bill Kirk，Roth Capital Partners。

Thank you, everybody. So the press release mentioned, I think, a few new names where you're collecting security deposits. One was named; the other is unnamed in Sacramento. Can you give us a sense of size on those? What do you expect the outcome to be? And were those two identified when you went through that tenant health work that you did earlier in the year?

謝謝大家。所以，新聞稿中提到了一些新的收取保證金的地點，我想。薩克拉門託的一家已命名；另一家尚未命名。你能大概描述一下它們的尺寸嗎？你預期結果會是什麼？在今年稍早進行的租戶健康調查中，是否已經發現了這兩個問題？

Yes, we, with one or less than, 1% of our of our revenue and we are monitoring all of our tenants and we spent time with those tenants and understood what was going on in in with them.

是的，我們用不到 1% 的收入來監控所有租戶，我們花時間與這些租戶交流，了解他們的情況。

Ben, do you have any color associated with those two tenants or anything you want to add to that?

本，你對那兩位租戶有什麼顏色方面的描述嗎？或是你想補充什麼？

Yeah, I would just add to those were two tenants in California, and I think this is a theme, maybe we've seen in many markets where the growth and expansion of the efficient operators and the demand that we're seeing for these facilities along with, some of the other vacancies that we've taken back it really reflects the consolidation that we're seeing play out in the industry and the less efficient operators moving out and the more efficient operators continuing to grow their platforms within these individual markets. I feel very good about the quality of those assets, along with the rest of our portfolio, which I think is reflected again in the amount of interest that we're seeing really across the board.

是的，我還要補充一點，加州還有兩家租戶。我認為這是一種趨勢，或許我們在許多市場都看到了，高效運營商的增長和擴張，以及我們對這些設施的需求，再加上我們收回的一些其他空置設施，都真正反映了我們正在看到的行業整合趨勢，效率較低的運營商正在撤出，而效率較高的運營商則繼續在這些單獨的市場中發展壯大。我對這些資產的品質以及我們投資組合中的其他資產的品質感到非常滿意，我認為這再次體現在我們目前看到的普遍關注度上。

Thank you. And with the additional square footage at least at IQHQ with biosciences, what does that take occupancy to at IQHQ and ultimately kind of where do you expect occupancy to go, maybe how long does it take to get there and what capital do you think is required to get that occupancy rate up further?

謝謝。如果 IQHQ 的生物科學部門增加辦公室面積，那麼 IQHQ 的入住率會達到多少？您預計入住率最終會達到什麼水準？需要多長時間才能達到目標？您認為需要多少資金才能進一步提高入住率？

Well, I mean, I think that's IQHQ is a private organization that's really there for them. From our perspective, what we can say is that that the occupancy level approaches that 24%-25% level and that we certainly hope that they can take occupancy up to, the 90% plus range in the next I don't, I guess 18 to 24 months.

嗯，我的意思是，我認為 IQHQ 是一個真正為他們服務的私人組織。從我們的角度來看，入住率已經接近 24%-25% 的水平，我們當然希望他們能在接下來的 18 到 24 個月內將入住率提高到 90% 以上。

Yeah, thank you.

是啊，謝謝。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good morning out there. So just big picture, I think at the end of last year, you had like 24%, 27% of ADR, that was in default it sounds like you signed some new, some sounds like you signed some backfills. You're working on some resolution and receivership, but there were some new tenants, including the USD16 million loan that went bad. So net, as a percent of ADR, where do we now stand as far as percent of ADR that's not rent paying? I'm not saying occupying space but not rent. I'm talking how much ADR is still not rent paying, where do we stand now?

嘿，早安。所以從大局來看，我認為去年年底，你們有大約 24% 到 27% 的 ADR 處於違約狀態，聽起來你們簽了一些新的合同，也簽了一些填補空缺的合同。你們正在處理一些解決方案和接管事宜，但有一些新租戶，其中包括一筆1600萬美元的壞帳貸款。那麼，淨而言，以平均房價 (ADR) 的百分比計算，目前未支付租金的平均房價佔比是多少？我不是說佔空間，而是不付租金。我指的是平均房價（ADR）仍然無法支付租金的程度，我們現在的情況如何？

I mean it's obviously since we announced that last December, I mean some things have moved around too we've taken some properties back from Farmeran, but from kind of an overall, ADR collection, there's roughly 20%.

