Innovative Industrial Properties Inc (IIPR) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the Innovative Industrial Properties, Inc. Q2 2026 (Operator instructions) I will now hand the conference over to Eli Kanter, Director of Finance.

各位好。感謝各位加入，歡迎參加 Innovative Industrial Properties, Inc. 2026 年第二季（接線員指示）我現在把電話會議交給財務總監 Eli Kanter。

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. Before we begin, I'd like to remind everyone that some of the statements made during today's conference call, including statements regarding our 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 1995, subject to risk 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 Regin。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（包括關於我們可能進行、且仍受意向書約束之租賃交易的陳述）屬於 1995 年《私人證券訴訟改革法》安全港條款所界定的前瞻性陳述，並受風險與不確定性影響。

Actual results may differ materially. 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. In addition, on today's call, we'll discuss certain non-GAAP financial information such as FFO, normalized 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 SEC. I'll now hand the call over to Alan. Alan?

實際結果可能與前瞻性陳述所述內容存在重大差異。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所載內容出現重大差異的風險因素。除法律要求外，我們不承擔因新資訊、未來事件或其他原因而更新或修訂任何前瞻性陳述之義務。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中，以及我們向 SEC 提交的 8-K 文件中，找到該等資訊及其與最直接可比 GAAP 財務衡量指標之調節表。我現在把電話交給 Alan。Alan？

Thanks, Eli. Good morning, everyone. Thank you for joining our second quarter 2026 earnings call. This quarter was defined by strong execution across our platform, with the IIPR team delivering meaningful results in portfolio management, leasing, and capital markets. We successfully completed the full funding of our $270 million commitment to IQHQ, continued to see leasing activity across our cannabis portfolio, executed multiple strategic financing initiatives that further strengthened our balance sheet, enhanced our financial flexibility.

謝謝你，Eli。各位早安。感謝各位參加我們 2026 年第二季財報電話會議。本季的特點是我們平台各面向的強勁執行力，IIPR 團隊在投資組合管理、租賃與資本市場方面交出具體成果。我們成功完成對 IQHQ 2.70 億美元承諾的全額出資，持續看到我們大麻投資組合的租賃活動，並執行多項策略性融資措施，進一步強化資產負債表並提升財務彈性。

Our investment in IQHQ reflects our disciplined approach to capital deployment, ongoing portfolio diversification through opportunistic investment activity. Since our initial announcement in August of 2025, IQHQ has announced meaningful leasing activity, other operational developments across its portfolio. With the successful completion of our funding commitment, we continue to believe this investment is supported by the quality of the underlying assets, improving fundamentals in the life science sector.

我們對 IQHQ 的投資，反映了我們在資本配置上的紀律，以及透過把握機會型投資活動持續推動投資組合多元化。自我們於 2025 年 8 月首次公告以來，IQHQ 已宣布其投資組合出現具意義的租賃活動及其他營運進展。隨著我們成功完成出資承諾，我們仍相信此項投資受到底層資產品質的支撐，且生命科學產業基本面正在改善。

Importantly, our team remains actively engaged in evaluating a growing pipeline of opportunities in the life sciences sector, positioning IIPR to deploy capital selectively and accretive. Leasing execution was another key highlight of the quarter. Year-to-date, we have completed new leases at five properties totaling approximately 389,000 sq ft while advancing several additional re-leasing initiatives. These efforts reflect the team's continued focus on driving occupancy, stabilizing assets, and maximizing the value of our cannabis portfolio.

同樣重要的是，我們團隊仍積極評估生命科學領域日益增加的機會管線，使 IIPR 得以有選擇性且具增益性地部署資本。租賃執行是本季另一項關鍵亮點。年初至今，我們已在五處物業完成新租約，總面積約 389,000 平方英尺，同時推進數項額外的再出租計畫。這些努力反映團隊持續專注於提升入住率、穩定資產，並最大化我們大麻投資組合的價值。

Equally important, we delivered significant progress on the balance sheet. During the quarter, we completed approximately $150 million of secured term loan financings, efficiently addressed our $291 million senior debt maturity in May, and continue to utilize our ATM programs across both common and preferred equity. Most notably, we successfully executed an upsized $402.5 million exchangeable notes offering, demonstrating strong investor demand and providing substantial growth capital.

