Innovative Industrial Properties Inc (IIPR) 2026 Q1 法說會逐字稿

(Operator Instructions)

（接線員指示）

At this time, I would like to welcome everyone to the Innovative Industrial Properties, Inc. First Quarter 2026 Earnings Call.

此刻，我想歡迎各位參加 Innovative Industrial Properties, Inc. 2026 年第一季財報電話會議。

I would now like to turn the call over to Eli Cantor, Director of Finance. Eli, please go ahead.

我現在想將電話交給財務總監 Eli Cantor。Eli，請開始。

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 Regan, Chief Investment Officer. Before we begin, I'd like to remind everyone that some of the statements made during today's conference call, including statements regarding our capital-raising activities and those regarding potential lease transactions that are subject of letters of intent, are forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1,995 and subject to risks and uncertainties.

感謝各位加入本次電話會議。今天出席簡報的有：執行董事長 Alan Gold、總裁兼執行長 Paul Smithers、財務長 David Smith，以及投資長 Ben Regan。在開始之前，我想提醒各位，今天電話會議中所作的部分陳述（包括關於我們籌資活動的陳述，以及關於可能的租賃交易、且該等交易為意向書所涵蓋之標的的陳述）屬於《1995 年私人證券訴訟改革法》安全港條款所定義的前瞻性陳述，並受風險與不確定性影響。

Actual results may differ materially, and we refer you to our SEC filings, specifically our most recent report on Forms 10-K and 10-Q, for a full discussion of risk factors that could cause actual results to differ materially from those contained in forward-looking statements. We are not obligated to update or revise any forward-looking statements, whether due to new information, future events, or otherwise except as required by law.

實際結果可能與前瞻性陳述所載內容有重大差異；我們建議各位參閱我們向 SEC 提交的文件，特別是最近一期的 10-K 與 10-Q 報告，以完整了解可能導致實際結果與前瞻性陳述存在重大差異的風險因素。我們不負有更新或修訂任何前瞻性陳述之義務（無論係因新資訊、未來事件或其他原因），法律另有要求者除外。

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

此外，在今天的電話會議中，我們將討論若干非 GAAP 財務資訊，例如 FFO、標準化 FFO 與 AFFO。您可在我們昨日發布的財報新聞稿以及向 SEC 提交的 8-K 文件中，找到該等資訊及其與最可直接比較之 GAAP 財務衡量指標的調節表。我現在把電話交給 Alan。

Alan?

Alan？

Thanks, Eli. Good morning, everyone, and thank you for joining our first quarter 2026 earnings call.

謝謝你，Eli。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。

First, I'd like to touch on the rescheduling of cannabis from Schedule I to III, a significant regulatory development impacting the cannabis industry. In our view, the administration's recent action with respect to the medical cannabis market represents a major milestone for the industry and a clear sign of continued progress at the federal level.

首先，我想談談將大麻從第一級（Schedule I）重新分類至第三級（Schedule III）一事，這是一項影響大麻產業的重要監管發展。我們認為，政府近期針對醫療用大麻市場所採取的行動，代表產業的一個重大里程碑，也清楚顯示聯邦層級持續取得進展。

Although it does not yet extend to the broader adult-use market, it reinforces momentum toward a rational regulatory environment.

雖然目前尚未擴及更廣泛的成人用市場，但此舉強化了朝向更合理監管環境的動能。

Against that backdrop, the first quarter represented a strong start to the year, and our team remained focused on disciplined execution across the business.

在此背景下，第一季為今年帶來強勁的開局，我們團隊仍專注於在各項業務上以紀律性執行。

While persistent inflation, elevated interest rates, and broader macroeconomic headwinds continue to challenge the operating environment, our team has worked tirelessly to optimize our portfolio, allocate capital thoughtfully, and maintain a strong and flexible balance sheet.

儘管持續的通膨、高利率以及更廣泛的總體經濟逆風仍對營運環境造成挑戰，我們團隊仍不懈努力，以最佳化我們的投資組合、審慎配置資本，並維持強健且具彈性的資產負債表。

Now, we have been active on the debt and equity capital raising front, raising $128 million of gross proceeds year-to-date.

目前我們在債務與股權籌資方面相當積極，今年迄今已募集 1.28 億美元的總募資款。

In addition, we are working on several secured and unsecured financing transactions that have not yet closed to nearly $130 million, including a $56.5 million financing at a rate of eight and three-quarters that we expect to be funded today. If completed, we expect to use the net proceeds of these financings to address our unsecured bond maturity this month and to provide additional capital to support future growth and the execution of our strategic priorities.

此外，我們正推進數筆尚未完成交割的有擔保與無擔保融資交易，總額接近 1.30 億美元，其中包括一筆 5,650 萬美元、利率為 8 又 3/4% 的融資，我們預期將於今日撥款。若順利完成，我們預期將運用該等融資的淨收益，以處理本月到期的無擔保債券，並提供額外資本以支持未來成長及推動我們的策略重點落地。

This approach reflects our continued focus on disciplined capital management and maintaining balance sheet flexibility.

此一作法反映我們持續專注於有紀律的資本管理，並維持資產負債表的彈性。

As for the quarter. We generated total revenues of $69 million and AFFO of $53.4 million, or $1.88 per share, which was the same as last quarter.

就本季而言，我們創造總營收 6,900 萬美元，AFFO 為 5,340 萬美元（每股 1.88 美元），與上一季相同。

Operationally, we made meaningful progress across our portfolio as we continue to execute on our leasing strategy.

在營運面，我們在投資組合各項資產上取得實質進展，並持續執行我們的出租策略。

During the quarter, we signed new leases at four properties totaling approximately 331,000 square feet.

本季期間，我們在四處物業簽訂新租約，總面積約 331,000 平方英尺。

Underscoring the progress, we are building across the portfolio and the demand for our high-quality mission-critical facilities.

這凸顯了我們在整體投資組合上的進展，以及市場對我們高品質、任務關鍵型設施的需求。

Turning to IQHQ, we continue to view this investment as a compelling strategic opportunity and an important extension of our platform.