我的意思是，自從我們去年 12 月宣布以來，顯然有些事情也發生了變化，我們從 Farmeran 手中收回了一些房產，但從整體上看，ADR 系列大約佔 20%。

Okay, so David, so we're now at, we were 27, we're now 20, and that 20 includes the impact of the latest tenants in the third quarter and the USD16 million loan.

好的，David，我們現在是，之前是 27，現在是 20，這 20 包括了第三季度最新租戶的影響和 1600 萬美元的貸款。

That's correct. Keep in mind, as Alan mentioned before, those two tenants during the quarter were very small, 1%, so, kind of immaterial to the overall portfolio, but you're roughly correct.

沒錯。請記住，正如 Alan 之前提到的，這兩個租戶在本季度規模都很小，只有 1%，因此對整個投資組合來說無關緊要，但你的說法大致正確。

Okay, that's cool. And then on the I obviously we all appreciate your background in life science, Alan, you co-founded, and were there through December at IQHQ, and there's a deep history, but you look at both industries, cannabis, there's still issues going on, tenants having struggles. The Alexandria, the only pure play, out there in life science still has issues. BXP talks about life science issues. So, we understand the quality of the balance sheet now, but it definitely seems like their capital, potential capital needs for both cannabis and, if something happens senior to you at IQHQ and you have to defend your position there to defend your stake.

好的，那很棒。然後，我們當然都很欣賞您在生命科學領域的背景，艾倫，您是 IQHQ 的聯合創始人，並且一直工作到 12 月，這有著深厚的歷史，但是您看看這兩個行業，大麻行業，仍然存在一些問題，租戶們也面臨著困境。亞歷山大是生命科學領域唯一純粹的製藥公司，但仍存在一些問題。BXP 探討生命科學領域的問題。所以，我們現在了解了資產負債表的質量，但這顯然表明他們的資本，以及在 IQHQ 可能存在的資金需求，包括大麻業務和…如果你在 IQHQ 的高層發生什麼事，你必須捍衛你在那裡的地位，捍衛你的股份。

So how like I still, it's still unclear like the risk of going into IQHQ just given life science is not out of the woods. Like I would get it if things were blowing and going and a lot of activity was going on in that space, but it still seems like it's pretty troubled. So just how do we balance the capital needs of both industries when, even in cannabis you're still having some tenant issues.

所以，就像我一樣，目前還不清楚進入 IQHQ 的風險，因為生命科學領域還沒有脫離險境。如果情況發展順利，市場活動頻繁，我還能理解，但現在看來，市場仍然相當混亂。那麼，我們該如何平衡這兩個產業的資金需求呢？即使在大麻產業，仍然存在一些租戶問題。

Yeah, I mean, I think first of all, we didn't make the investment so that we would have to defend the investment. We made the investment such that we were in a very strong credit position and the only it's the common shareholders at IQHQ, and or the other investors who have to really defend and really are focused on defending that business. So that's not our role or our responsibility, number one.

是的，我的意思是，首先，我認為我們進行這項投資不是為了將來要為這項投資辯護。我們進行投資是為了確保我們擁有非常強大的信用地位，只有 IQHQ 的普通股東或其他投資者需要真正捍衛並專注於捍衛這項業務。所以，第一，這不是我們的角色或責任。

Number two is we maintain a very strong balance sheet, a very conservative balance sheet that allows us, as we've just proven that to be able to get additional credit from our bank group and at a very attractive yield. So, we think we still have that and continue to have great access to a variety of capital sources.

第二點是，我們保持著非常穩健的資產負債表，非常保守的資產負債表，正如我們剛剛證明的那樣，這使我們能夠從我們的銀行集團獲得額外的信貸，並且收益率非常有吸引力。所以，我們認為我們仍然擁有這種優勢，並且能夠繼續獲得各種資金來源。

Number three is that I know, you guys want to the companies to only invest when it's absolutely clear that the gold ring is right in front of them and they can easily grab it, but our job is to do is to try to look around the corner, to try to look for unique investment opportunities that provide attractive accretive returns to our shareholders and we've done just that. And if you, if in 3 or 4 years you come back on the call and you want to ask about how IQHQ and that investment went, I'll be happy to report exactly how that investment went.