同樣重要的是，我們在資產負債表方面取得顯著進展。本季期間，我們完成約 1.50 億美元的擔保定期貸款融資，有效率地處理了 5 月到期的 2.91 億美元優先債務，並持續透過我們的 ATM 計畫在普通股與特別股兩方面進行發行。最值得一提的是，我們成功完成擴大規模的 4.025 億美元可交換票據發行，展現投資人強勁需求並提供可觀的成長資本。

In connection with this transaction, we also repurchased approximately $80.5 million of our common stock. Taken together, these accomplishments highlight the strength of our platform: active portfolio management, consistent leasing execution, and proven access to capital at scale. With a fortified balance sheet, a differentiated investment strategy across cannabis and life sciences, and an experienced management team, we believe we are well positioned to continue creating long-term shareholder value. With that, I'll turn the call over to Paul.

配合此項交易，我們也回購了約 8,050 萬美元的普通股。綜合而言，這些成果凸顯我們平台的實力：積極的投資組合管理、穩健一致的租賃執行，以及已證實可在大規模下取得資本的能力。憑藉更為強健的資產負債表、橫跨大麻與生命科學的差異化投資策略，以及經驗豐富的管理團隊，我們相信公司已具備持續創造長期股東價值的良好定位。接下來我把電話交給 Paul。

Thanks, Alan. At the federal level, cannabis reform continued to move forward. The DEA completed its hearing last month on the proposed rescheduling of marijuana more broadly from Schedule I to Schedule III. The matter now moves to the administrative law judge for a recommended decision before returning to the DEA for final action. The timing remains uncertain, but completion of the hearing represents another meaningful step forward in the federal cannabis reform process.

謝謝你，Alan。在聯邦層級，大麻改革持續推進。DEA 上個月完成了就擬將大麻更廣泛地從第一級（Schedule I）重新分類至第三級（Schedule III）的提案所舉行的聽證會。此事項接下來將交由行政法官提出建議決定，之後再送回 DEA 作出最終處置。時程仍不確定，但聽證會的完成代表聯邦大麻改革進程又向前邁出重要一步。

We are already beginning to see that progress reflected in the capital markets. In June, Trulieve became the first U.S. cannabis operator to list on the New York Stock Exchange after restructuring its consolidated business around state-licensed medical cannabis. Curaleaf, Verano, and Ascend Wellness have also taken steps towards potential listings on major U.S. exchanges. Broader access to those exchanges could expand the industry's institutional investor base and provide more traditional sources of capital, benefiting all stakeholders.

我們已開始看到這項進展反映在資本市場上。6 月，Trulieve 在將其合併業務重整為以州核准的醫療大麻為核心後，成為首家在紐約證券交易所上市的美國大麻營運商。Curaleaf、Verano 與 Ascend Wellness 也已採取措施，朝向可能在美國主要交易所上市邁進。更廣泛地進入這些交易所，可能擴大產業的機構投資人基礎，並提供更傳統的資金來源，使所有利害關係人受益。

Even with this progress, challenges remain for certain operators. As we disclosed last month, Parallel defaulted on its lease obligations at two of our Florida properties. We intend to coordinate with Parallel on an orderly transition of possession of the properties while continuing to reserve all rights and remedies available under the leases.

即便有這些進展，部分營運商仍面臨挑戰。如我們上月所揭露，Parallel 在我們位於佛羅里達州的兩處物業之租賃義務已發生違約。我們擬與 Parallel 協調，以有序方式完成物業占有權的移轉，同時保留租約下我們可得主張的一切權利與救濟。

Turning to the state level, Virginia took a long-awaited step by establishing a regulated adult use retail market, with retail sales expected to begin on July 1st, 2027. We believe Virginia presents a meaningful growth opportunity for our tenants and positions the state to become one of the more attractive cannabis markets in the country. With that, I'd now like to turn the call over to Ben to provide additional details on our leasing, disposition, and other investment activities. Ben?