談到 IQHQ，我們仍認為這項投資是一個具吸引力的策略性機會，也是我們平台的重要延伸。

To date, we have funded $175 million of our $270 million commitment and continue to believe our entry point and timing of this investment will prove attractive over the long-term.

截至目前，我們已在 2.70 億美元承諾額度中撥付 1.75 億美元，並持續相信我們的進場點與投資時機，長期而言將證明具有吸引力。

At the same time, we remain focused on executing across the business, driving performance in our existing portfolio, pursuing attractive opportunities in cannabis, and allocating capital where we see the strongest risk-adjusted returns.

同時，我們仍專注於推動各項業務執行、提升既有投資組合的表現、在大麻領域尋求具吸引力的機會，並將資本配置於我們認為具最佳風險調整後報酬的領域。

With a diversified platform spanning cannabis and life science, a strong balance sheet with demonstrated access to capital, and an experienced management team, we believe we are well-positioned to build on our momentum and progress to deliver long-term value for our shareholders.

憑藉橫跨大麻與生命科學的多元化平台、具備已證實的資本取得能力之強健資產負債表，以及經驗豐富的管理團隊，我們相信我們已具備良好定位，可在既有動能與進展上再接再厲，為股東創造長期價值。

With that, I'll turn the call over to Paul.

接下來，我把電話交給 Paul。

Thanks, Alan. Last month, the DOJ and Acting Attorney General issued a final order moving FDA-approved cannabis products and cannabis produced by state-licensed medical operators to Schedule III, a landmark development and, in our view, the most significant development affecting our business since our founding in 2016.

謝謝你，Alan。上個月，司法部（DOJ）與代理司法部長發布最終命令，將 FDA 核准的大麻產品，以及由州政府核發執照之醫療營運商所生產的大麻，移至第三級（Schedule III）。這是一項里程碑式的發展；在我們看來，也是自 2016 年公司成立以來，影響我們業務最重大的發展。

This action eliminates the burden of 280E for qualifying medical operators, may create opportunity for retrospective tax relief. And establishes an expedited DEA registration process for medical operators. Just as importantly, the DEA has now restarted the broader hearing process on whether marijuana as a category should move to Schedule 3, with hearings set to begin on June 29th under an expedited timeline.

此舉消除了符合資格之醫療營運商所承擔的 280E 稅務負擔，可能創造追溯性稅務救濟的機會，並為醫療營運商建立加速的 DEA 註冊流程。同樣重要的是，DEA 現已重新啟動更廣泛的聽證程序，以評估大麻作為一個類別是否應移至第三級（Schedule 3）；聽證會預定於 6 月 29 日在加速時程下開始。

Taken together. We believe these developments mark a major step forward for the industry and powerful catalysts for improving operator economics, expanding access to capital, and supporting a healthier environment for longer-term growth and investment.

綜合而言，我們相信這些發展標誌著產業向前邁出重大一步，並成為改善營運商經濟性、擴大資本取得、以及支持更健康的長期成長與投資環境的強力催化劑。

At the state level, we are monitoring the expansion of existing medical programs, particularly in Texas. In April, the Texas Compassionate Use Program awarded conditional licenses to our tenant partners, Green Thumb Industries and Cresco Labs, joining Texas Original, TrueLeaf, Verano, and others in the market.

在州層級方面，我們正關注既有醫療計畫的擴張，特別是在德州。4 月，德州同情使用計畫（Texas Compassionate Use Program）向我們的承租戶夥伴 Green Thumb Industries 與 Cresco Labs 核發附條件執照，使其加入 Texas Original、TrueLeaf、Verano 等業者所在的市場。

We are encouraged by this progress and look forward to the continued expansion of the program and the opportunities it creates for our tenants.

我們對此進展感到鼓舞，並期待該計畫持續擴張，以及其為我們承租戶帶來的機會。

Regarding our current portfolio, as we highlighted in our March press release, we reached a resolution with PharmaCan on all pending litigation related to its lease defaults, and we are actively working to re-tenant the properties being returned to us later this month.

關於我們目前的投資組合，如同我們在 3 月新聞稿中所強調的，我們已就 PharmaCan 因租約違約所引發的所有未決訴訟達成解決方案，並正積極推動在本月稍晚返還給我們的物業重新招租。

Across the portfolio, we have now executed leases for the former gold floor assets, made substantial progress on the former PharmaCann assets, and reached tentative agreements with prospective new tenants. For all four former forefront properties, subject to diligence and licensing approvals.

在整體投資組合方面，我們現已就原 Gold Flora 資產完成租約簽署，並在原 PharmaCann 資產上取得重大進展，且就所有四處原 Forefront 物業與潛在新承租戶達成初步協議，惟仍須完成盡職調查與取得牌照核准。

I want to thank our team and all parties involved for their hard work in helping us navigate these challenges. The actions we have taken leave us better positioned to drive portfolio performance going forward.

我要感謝我們的團隊以及所有相關方的辛勤付出，協助我們度過這些挑戰。我們所採取的行動，使我們在未來推動投資組合表現方面處於更有利的位置。

With that, I'd like to now turn the call over to Ben to provide prelimadditional details on our leasing activity and discuss our other investment activities.

接下來，我想把電話交給 Ben，請他提供我們出租活動的初步補充細節，並討論我們其他投資活動。

Thanks, Paul.

謝謝你，Paul。

Year-to-date, we have executed new leases totaling 389,000 square feet across five properties located in California, Illinois, and Ohio, and completed the sale of a dispensary in Arizona.

今年迄今，我們已在位於加州、伊利諾州與俄亥俄州的五處物業簽訂新租約，總面積達 389,000 平方英尺，並完成出售位於亞利桑那州的一家藥局（dispensary）。

As Paul described, we are pleased with the progress we have made stabilizing our portfolio and bringing resolution to the former Forefront, Pharmacan, and Gold Flora assets.

如 Paul 所述，我們對於在穩定投資組合、並就原 Forefront、Pharmacan 與 Gold Flora 資產達成解決方案方面所取得的進展感到滿意。

All three former Gold Flora properties, comprising 330,000 square feet, are now leased. We executed lease agreements for our 70,000 square foot Palm Springs property in November 2025, our 204,000 square foot Desert Hot Springs property in January 2026, and our 56,000 square foot Palm Springs property in March 2026.