第三點是，我知道你們希望公司只在機會唾手可得的時候才進行投資，但我們的工作是努力尋找機會，尋找能夠為股東帶來可觀增值回報的獨特投資機會，而我們也正是這樣做的。如果你在 3 或 4 年後再次參加電話會議，想詢問 IQHQ 和那項投資的進展情況，我將很樂意向你詳細介紹那項投資的進展。

Okay, and just the final question is, Paul, over the years, there have been a lot of hopeful things happening in cannabis that, this measure, this state legalizing or this rescheduling and, that would almost be like the panacea like now the sector would catch traction, obviously appreciate your comments on giving us an update of what's going on with the rescheduling, the, eagerness of seniors to adopt cannabis, but every time that we've heard positive stuff before, it hasn't jumpstarted the industry. So is your view that these positives could jumpstart the industry or your view is, hey, these are positives that are out there, but there's still the issue of the grey market, there's still the issue of the black market, there's still all those other, I guess I'm just trying to understand, should we get excited that there's, good stuff coming or it's like, hey, these are positives, but there's still a lot of negatives that the industry is still dealing with, namely the grey market and the black market.

好的，最後一個問題是，保羅，這些年來，大麻產業發生了很多令人鼓舞的事情，例如這項措施，這個州的合法化或重新分類，幾乎就像靈丹妙藥，彷彿這個行業現在就能獲得發展動力。顯然，我們很感謝你向我們介紹了重新分類的最新進展，以及老年人對使用大麻的熱情，但我們之前每次聽到積極的消息，都沒有真正推動這個行業的發展。所以你認為這些正面因素可以推動產業發展，還是你認為，嘿，這些是正面的因素，但仍然存在灰色市場、黑市以及其他各種問題？我只是想弄清楚，我們應該為即將到來的好消息感到興奮，還是應該認為，嘿，這些是積極的因素，但行業仍然面臨著許多負面問題，即灰色市場和黑市？

Yeah, Alex, obviously rescheduling doesn't make the black market go away. Those are two separate things that need to be separately addressed with rescheduling, I think that will be a huge shot in the arm to the industry for the reasons we've discussed in great detail. At the same time, I think we've seen some real positive movement on state by state combating black market.

是的，Alex，很顯然，重新安排比賽時間並不能讓黑市消失。我認為，重新安排檔期是兩件不同的事情，需要分別解決。正如我們之前詳細討論過的，我認為這將極大地提振產業。同時，我認為我們已經看到各州在打擊黑市方面取得了一些真正的積極進展。

It's not fixed by any means, but it's getting much more attention, I think, in the larger states. You've seen California and Massachusetts and Michigan, especially some really significant in New York now I think about it, some real significant movement in curtailing the black market grows, but also the grey market retail and I know you and I have discussed this in New York, the actual blackouts of the retail, so going in the right direction on that.

這個問題遠未解決，但我認為，在人口較多的州，它已經受到了更多關注。你已經看到了加州、麻薩諸塞州和密西根州的情況，尤其是現在想想，紐約的一些事情真的意義重大，在遏制黑市方面取得了一些重大進展，同時也遏制了灰色零售市場。我知道你我曾在紐約討論過這個問題，即零售業的實際封鎖，所以在這方面正朝著正確的方向發展。

Okay, great, thank you, Paul.

好的，太好了，謝謝你，保羅。

Thank you, Alan.

謝謝你，艾倫。

All right, thank you Alex

好的，謝謝你，亞歷克斯。

Thank you. This concludes the question answer session.

謝謝。問答環節到此結束。

I would now like to turn the conference back to Alan Gold for any closing remarks.

現在我謹將會議交還給艾倫‧戈爾德，請他作總結發言。

Thank you, and I thank you all for joining today. Again, I'd love I'd like to thank our team for the hard and good work that they've done, and with that, we conclude the call.

謝謝大家，也謝謝各位今天到場。再次感謝我們的團隊所付出的辛勤努力和出色工作，通話到此結束。

Thank you. The conference is now concluded. Thank you for attending to this presentation. You may now disconnect.

謝謝。會議到此結束。感謝各位蒞臨本次報告會。您現在可以斷開連線了。