轉向州層級，維吉尼亞州邁出期待已久的一步，建立受監管的成人用零售市場，預計零售銷售將於 2027 年 7 月 1 日開始。我們相信維吉尼亞州為我們的承租戶帶來具意義的成長機會，並使該州有望成為全美更具吸引力的大麻市場之一。接下來我想把電話交給 Ben，請他就我們的租賃、處分及其他投資活動提供更多細節。Ben？

Thanks, Paul. During the first half of the year, we executed new leases totaling 389,000 sq ft across five properties located in California, Illinois, and Ohio. This is in addition to the 488,000 sq ft of agreements we have in place across the four assets previously leased to 4Front Ventures. These agreements are still subject to customary due diligence, including licensing and regulatory approvals, and there can be no assurance that these discussions or negotiations will result in executed leases.

謝謝你，Paul。在今年上半年，我們在位於加州、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。此外，我們也已就先前租給 4Front Ventures 的四項資產，建立合計 488,000 平方英尺的協議安排。這些協議仍須完成慣常的盡職調查（包括牌照與監管核准），且無法保證這些討論或協商將促成租約的正式簽署。

As Paul described, we expect to regain possession of our two Florida properties leased by Parallel, totaling 593,000 sq ft. Florida remains the largest medical cannabis market in the country, supported by a broad patient base, strong consumer demand, and a limited license structure. We believe these fundamentals provide a compelling foundation for continued growth, with the potential for adult use legalization representing an additional long-term catalyst.

如 Paul 所述，我們預期將重新取得由 Parallel 承租的兩處佛羅里達州物業之占有權，合計 593,000 平方英尺。佛羅里達州仍是全美最大的醫療大麻市場，擁有廣泛的病患基礎、強勁的消費需求，以及有限的牌照結構作為支撐。我們相信，這些基本面為持續成長提供了極具吸引力的基礎，而成人用大麻合法化的潛在可能性，則構成額外的長期催化劑。

We are optimistic that these market conditions will translate to meaningful demand for our facilities. We continue to be encouraged by not only the level of demand for our assets, but the capital-efficient manner in which we've been able to retenant our properties. Based on the approximately 877,000 sq ft of gross leasing activity we have described, we estimate that average total leasing costs for these assets will be less than $5 per sq ft.

我們對這些市場條件將轉化為對我們設施的實質需求抱持樂觀態度。我們持續受到鼓舞的不僅是對我們資產的需求水準，還包括我們以資本效率高的方式為物業重新引入承租戶。根據我們所描述約 877,000 平方英尺的總租賃活動，我們估計這些資產的平均總租賃成本將低於每平方英尺 5 美元。

Turning to dispositions. During the quarter, we closed on an $88.5 million sale of our 389,000 sq ft facility in New York to Vireo Growth, pursuant to a tenant purchase option. At closing, we received a down payment of approximately $39 million and provided approximately $49 million in seller financing at a 15% interest rate. We also closed on the disposition of our land site in San Marcos, Texas, and are under contract to sell two retail properties in Michigan and California, each of which remains subject to customary closing conditions and other contingencies.

接著談資產處分。本季期間，我們依據承租戶購買選擇權，完成將位於紐約、面積 389,000 平方英尺的設施以 8,850 萬美元出售予 Vireo Growth 的交易。交割時，我們收取約 3,900 萬美元的頭期款，並提供約 4,900 萬美元的賣方融資，利率為 15%。我們亦完成處分位於德州聖馬科斯（San Marcos）的土地基地，並已簽約出售位於密西根州與加州的兩處零售物業；兩案仍須符合慣常交割條件及其他或有事項。

Together with the sale of a dispensary property in Arizona earlier this year, these transactions reflect our ongoing strategy to opportunistically monetize select assets and recycle capital across the portfolio. Turning to our investment activity this quarter, we continue to execute on our strategy to diversify our platform and increase our investments in the life science industry. Specifically, we fully funded the remaining $120 million on our $270 million commitment to IQHQ.