三處原 Gold Flora 物業（合計 330,000 平方英尺）目前均已出租。我們於 2025 年 11 月就位於 Palm Springs、面積 70,000 平方英尺的物業簽署租賃協議；於 2026 年 1 月就位於 Desert Hot Springs、面積 204,000 平方英尺的物業簽署租賃協議；並於 2026 年 3 月就位於 Palm Springs、面積 56,000 平方英尺的物業簽署租賃協議。

For Forefront, we have reached tentative agreements with prospective new tenants for all four properties, representing approximately 488,000 square feet across Illinois, Washington, and Massachusetts.

就 Forefront 而言，我們已就全部四處物業與潛在新承租戶達成初步協議，涵蓋伊利諾州、華盛頓州與麻薩諸塞州，總面積約 488,000 平方英尺。

These tentative agreements remain subject to customary diligence and licensing approvals and are expected to take effect following the conclusion of the receivership proceedings, which we currently expect later this year.

這些初步協議仍須完成慣常的盡職調查與牌照核准，並預期將在接管程序（receivership proceedings）結束後生效；我們目前預期該程序將於今年稍晚完成。

With respect to the former PharmaCann assets, we executed a lease agreement in March for our 66,000 square foot property in Dwight, Illinois, with Grown Rogue, a publicly traded multi-state operator new to our tenant roster.

就先前的 PharmaCann 資產而言，我們於 3 月與 Grown Rogue（一家公開上市、跨州營運商，亦為我們租戶名單中的新成員）就位於伊利諾伊州德懷特（Dwight）的 66,000 平方英尺物業簽署租賃協議。

In April, we executed a lease agreement for our 58,000 square foot property in Ohio with Curaleaf, a public multi-state operator and long-time tenant partner of ours.

4 月，我們與 Curaleaf（公開上市的跨州營運商，亦為我們長期的租戶合作夥伴）就位於俄亥俄州的 58,000 平方英尺物業簽署租賃協議。

In addition to these executed leases, we executed a non-binding LOI for our 234,000 square foot facility in New York and are currently in lease negotiations subject to customary due diligence, including licensing and regulatory approvals.

除上述已簽署的租約外，我們亦就位於紐約的 234,000 平方英尺設施簽署一份不具約束力的意向書（LOI），目前正進行租賃談判，並須完成慣常的盡職調查，包括取得牌照及監管核准。

We also continue to work through diligence and are in negotiations with a prospective tenant for a 71,000 square foot property in North Adams, Massachusetts.

我們也持續進行盡職調查，並就位於麻薩諸塞州北亞當斯（North Adams）的 71,000 平方英尺物業，與一名潛在租戶進行談判。

With respect to our 270,000 square foot property in Pennsylvania leased to the cannabis company as of quarter end, we regained possession of that property on April 15th and are in active discussions with a potential new tenant.

就截至季末租予該大麻公司的賓夕法尼亞州 270,000 平方英尺物業而言，我們已於 4 月 15 日重新取得該物業的占有權，並正與潛在新租戶積極洽談。

While there can be no assurance that any of these discussions or negotiations will result in the execution of a definitive lease, we are very pleased with the demand we are seeing for our assets.

雖然無法保證上述任何討論或談判將促成簽署最終且具約束力的租約，但我們對於目前看到的資產需求感到非常滿意。

For our 157,000 square foot property in Columbus, Ohio, it remains leased to Battle Green, which defaulted on its lease obligations in March.

至於我們位於俄亥俄州哥倫布（Columbus）的 157,000 平方英尺物業，目前仍出租給 Battle Green；該租戶已於 3 月未能履行其租約義務而構成違約。

We are actively enforcing our rights under the lease, including commencing eviction proceedings and pursuing available remedies under applicable guarantees.

我們正積極依據租約行使權利，包括啟動驅逐程序，並追索適用保證項下可得的救濟。

Turning to our life science portfolio, we have funded $175 million of our $270 million IQHQ commitment to date, with the remaining $95 million expected to be funded over time.

談到我們的生命科學投資組合，截至目前，我們已就 IQHQ 的 2.70 億美元承諾投入 1.75 億美元，剩餘 9,500 萬美元預計將隨時間逐步投入。

The broader life science real estate market continues to show signs of stabilization and improving momentum as we move through 2026.

隨著我們進入 2026 年，整體生命科學不動產市場持續顯示出趨於穩定並改善動能的跡象。

Recent reports from CBRE and Colliers indicate that demand has held near pre-pandemic levels, while stronger equity performance and venture funding are supporting a more constructive backdrop for growth. At the same time, the market is still working through elevated vacancy from the prior supply wave, but new development has fallen sharply, and the pipeline is at historically low levels, which should support a healthier supply-demand balance going forward.

CBRE 與 Colliers 的近期報告指出，需求維持在接近疫情前水準；同時，更強勁的股權表現與創投資金挹注，正支撐更具建設性的成長環境。另一方面，市場仍在消化先前供給潮所造成的高空置率，但新開發案已大幅下滑，且開發管線處於歷史低位，這應可在未來支持更健康的供需平衡。

We also continue to see favorable long-term demand drivers in areas like manufacturing, onshoring, and AI-enabled research, which we believe will position the sector for continued improvement over time.

我們也持續看到製造業、回流（onshoring）以及 AI 賦能研究等領域的長期需求驅動因素有利，我們相信這將使該產業隨時間推移持續改善。

With that, I'll turn the call over to David.

接下來，我把電話會議交給 David。

Thank you, Ben.

謝謝你，Ben。

Before diving into our quarterly results, I want to begin with our bond maturity that we have this month, which, as we discussed on prior calls, has been a key focus for the company.

在深入說明本季業績之前，我想先從我們本月到期的債券談起；如同我們在先前的電話會議中所討論，這一直是公司關注的重點。

During and subsequent to quarter end. We have undertaken a series of capital-raising actions to address this maturity.

在本季期間及季末之後，我們已採取一系列募資行動以因應該筆到期。

Year-to-date, we have raised $128 million of gross capital, comprised of $72 million of preferred equity, $36 million of common equity, and $20 million of secured debt through a three-year secured term loan with a fixed rate of 9% that we recently closed on.

年初至今，我們已募集 1.28 億美元的資金總額，包括 7,200 萬美元的優先股權資金、3,600 萬美元的普通股權資金，以及 2,000 萬美元的擔保債務；其中擔保債務係透過我們近期完成的一筆三年期擔保定期貸款，固定利率為 9%。

As Alan mentioned, we are also currently pursuing multiple secured and unsecured financing transactions, totaling nearly $130 million.

如 Alan 所提到，我們目前也正推進多筆有擔保與無擔保的融資交易，合計金額接近 1.30 億美元。

Including a $56.5 million financing that we expect to be funded today.

其中包括一筆 5,650 萬美元的融資，我們預期將於今日撥款。

Based on the terms currently under discussion, these financings would carry an attractive blended rate of just over 8%.

依目前討論中的條款，這些融資的加權平均利率（綜合利率）將略高於 8%，相當具吸引力。

We are encouraged by the level of interest from multiple new lenders and by the opportunity to access attractively priced capital to address this maturity and provide additional capital to support future growth.

我們對多家新貸方所展現的興趣程度，以及能以具吸引力的資金成本取得資本以因應本次到期並提供額外資金支持未來成長的機會，感到鼓舞。

These potential financings remain subject to a number of contingencies, and there can be no assurance that they will be completed on the terms currently contemplated or at all.

這些潛在融資仍須符合多項先決條件，且無法保證其將以目前所設想的條款完成，或是否能完成。

Turning to our results, for the first quarter, we generated total revenues of $69 million, a 3.5% increase compared to the fourth quarter.

回到我們的業績，第一季我們的總營收為 6,900 萬美元，較第四季成長 3.5%。

This increase was primarily driven by payments received from PharmaCann totaling $3.2 million.

此增幅主要來自 PharmaCann 支付款項合計 320 萬美元。

In addition, as previously disclosed. We received $1.5 million in the first quarter and settlement of all remaining unpaid administrative rents due from the gold flora receivership.

此外，如先前所揭露，我們於第一季收到 150 萬美元，用以結清 Gold Flora 接管程序（receivership）下所有剩餘未支付的行政租金。

Adjusted funds from operations, or AFFO, for the quarter totaled $53.4 million or $1.88 per share, which was in line with our results for the fourth quarter of 2025.

本季調整後營運資金（Adjusted Funds From Operations，AFFO）合計為 5,340 萬美元，或每股 1.88 美元，與 2025 年第四季的業績表現一致。

Turning to the balance sheet. As of March 31, we had total liquidity of approximately $177 million, consisting of $89 million of cash on hand and $87.5 million of availability under our revolving credit facilities.

再看資產負債表，截至 3 月 31 日，我們的總流動性約為 1.77 億美元，包括 8,900 萬美元的手頭現金，以及循環信用額度項下可動用額度 8,750 萬美元。

Once again, our balance sheet credit metrics remained excellent this quarter with a debt service coverage ratio exceeding 11 times and net debt to adjusted EBITDA at 1.1 times.

本季我們的資產負債表信用指標再次維持優異，債務償付覆蓋倍數（debt service coverage ratio）超過 11 倍，且淨負債對調整後 EBITDA 為 1.1 倍。

And with our recent capital raising activity. We continue to maintain very strong credit metrics with a balance sheet positioned for growth in 2026.

隨著我們近期的募資活動，我們持續維持非常強勁的信用指標，資產負債表亦已就 2026 年的成長做好布局。

With that, operator, could you please open the call for questions?

接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Your first question comes from the line of Thomas Catherwood with BTIG. Please go ahead.

第一個問題來自 BTIG 的 Thomas Catherwood。請發問。

Excellent.

很好。

Thank you, and good morning, everybody.

謝謝，大家早安。

Then, I just want to start with you. If my math is right, I think you have 8 leases that you've signed that have not yet commenced, and with the agreements for the forefront assets. That could go to 12 properties. I know each deal is different and you don't control every aspect of commencement, but is there a way to bucket those 12 leases as to how many you expect to contribute in 2026 versus 2027 or even beyond that?

我想先從這點開始。如果我算得沒錯，我認為你們已簽署但尚未起租的租約有 8 份；再加上 Forefront 資產的相關協議，可能會到 12 處物業。我知道每筆交易都不同，而且你們無法掌控起租的每個環節，但是否能把這 12 份租約做個分類，說明你們預期有多少會在 2026 年貢獻、多少在 2027 年，甚至更晚？

Hey, Tom, I guess, I think the way I would think about it is, just what we see in a typical deal.

嗨，Tom，我想我會用我們在典型交易中看到的情況來思考。

From lease execution, there's usually some sort of regulatory approval, license transfer.

從簽署租約開始，通常會需要某種監管核准、牌照移轉。

And after that, once the lease goes into effect, you could have a free rent period. So we've seen that average anywhere from three months to 12 to 18 months on the outside. I appreciate you mentioning the leasing activity. I've been very pleased with the demand we're continuing to see really across the portfolio.

之後，一旦租約生效，可能會有免租期。我們看到的平均免租期大約介於 3 個月到 12 個月，最長甚至可到 18 個月。也謝謝你提到租賃活動；我對於我們在整個投資組合中持續看到的需求感到非常滿意。

When you think about some of the previous tenant issues, PharmaCan, Forefronts, Goldflora, we've now addressed well north of 90% of those assets through LOIs, executed leases and lease discussions that we're currently having.

當你回頭看先前的一些租戶問題——PharmaCann、Forefront、Gold Flora——我們現在已透過意向書、已簽署租約，以及目前正在進行的租賃討論，處理了遠超過 90% 的相關資產。

And I would also add, when we think about the modeling is, there can be the free rent period, there can be a license transfer period, but typically the triple net expenses will be transferred over to the tenants upon lease execution, which is another pickup for our earnings.

我也想補充，從建模角度來看，可能會有免租期，也可能會有牌照移轉期，但通常在租約簽署後，三重淨租（triple net）的費用就會轉由租戶承擔，這也會為我們的獲利帶來額外挹注。

And then I think last quarter you mentioned, obviously, as I said before, each deal being different, but you've had a range in execution as far as the rents that you'd achieved on those.