連同今年稍早出售亞利桑那州的一處藥局（dispensary）物業，上述交易反映我們持續採取的策略：把握時機將部分精選資產變現，並在投資組合內進行資本再配置。談到本季的投資活動，我們持續執行多元化平台並提高對生命科學產業投資的策略。具體而言，我們已就對 IQHQ 的 2.7 億美元承諾，將剩餘的 1.2 億美元全數撥付到位。

As described by IQHQ in their June press release, IQHQ recently entered into a long-term lease with AdvanCell for the entire 128,000 sq ft 1 Corporate Drive building at Innovation Park, IQHQ's life science and advanced manufacturing campus in Andover, Massachusetts. AdvanCell, a clinical-stage radiopharmaceutical company, announced in their June and July 2026 press releases that it recently completed an oversubscribed $315 million Series D financing, 1 Corporate Drive is expected to serve as its manufacturing site in the U.S. and its global headquarters.

如 IQHQ 於 6 月新聞稿所述，IQHQ 近期與 AdvanCell 就麻薩諸塞州安多佛（Andover）的 Innovation Park（IQHQ 的生命科學與先進製造園區）內 1 Corporate Drive 大樓（面積 128,000 平方英尺）全棟簽訂長期租約。AdvanCell 為臨床階段的放射性藥物公司，其於 2026 年 6 月與 7 月新聞稿中宣布，近期完成一輪超額認購的 3.15 億美元 D 輪融資；1 Corporate Drive 預計將作為其美國製造基地及全球總部。

The AdvanCell lease follows the 244,000 sq ft lease IQHQ announced with Lila Sciences at its Alewife Park asset in 2025 and represents approximately 372,000 sq ft of gross leasing activity across these two assets since we made our initial investment in IQHQ. This leasing activity comes at a time when we are seeing encouraging signs across the broader life sciences market.

AdvanCell 的租約緊接著 IQHQ 於 2025 年在其 Alewife Park 資產與 Lila Sciences 公布的 244,000 平方英尺租約，並使得自我們首次投資 IQHQ 以來，這兩項資產合計的總租賃活動約達 372,000 平方英尺。此一租賃活動發生之際，我們也在更廣泛的生命科學市場看到令人鼓舞的跡象。

Recent reports from CBRE and JLL indicate that leasing activity across the major U.S. life science markets increased to approximately 3 million sq ft during the first quarter, above the 2025 quarterly average. Also, according to these reports, Boston, San Diego, and the Bay Area have averaged a combined 75 life science leases per quarter over the past 2 years, representing a 35% increase from pre-pandemic levels. Venture capital funding increased 12% year-over-year to $7.4 billion, bringing the funding over the last four quarters reaching its highest level since 2022.

CBRE 與 JLL 的近期報告指出，美國主要生命科學市場於第一季的租賃活動增加至約 300 萬平方英尺，高於 2025 年的季度平均水準。此外，依據這些報告，波士頓、聖地牙哥與灣區在過去兩年平均每季合計達 75 筆生命科學租賃，較疫情前水準增加 35%。創投資金年增 12% 至 74 億美元，使得過去四個季度的募資總額達到自 2022 年以來的最高水準。

While biotech R&D employment reached a record level after five consecutive months of growth. Although vacancy remains elevated, the development pipeline is down over 85% from the 2023 peak, of the pending new supply, approximately 72% is pre-leased. The unleased supply pipeline now represents less than 1% of the total existing life science inventory across the country. Taken together, these trends continue to reinforce our confidence in the long-term fundamentals of the sector. With that, I'll turn the call over to David.

同時，生技研發（R&D）就業在連續五個月成長後創下歷史新高。儘管空置率仍偏高，開發案管線已較 2023 年高峰下降逾 85%；在待交付的新供給中，約 72% 已預租。目前未出租的供給管線占全美既有生命科學存量的比例已低於 1%。綜合而言，這些趨勢持續強化我們對該產業長期基本面的信心。接下來我把電話交給 David。

Thank you, Ben. For the second quarter, we generated total revenues of $63.3 million, compared to $69 million in the first quarter. The decrease was primarily driven by reduced payments received from certain default tenants, partially offset by contractual rental escalations and incremental revenue from leasing activity. Adjusted funds from operations for the quarter were $53 million, or $1.83 per diluted share, compared to $53.4 million, or $1.88 per diluted share in the prior quarter, with this decrease, again, driven by the items I mentioned previously.