另外，上季你提到——如我先前所說，每筆交易都不同——但你們在租金達成上有一個執行區間。

I can't remember the exact numbers that you gave. If you gave everything from, nearly in line to down 50% in some cases. For those that you've executed this quarter, how have they come in compared to prior rents?

我記不太清楚你當時給的確切數字。你可能提到從幾乎與原先一致，到某些案例下滑 50% 左右。那麼，本季你們已執行的租約，相較於先前租金水準表現如何？

I still think that's the right way to think about it. I think that range applies across the board, and I think the other aspect of that to keep in mind is just the minimal capital outlay that we've seen really across the board. I mean, these are.

我仍然認為那樣的思考方式是對的。我覺得那個區間普遍適用；另外還有一點要記住的是，我們看到的資本支出非常少，幾乎是全面如此。我的意思是，這些是——

I would say, on average, $5 to $10 a foot, sometimes as is deals, which is very unique, I think, in the real estate industry to be able to re-tenant these assets and really the volume of leasing that we've achieved, really minimal cost to us.

我會說平均每平方英尺 5 到 10 美元，有時甚至是「現況交付」（as-is）的交易；我認為在不動產產業中，能以這種方式重新招租這些資產，而且我們達成的租賃量又這麼大、對我們而言成本卻非常低，這是相當罕見的。

Got it, and then this one might kind of seem a bit out there at the moment, but you know we've seen this increase in M&A activity. I come across the cannabis base kind of early stages of it, but like, for example, what's happening with cannabis with, they announced your tenant holistic is taking over their operations in Ohio as we see more. Solutions and workouts like that, is there an opportunity for IIPR to get involved and provide the next wave of operators with capital for assets that had previously been owner-occupied, or are we kind of thinking too far ahead?

了解。接著這題可能目前聽起來有點跳，但我們看到併購（M&A）活動增加。我在大麻產業這邊看到可能還在早期階段，但例如，大麻產業方面——他們宣布你們的租戶 Holistic 正接手他們在俄亥俄州的營運。隨著我們看到更多這類解決方案與重整（workouts），IIPR 是否有機會介入，為下一波營運商提供資本，用於那些先前由自用業主持有（owner-occupied）的資產？還是我們想得太超前了？

No, I mean, I don't think that you're thinking too far or anybody's thinking too far ahead. I think that with the.

不，我的意思是，我不認為你想得太遠，或任何人想得太超前。我認為，隨著……

First phase of the rescheduling, and I know there's a lot more to go with that. We do see the strengthening of the tenants in general in the industry, and we do see, I think, an increased interest in the industry and potential growth opportunities in the cannabis industry. Now, whether that's six months or 12 months or 36 months out there, it's an evolving story.

重新分級的第一階段，而且我知道後面還有很多工作要做。我們確實看到整體產業的承租戶（租戶）在走強；同時我們也看到，我認為，市場對該產業的興趣提升，以及大麻產業潛在的成長機會。至於是六個月、12 個月或 36 個月之後，那仍是一個持續演變的故事。

Got it. And then just last one for me, Paul, on the rescheduling.

了解。那我最後一個問題，Paul，關於重新分級。

I know you mentioned the June 29th administrative hearings starting back up again.

我知道你提到 6 月 29 日行政聽證會將再次開始。

What we're wrestling with is, there's obviously the legalization on the medical cannabis side with the DOJ's final order. It sounds like there's a potential for the administrative hearings to expand that order.

我們正在思考的是，顯然在醫療用大麻這一端，隨著司法部（DOJ）的最終命令，已經有合法化。聽起來行政聽證會有可能會擴大該命令的範圍。

And it's obviously too early to tell, but what are the chances we might end up with kind of a split outcome where medical is exempt from 280E, but adult use still remains subject to stricter taxation?

而且顯然現在還太早下定論，但我們是否可能會出現某種分裂式結果：醫療用可豁免 280E，但成人用仍需承擔較嚴格的稅負？這種情況的機率有多大？

Yeah, Tom, I think that's a fair question. I think in the short run, and by short run, I mean the next 30 days, that's somewhat unclear, but what the executive order did state was an expedited hearing, and that means within 30 days. So once the June 29th process starts, they expect to have that wrapped up with 30 days. And comparing that to what we had under the Biden administration, much different. So I think there will be a clear resolution of. How cannabis is treated across the board, including medical and adult use, at the conclusion of that hearing. So, we are very excited about where this is going, as you can imagine.

是的，Tom，我覺得這是個合理的問題。我認為短期內——我所謂短期是指未來 30 天——這點還不太明朗；但行政命令確實提到要加速聽證，意思是 30 天內完成。所以一旦 6 月 29 日的程序啟動，他們預期會在 30 天內結束。相較於我們在拜登政府時期看到的情況，這次非常不同。因此我認為，在聽證結束時，關於大麻在整體上（包含醫療與成人用）如何被對待，會有明確的結論。所以，如你所想像的，我們對這件事的走向非常興奮。

We've talked in the past about rescheduling what we think this is going to do for the industry and our operators, and I think we are thrilled that it's on this expedited timeline. And, I think we're going to see certainly more capital.

我們過去談過重新分級，認為這將為產業與我們的營運商帶來什麼影響；我想我們很高興它是在這個加速的時間表上推進。而且我認為，我們肯定會看到更多資本……

To the bottom line for these operators. And, we've had discussions, and we do expect that there will be much more interest in growth once the 280E tax situation is resolved and operators have a clear idea of where to go. And we think that's going to happen pretty quick. But we think that that capital will be used to expand, and they'll come to us for that expansion, we believe.

直接反映到這些營運商的獲利底線上。我們也討論過，並且預期，一旦 280E 的稅務問題解決、營運商對未來方向有清楚認知後，市場對成長的興趣會大幅提升。我們認為這會很快發生。而我們也相信，這些資本將用於擴張，而他們會為了擴張來找我們。

We also see, of course, other advantages of rescheduling.

當然，我們也看到重新分級的其他優勢。

We think that there's certain states that have maybe been kind of on the fence for a medical program or converting medical to adult use.