謝謝你，Ben。第二季我們的總營收為 6,330 萬美元，相較第一季的 6,900 萬美元。下降主要由於自部分違約承租戶收到的款項減少，部分被依合約約定的租金調升以及租賃活動帶來的增量收入所抵銷。本季調整後營運資金（Adjusted FFO）為 5,300 萬美元，或稀釋後每股 1.83 美元；相較前一季為 5,340 萬美元，或稀釋後每股 1.88 美元；本次下降同樣主要由我先前提到的因素所致。

Turning to capital markets. During the quarter, we remained focused on proactively strengthening our balance sheet and addressing our May debt maturity through a series of coordinated financing transactions. During the quarter, we completed nearly $150 million of secured term loan financings through five separate transactions and continued to access the equity markets opportunistically, raising $35 million through our common stock ATM program and $21 million through our preferred stock ATM program.

接著談資本市場。本季我們仍專注於主動強化資產負債表，並透過一系列協同的融資交易來處理我們 5 月到期的債務。本季我們透過五筆獨立交易完成近 1.5 億美元的擔保定期貸款融資，並持續把握時機進入股權市場，透過普通股 ATM 計畫募集 3,500 萬美元，並透過特別股 ATM 計畫募集 2,100 萬美元。

Together with cash on hand and availability under our revolving credit facilities, these actions supported the full repayment of our $291 million of notes due in May, eliminating a significant debt maturity and further strengthening our balance sheet. Following the payoff of our May bond maturity, with a well-positioned balance sheet, we turned to growth. In June, we launched a convertible debt offering. Due to strong investor demand, we were able to complete an upsized offering of $402.5 million of exchangeable notes due 2029, priced at an attractive 6%. In connection with the transaction, we also repurchased approximately $80.5 million of our common stock.

連同手上現金及循環信用額度的可用額度，上述措施支持我們全額償還 5 月到期的 2.91 億美元票據，消除一項重要的到期債務並進一步強化資產負債表。在償還 5 月到期債券後，憑藉已妥善配置的資產負債表，我們轉向成長。6 月我們啟動一項可轉換債務發行。由於投資人需求強勁，我們得以完成規模上調的 4.025 億美元、2029 年到期的可交換票據發行，並以具吸引力的 6% 定價。配合該交易，我們亦回購約 8,050 萬美元的普通股。

A portion of the remaining net proceeds were used to repay borrowings under our revolving credit facility, with the balance further enhancing our financial flexibility and supporting our long-term strategic growth. As a result of these financing activities, we ended the quarter with a strong and flexible balance sheet with total liquidity of $300 million, consisting of cash on hand and availability under our revolving credit facilities.

剩餘淨收益的一部分用於償還循環信用額度下的借款，其餘則進一步提升我們的財務彈性並支持長期策略性成長。因此，季末我們以強健且具彈性的資產負債表作結，總流動性為 3 億美元，由手上現金及循環信用額度的可用額度所構成。

Our balance sheet credit metrics remain strong, with net debt to adjusted EBITDA of 1.7x and net debt to total gross assets of 14%. We believe our conservative capital structure, diversified access to multiple capital markets, and ample liquidity position us well to support our existing portfolio and drive continued long-term accretive growth of the platform. With that, operator, could you please open the call for questions?

我們的資產負債表信用指標仍然強勁，淨負債對調整後 EBITDA 為 1.7 倍，淨負債對總資產（gross assets）為 14%。我們相信，保守的資本結構、對多個資本市場的多元化進入管道，以及充足的流動性，使我們具備良好條件以支持既有投資組合，並推動平台持續的長期增值性成長。接下來，接線員，請開放提問。

(Event Instructions) Aaron Grey, Alliance Global Partners.

（活動說明）Aaron Grey，Alliance Global Partners。

Hi, good afternoon. Thank you very much for the questions here. I know you guys had a lot of activity in the quarter. Maybe just to start off, just how best to think about with the increased liquidity, how you're thinking about deploying and allocating that. You mentioned some of the opportunities within life sciences. You've had the legacy cannabis. As we think about some of the opportunities you're seeing for that to be deployed, maybe just some commentary between the two sectors and whether or not you see them more in terms of larger chunks of deployment or you're seeing them kind of spread out through smaller? Thank you.