我們認為，有些州可能一直在觀望是否要推行醫療計畫，或把醫療轉為成人用。

We think that this rescheduling will really help those states make the move towards new programs. And lastly, I think, rescheduling is wonderful for R&D.

我們認為這次重新分級將真正幫助這些州朝向新計畫邁進。最後，我認為重新分級對研發（R&D）非常有利。

There's a lot of companies going to be very interested in testing the plant and coming into particularly medical uses for the plant. So, we are thrilled as to these developments and the excavated timeline.

會有很多公司非常有興趣測試這種植物，並投入特別是該植物的醫療用途。因此，我們對這些進展以及加速的時間表感到非常振奮。

Got it. Appreciate all the answers. Thanks, everyone.

了解。感謝所有回答。謝謝各位。

Thanks, Tom.

謝謝你，Tom。

Your next question comes from the line of Alexander Goldfarb with Piper Sandler. Please go ahead.

下一個問題來自 Piper Sandler 的 Alexander Goldfarb。請發問。

Hey, morning out there.

嗨，早安。

Just wanted to, Paul, just want to continue that same line of questioning.

Paul，我想延續同一條提問脈絡。

As we look at the, yeah, certainly the President on this is a bit confusing because there's a war on drugs and yet there's a promotion of medical use. So, what exactly happened is that medical use was downgraded to Schedule III, but adult use is still Schedule I. Is that what happened or like what is technically in place right now? We know where ultimately you can see where this path is sort of ending up, but what does it stand technically as of today?

當我們看這件事時，嗯，總統在這方面確實有點令人困惑，因為一方面有反毒戰爭，另一方面又在推動醫療用途。所以到底發生了什麼？是醫療用途被降為第三級（Schedule III），但成人用仍是第一級（Schedule I）嗎？這就是目前的狀況嗎？或者說，技術上現在到底是什麼在生效？我們知道最終你可以看到這條路大概會走向哪裡，但就今天而言，技術上它是什麼狀態？

As of today, then the acting.

就今天而言，則是代理……

Attorney General Blanche was very clear, I think, Alex, in where it stands today.

代理司法部長 Blanche 對目前的狀態講得很清楚，我想，Alex。

Licensed medical use operators have the benefit of Schedule III, and that's 100% medical licenses. And as our operators all hold medical licenses. So that accounts for 100% of our operators in our portfolio.

持有醫療用途執照的營運商可享有第三級（Schedule III）的待遇，而且是 100% 的醫療執照。由於我們的營運商都持有醫療執照，因此這涵蓋了我們投資組合中 100% 的營運商。

I think it's clear, too, the decision they made as far as.

我也認為，他們所做的決定在……方面也很清楚。

Other used cannabis, all used cannabis, they put it on expedited schedule starting June 29th and to have that resolved within 30 days. So we don't expect any extended.

至於其他用途的大麻、所有用途的大麻，他們把它放到自 6 月 29 日開始的加速程序中，並在 30 天內解決。因此我們不預期會出現任何延長的……

Period like we saw in the past. So I think it's pretty darn clear about the decision to bifurcate, that's fine, but in the interim where we are today is great because it's 100% covers our medical license holders and that's who's in our portfolio.

像過去那樣的期間。所以我認為，對於採取分流（bifurcate）的決定非常清楚；那也沒問題。但就目前這個過渡期、也就是今天的狀態而言，這非常好，因為它 100% 覆蓋我們持有醫療執照的租戶，而這些正是我們投資組合中的對象。

Okay, so as far as the 280E exemption goes then, so even though -- so 100% of your tenants are covered because they're medical, which is the way I understood it, so that's good. But as far as the 280E, those same tenants through their operating businesses get the full deduction or does the IRS sort of split out their sales?

好的，那就 280E 的豁免而言，即使——也就是說你們 100% 的租戶都因為是醫療而被涵蓋，這是我理解的方式，所以這很好。但就 280E 而言，這些相同的租戶在其營運業務上能取得完整扣除，還是國稅局（IRS）會把他們的銷售拆分？

So what the DOJ order suggested was retroactive tax relief.

司法部（DOJ）的命令所暗示的是可追溯的稅務減免。

Available for all qualifying medical operators. So that should be 100% for the medical operators. And as mentioned, that's our portfolio.

適用於所有符合資格的醫療營運商。因此對醫療營運商而言應該是 100%。如前所述，那就是我們的投資組合。

I think what we will see through Treasury, and the order does also.

我認為我們將透過財政部（Treasury）看到更多細節，而該命令也……

Request treasury to give an opinion sooner than later as to what the retroactive effect of 280 will be for both medical and adult use But in the in the in the short-term, it's clear 280 relief 100% for medical license holders.

要求財政部儘快就 280 的追溯效力（retroactive effect）對醫療與成人用兩者提出意見。但在短期內，很清楚：對醫療執照持有人而言，280 的減免是 100%。

Okay, so basically it doesn't matter whether they sell wreck or not Yeah, they're medical and then we'll find out how long this retroactive is in your view. And Ben, as you guys look at your credit as you're tenant to have had credit issues and this has been a few years from now, I mean ongoing, is it your view that once the 280 relief comes in, that will basically eliminate any future pending credit issues or is your view that we're still going to.

好的，所以基本上不管他們是否也賣成人用（recreational，口語 wreck）都無所謂——對，他們是醫療，然後我們會再知道你認為這個追溯期會有多長。Ben，當你們看你們的信用狀況、以及你們的租戶過去幾年一直有信用問題、而且仍在持續時，你們是否認為一旦 280 減免落地，就基本上能消除未來任何潛在的信用問題？還是你們認為我們仍然會……

Have potential for credit issues, even though there's these 280 reliefs. I guess, as that's what we've been focused on is just this continued sort of whack-a-mole, and it'd be great to move past it and have everyone be in a stronger position. But I'm just curious if the 280 relief on its own and the retroactivity sort of solves that, or if those credit issues are still going to be there because the tenants just -- the ones who have issues or debt refinancing, whatever, still have that and the 280 isn't really going to help in.

即使有這些 280 減免，仍可能出現信用問題？我想我們一直關注的是這種持續的「打地鼠」狀況；如果能走過這一段、讓每個人都處於更強的狀態會很好。但我好奇的是，單靠 280 減免及其追溯性是否就能解決這些問題；或者那些信用問題仍會存在，因為租戶——有問題的那些、或需要再融資的那些——仍然有那些問題，而 280 並不真的能在……方面幫上忙。

Alex, businesses run all the same. They all have risks. All of them, all industries have tenants that or companies that grow, shrink, disappear.

Alex，企業運作都一樣。它們都有風險。所有企業、所有產業都有租戶或公司會成長、萎縮、甚至消失。

This 280 allows these businesses to have better operating environments and better operating statistics, but they're still businesses. And they all go through -- they all have good management, okay management that needs to refocus on their business. So we're going to experience what all industries experience, and just like any other. Real estate company out there that leases space to any business.

280 讓這些企業有更好的營運環境與更好的營運指標，但它們仍然是企業。它們都會經歷——有些有優秀的管理、有些管理普通，需要重新聚焦其業務。所以我們會經歷所有產業都會經歷的情況，就像任何其他……把空間租給任何企業的房地產公司一樣。

Okay. And then just final question.

好的。那最後一個問題。

You mentioned the IQHQ and Moore doing life science, your deck indicated that. Alan, as you look over the company, let's call it the next five years, do you think it's more like 50/50 or 25/75 as far as life science contribution? Or I'm just trying to think, is life science going to be heading towards 50% or it'll still be a small sliver of the. Company over the next, call it, five years? And I'm not going to hold you to that. It's just trying to understand where you guys see the best investment path forward over the next several years.

你提到 IQHQ 和 Moore 在做生命科學，你們的簡報也有指出。Alan，當你展望公司未來五年，生命科學的貢獻你覺得會比較像 50/50，還是 25/75？我只是想理解：未來大約五年，生命科學會朝向占比 50% 發展，還是仍只會是公司的一小部分？我不會拿這個去要求你精準承諾，只是想了解你們認為未來幾年最佳的投資路徑會在哪裡。

I think that that's a very difficult question to answer. But what we can say is that we're now in a situation where we have.

我認為那是一個非常難回答的問題。但我們可以說的是，我們現在處於一個我們已經……的狀況。

Strengthening cannabis industry. And if you can see the level of activity that's going on in the life science industry, our entry point was, I think, at one of the lowest parts of the industry over a long period of time. And we're seeing a very strong and resurging life science industry. So, we have positioned ourselves.

強化大麻產業。而如果你看看生命科學產業正在進行的活動水準，我認為我們的切入點是在該產業長期以來的相對低點之一。而我們正看到生命科學產業非常強勁且重新復甦。因此，我們已經讓自己處於有利位置。

To be very opportunistic with two, I think, growing industries that will help us drive growth for our shareholders in the future.

以非常機會導向的方式，布局在兩個我認為正在成長的產業上，這將有助於我們在未來為股東帶動成長。

Thank you, Alan.

謝謝你，Alan。

Your next question comes from the line of Aaron Gray with Alliance Global Partners. Please go ahead.

下一個問題來自 Alliance Global Partners 的 Aaron Gray。請開始提問。

Thanks for the questions. Kind of piggybacking off that last one a bit, more specifically on IQHQ and incremental investments. I know in the final you talked about commencing more investments 2Q26. Just wanted to ensure, is that still the case? Maybe just give them some more color in terms of those incremental investments on IQHQ, preferred stocks, and the timing of it through the near to medium term.

謝謝讓我提問。延續上一題再深入一點，想更具體問 IQHQ 以及增量投資。我知道在最後你提到將於 2026 年第二季開始進一步投資。想確認一下，現在仍是如此嗎？也請再多提供一些細節，關於 IQHQ 的這些增量投資、優先股，以及近中期的時間安排。

Thank you.

謝謝。

Yeah, I mean, I think that we have scheduled the investment in the IQHQ organization out through 2027, mid-2027, and we have been able to opportunistically bring forward a couple of those schedule investments for our benefit because they're a very accretive.

是的，我的意思是，我認為我們已將對 IQHQ 組織的投資排程一路安排到 2027 年、約 2027 年年中；而且我們也能夠把其中幾筆排程內的投資，基於對我們有利而機會性地提前，因為它們非常具增益性。

Transaction, as you recall, it's on average north of a 14% and we have a cost of capital with our credit facility associated with making those investments in the 6% range. So, extremely creative investments, and we've been able to bring some of that forward. We continue to believe that the industry, the life science industry of which IQHQ is involved with is doing really well, and we think that.

交易，如你所記得的，平均報酬率超過 14%，而我們透過信用額度為這些投資所對應的資金成本大約在 6% 左右。因此，這些投資極具增益性，我們也得以把部分投資提前。我們仍然相信 IQHQ 所在的生命科學產業表現非常好，而且我們認為……

That our investments, we will continue to look at opportunistically making the investments at the appropriate time.

我們的投資將會持續以機會性方式，在適當的時間點進行。

Okay, great. Really appreciate the color there. Second question for me on cannabis. Good to see some of the progress you're making on new leases of the previously defaulted tenants. As we talk about Schedule III creating more opportunities for you, can you talk about maybe some of the near to more medium-term opportunities? You seem to have alluded to your ability to get more. Aggressive on acquisitions, bringing on more net new tenants, where would you see those in the near term? Would it strictly be medical, given the clarity that we have there, and maybe markets like Texas, Kentucky or Georgia, just giving more color and granular in terms of where you might be able to see some opportunities in the near term where we have clarity on just medical only versus more longer opportunities as we wait for the second phase of rescheduling?

好的，很棒。非常感謝你提供的細節。第二個問題是關於大麻。很高興看到你們在先前違約承租戶的新增租約方面取得一些進展。當我們談到《附表 III》會為你們帶來更多機會時，能否談談一些偏近期到中期的機會？你似乎提到你們有能力在收購上更積極、引進更多全新承租戶；你認為近期會在哪些地方出現？是否會嚴格聚焦在醫療用途，因為那部分的政策清晰度較高？例如德州、肯塔基或喬治亞等市場——想請你更具體、更細緻地說明，在近期哪些地方可能看到機會（在僅限醫療且較有明確性之處），以及在我們等待重新分級第二階段時，較長期的機會會是什麼？

Thank you.