嗨，下午好。非常感謝在這裡的提問。我知道你們這一季有很多動作。也許先從一個問題開始：在流動性增加的情況下，應該如何最好地理解你們對資金部署與配置的思考？你們提到生命科學領域的一些機會。你們也有既有的大麻相關資產。當我們思考你們看到的可部署機會時，能否就這兩個產業做一些評論：你們是否更傾向以較大筆（較「大塊」）的方式部署，或是會更分散、以較小筆的方式進行？謝謝。

Sure. I think that's a great starting question because it goes to our belief that we now are positioned for growth. It allows us to take advantage of the execution that we've done on the balance sheet and obviously the execution we've done in the current portfolio. Our diversification that we've talked about in the last several quarters continue to be progressing well. As you will note, we've completed the commitment to IQHQ of an additional, I think it was $90 million to a total of $270 million of our commitment into the IQHQ transaction.

當然。我認為這是個很好的開場問題，因為這關係到我們的信念：我們現在已具備成長的定位。這讓我們能夠善用我們在資產負債表上的執行成果，當然也包括我們在現有投資組合上的執行成果。我們在過去幾季談到的多元化策略持續進展良好。如你所見，我們已完成對 IQHQ 的額外承諾，我想是 9,000 萬美元，使我們在 IQHQ 交易中的承諾總額達到 2.7 億美元。

With our latest commitment generating greater than a 14%+ yield. We see that opportunity to achieve those above average yields and being highly accretive to IIPR still in the life science industry. We are continuing to move forward with our diversification program. I think that's where we sit today. As to how chunky they are, the life science transactions are fairly large, which does talk about chunky future or large-scale future investments potentially. Yet we're also still looking at what we think is an improving cannabis market for potential growth opportunities.

我們最新的承諾帶來超過 14%+ 的收益率。我們認為，在生命科學產業中仍有機會取得這些高於平均的收益率，且對 IIPR 仍具有高度增益（高度增厚）。我們會持續推進多元化計畫。我想這就是我們目前的狀態。至於規模是否「大塊」，生命科學的交易通常相當大，這也意味著未來可能會有較大規模、或較「大塊」的投資。不過，我們也仍在關注我們認為正在改善中的大麻市場，尋找潛在的成長機會。

Appreciate that color. That's really helpful. Second question for me is just on some of the legacy cannabis tenants. Obviously, last year, we looked at some of you guys taking the kitchen sink in terms of being proactive in some of the tenant defaults, and things seem to be improving, but we obviously had the Parallel just get in now. Just want to circle back on that in terms of your commentary in terms of how well-positioned you are with the current portfolio. Things seem to be improving now with Section 280E taxes improved, at least for medical, potentially for adult use with phase II rescheduling. Just wanted to get the broader picture in terms of how comfortable you are today with the cannabis portfolio going forward. Thank you.

感謝這些補充說明。非常有幫助。我的第二個問題是關於一些既有的大麻租戶。顯然，去年我們看到你們在租戶違約方面採取非常積極的作法，幾乎把所有可能的損失一次性認列（「把廚房水槽都丟進去」的那種作法），而情況似乎正在改善，但我們也看到 Parallel 現在也進來了。我想回到這點，從你們對「目前投資組合定位良好」的評論來看，想請你們再談談。目前看起來，280E 條款稅負有所改善，至少對醫療用途是如此；若第二階段重新分級（phase II rescheduling）推進，成人用也可能受惠。我想了解更全面的圖像：就未來而言，你們目前對大麻投資組合的信心與舒適度如何？謝謝。

I think that the Parallel transaction was a slow progressing restructuring that took many years to finally come to fruition. It was started, we've been dealing with it for the last, I don't know, three or four years. It finally culminated. Yes, we did end up with two very high-quality assets in Florida, which we believe is a strong market. We are already receiving interest in those two assets. As to the balance of the portfolio, we believe that the industry is continuing to improve.

我認為 Parallel 的交易是一個進展緩慢的重整案，花了很多年才終於落地。它在很早就開始了，我們過去大概三、四年一直在處理。最後終於告一段落。是的，我們最終取得了佛羅里達州兩項非常高品質的資產，而我們認為佛州是一個強勁的市場。我們已經收到對這兩項資產的興趣詢問。至於投資組合的其餘部分，我們認為產業仍在持續改善。

We certainly feel very positive of the rescheduling, and hopeful that the further rescheduling process is completed, noting that everything takes much longer than we all want or hope for the positive effects of those actions to occur. We are monitoring all of our tenants on a quarterly basis or more regularly, and we are doing our best to make sure that we understand where all of our tenants sit. We believe that our portfolio continues to strengthen, and believe that the opportunity to take advantage of the rescheduling that's happening in the cannabis industry will show itself throughout this year and into 2027, and beyond.

我們對重新分級（rescheduling）當然感到非常正面，也希望後續的重新分級流程能完成；同時也要注意，所有事情往往都比我們希望或期待的更久，這些行動的正面效果要發酵也需要時間。我們以每季或更頻繁的頻率監控所有租戶，並盡最大努力確保我們了解每一位租戶的狀況。我們相信我們的投資組合持續在強化，也相信把握大麻產業正在發生的重新分級所帶來的機會，將會在今年、一路到 2027 年以及更往後逐步顯現。

Okay, great, appreciate the color. I'll go and jump back in the queue.

好的，很棒，感謝補充說明。我先回到隊列後面。

Bill Kirk, Roth Capital Partners.

Bill Kirk，Roth Capital Partners。

Good afternoon, everybody. I wanted first to ask about the sale of the property in San Marcos. I guess, what changed about the opportunity at that property, particularly as Texas finally gets its medical program rolling?

各位下午好。我想先問一下聖馬可斯（San Marcos）那處物業的出售。我想知道，那個物業的機會有什麼改變？特別是德州終於開始推動其醫療計畫之際。

Yeah. Hey, Bill. This is Ben. I wouldn't say anything changed. That was a undeveloped piece of land. That was a transaction that we had done with Parallel a number of years ago. The improvements, the cannabis specific improvements, never went into the site. We saw a pretty extended runway, even though we think Texas is a great opportunity, until we could potentially have to develop something and get it approved. We felt that being able to recycle that capital now into some of the very accretive transactions, such as the IQHQ funding, was a better use of that capital, as opposed to a new development.

是的。嗨，Bill。我是 Ben。我不會說有任何改變。那是一塊尚未開發的土地。那是我們多年前與 Parallel 做的一筆交易。那些改善工程、也就是大麻專用的改善工程，從未在該地點進行。即使我們認為德州是很好的機會，但在我們可能需要開發並取得核准之前，我們看到的是相當長的時間跑道。我們認為，現在把那筆資本回收並投入到一些非常具增益（高度增厚）的交易中，例如 IQHQ 的資金投入，比起做一個新的開發案，是更好的資本運用。

Okay. So no change in how you're thinking about Texas?

了解。所以你們對德州的看法沒有改變？

That's right.

沒錯。

Okay. Paul, you talked a little about how the capital markets are treating the industry differently, maybe treating your tenants a little bit differently, treating you maybe differently. From a theoretical perspective, with those changing regulations, whose cost to capital is set to improve more, yours or your tenants?

了解。Paul，你稍早提到資本市場正在以不同方式看待這個產業，可能也以不同方式看待你們的租戶，甚至也可能以不同方式看待你們。從理論角度來看，在法規變動之下，誰的資金成本更有可能改善得更多：你們的，還是你們租戶的？

Well, thanks, Bill. I would like to say both. I think that what we can point to right off the bat is, as far as the tenants are concerned, when we see Trulieve listing on the New York Stock Exchange. Now, if you said that three years ago, you'd think we were crazy. We look at Curaleaf, Verano, and Ascend also making moves for uplisting. I think that is a quick way for those operators to gain access to the public capital markets.