謝謝。

I appreciate that question.

謝謝你的問題。

We do, we are looking at all acquisition opportunities and for growth in the second-half of 2026 and certainly into 2027. But our number one priority and focus is right now making sure that we complete the refinancing of our unsecured debt, which we have done, the team has had. Tremendous success, and we're highly confident.

我們確實在看所有收購機會，以及 2026 年下半年並且延伸到 2027 年的成長機會。但我們目前的第一優先與重點，是確保完成無擔保債務的再融資；我們已經完成了，團隊也取得了巨大的成功，我們非常有信心。

And once we complete that and complete our commitment to IQ/HQ, I think we can then look at additional opportunities going forward.

一旦我們完成那件事，並完成我們對 IQ/HQ 的承諾，我認為接下來就可以再往前看更多額外的機會。

Okay, great. Thanks for the call, Jeff in the Q.

好的，很棒。謝謝這通電話，Jeff，以及問答環節。

Thanks, Arron.

謝謝你，Arron。

Your next question comes from the line of William Kirk with Roth Capital Partners. Please go ahead.

下一個問題來自 Roth Capital Partners 的 William Kirk。請開始提問。

Hey, thank you, everybody.

嗨，謝謝各位。

I wanted to keep going on rescheduling and try to get some perspective on whether you think the possibility of interstate commerce exists out of rescheduling. And if it did, would you consider the cultivation assets you have an opportunity in that environment or would there be a risk in that environment? How do you prepare, I guess, for the scenario or the possibility of interstate commerce?

我想延續重新分級的話題，並試著了解你們是否認為重新分級可能帶來州際商業的可能性。如果真的發生，你們會把現有的種植資產視為那種環境下的機會，還是會有風險？你們要如何為州際商業這種情境或可能性做準備？

Hey, Doug, it's Paul. So I think there's two questions there, and I'll address the first part of the question is, and the answer is no, that rescheduling does not address interstate commerce, it does not address banking.

嗨，Doug，我是 Paul。我想這裡有兩個問題。我先回答第一部分：答案是否定的，重新分級並不處理州際商業，也不處理銀行業務。

And those are two things that some people were looking for some clarity on, and that the Attorney General was clear that interstate commerce and banking and uplifting were issues that were not addressed in this piece. But your further question about interstate commerce is really, I think, something we've talked about over the years, and we don't really see that happening until there is. A complete legalization of cannabis across the board, and we believe that is many years out.

而這兩件事是有些人希望獲得更明確指引的；司法部長也清楚表示，州際商業、銀行業務以及解除限制等議題，並未在這一項內容中被處理。至於你進一步問到州際商業，我認為這其實是我們多年來一直談到的議題；我們不太認為在沒有全面性大麻合法化之前會發生。我們相信那還要很多年。

But, as we've discussed in the past, even if we do have some type of interstate commerce, we believe that our assets and our operators will do fine because what we have are indoor grows for the most part and medical, highly specialized product, and that's probably not going to be what's going to go. Rolling across in trucks across the country. So even if we are in interstate commerce situation, we think we're well positioned.

不過，如同我們過去討論過的，即使真的出現某種形式的州際商業，我們仍相信我們的資產與營運商會表現良好，因為我們的資產多數是室內種植，且以醫療用途、高度專業化的產品為主；那大概不會是會被裝上卡車在全國各地運送的東西。所以即便進入州際商業的情境，我們認為我們的布局仍然很有利。

But again, we don't see that for many years out.

但再次強調，我們不認為那會在未來很多年內發生。

Okay, thank you for that. And then there is a possible demand unlock that would benefit your tenants in November, unless something changes, intoxicating hemp faces a federal ban.

好的，謝謝你的說明。另外，除非有變化，11 月可能會出現一個需求解鎖，將有利於你們的承租戶：具致醉性的工業大麻（intoxicating hemp）面臨聯邦禁令。

I imagine most of your properties aren't growing much of it. So, I wanted to get your perspective here on what intoxicating hemp going away could mean for your tenant and the demand for the products that they are growing.

我想你們大多數物業並沒有種植太多這類產品。所以我想請教你們的看法：具致醉性的工業大麻若退出市場，對你們承租戶以及他們所種植產品的需求可能意味著什麼？

Yeah, I think that's accurate, Will. Our tenants do not grow hemp. They are cannabis growers. And we've been watching that the whole.

是的，我認為你說得對，Will。我們的承租戶不種植工業大麻；他們是大麻（cannabis）種植者。我們一直在關注整個……

Litigation issue with the hemp, really just kind of bystanders in the sense that we don't believe hemp one way or the other is really going to affect our operators' business. But that being said, I think if there is a ban on intoxicating hemp products, that does put some clarity into the issue, and it will take away some of the Delta-8 stores that we see popping up in non-medical states. So I think it's a good thing for the cannabis industry to get clarity in the intoxicating hemp legislation.

與工業大麻相關的訴訟議題，但我們基本上算是旁觀者，因為我們不認為工業大麻不論結果如何，會真正影響我們營運商的業務。不過話說回來，如果對具致醉性的工業大麻產品實施禁令，確實能讓這個議題更清楚，也會讓我們在非醫療州看到不斷冒出的部分 Delta-8 店家退出。因此，我認為在具致醉性工業大麻的立法上取得清晰度，對大麻產業是好事。

Thank you. I'll pass it along.

謝謝。我把問題交給下一位。

Thank you, guys.

謝謝各位。

Thanks, will.

謝謝你，Will。

That concludes our question-and-answer session. I will now turn the call back over to Alan Gold for closing remarks.

問答環節到此結束。接下來我把電話交回給 Alan Gold 做結語。

Thank you, and thank you all for joining today. I'd certainly like to thank the team for all their hard work, great work, and our stockholders for their continued support.

謝謝，也謝謝各位今天的參與。我也特別要感謝團隊所有的辛勤付出與出色表現，並感謝股東持續的支持。

That ends the call.

本次電話會議到此結束。

Ladies and gentlemen, this concludes today's call.

各位女士先生，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位參與。您現在可以掛線。