謝謝你，Bill。我想說兩者都會。就租戶而言，我們可以立刻指出的一點是：當我們看到 Trulieve 在紐約證券交易所上市。如果你三年前這麼說，大家會覺得我們瘋了。我們也看到 Curaleaf、Verano 和 Ascend 也在推動升板（uplisting）。我認為，這是讓這些營運商快速取得公開資本市場資金的一種方式。

That's a big benefit for them, I think, and certainly for them as our credit tenants. I think our cost of capital certainly will benefit in two ways. One, I think from the fact that our diversification into the life science industry and non-cannabis. We look at lenders, and they look at us a little more positive because we're not in the cannabis space. I think we've seen a direct result of that diversification, and I think just as well, I think our access in the cannabis space to lenders will certainly improve with rescheduling.

我認為這對他們是很大的好處，當然對他們作為我們的信用租戶也有利。我認為我們的資金成本也會在兩方面受益。第一，我認為來自我們向生命科學產業與非大麻領域的多元化。我們看到放款機構對我們的看法更正面一些，因為我們不再完全處於大麻領域。我認為我們已經看到多元化帶來的直接成果；同樣地，我也認為，隨著重新分級的推進，我們在大麻領域取得放款機構資金的能力也必然會改善。

Thank you. Thank you, Paul. Thank you, Ben. I'll pass it along.

謝謝。謝謝你，Paul。謝謝你，Ben。我會轉達。

Tom Catherwood, BTIG.

Tom Catherwood，BTIG。

That's a new one. Tom. Hello, everybody. I guess I have something to admit. Tom Catherwood with BTIG. Thank you for taking the questions. Just wanted to touch on the leases that you've signed. As you're going through the quarter, by our math, there were nine properties where you had re-leased space, but the tenants hadn't started paying rent. I know the timing of lease commencements can be hard to predict, but run rate revenues seem to come in stronger than we would expect this quarter. Can you give us a general sense maybe of what commenced in 2Q, and then what you're expecting in your base case through the second half of this year?

這還真是第一次。Tom。各位大家好。我想我得坦白一件事。我是BTIG的Tom Catherwood。謝謝你們接受提問。我想簡單談一下你們已簽署的租約。按我們的計算，在本季期間，你們有九處物業完成了重新出租，但承租人尚未開始支付租金。我知道租約起租時間點可能很難預測，但本季的經常性收入（run rate revenues）看起來比我們預期更強。你們能否大致說明一下第二季有哪些開始起租，以及在你們的基本情境下，預期今年下半年會有哪些開始起租？

Yeah. Hey, Tom. This is Ben. Specific to 2Q, I wouldn't say there was anything material that commenced in it, and I still think what we've discussed in the past is the right way to think about it, which is you're looking at 9-12+ months from lease execution to get through abatement periods and licensing. When we think about the almost 900,000 sq ft between executed leases and the agreements we have in place with 4Front, the former 4Front assets, I think that's still the right way to model that out.

是的。嗨，Tom。我是Ben。就第二季而言，我不會說有任何重大的租約在該季開始起租；而且我仍然認為我們過去討論的思考方式是正確的，也就是從租約簽署到度過免租期與取得許可（licensing），通常需要9到12個月以上。當我們考量已簽署租約與我們與4Front（前4Front資產）已達成的協議合計接近90萬平方英尺時，我認為用這個方式來建模仍然是合適的。

Just to clarify on that one, Ben, because again, if we strip out the back rents paid by 4Front and PharmaCann, and we strip out some of the security deposits that you've included in rental revenue, it still looks like you're running maybe $2 million, maybe $1.9 million-$2 million higher quarter-over-quarter on a run rate basis. Is that something else commencing, or is that just the steady state run rate and therefore everything else that you've signed is still upside from here?

Ben，我想就這點再釐清一下，因為同樣地，如果我們剔除4Front與PharmaCann支付的追溯租金（back rents），再剔除你們計入租金收入的一些押金（security deposits），看起來你們的經常性水準按季（quarter-over-quarter）仍高出約200萬美元，可能是190萬到200萬美元。這是因為有其他項目開始起租，還是說這就是穩態的經常性水準，因此你們其他已簽署的租約從這裡起都仍是上行空間？

Yeah, I think, Tom, is David, I would just reiterate what Ben said. There was nothing material during the quarter. Happy to talk to you offline about this further. I think one other item that, I don't know if you're taking into account, in the first quarter, we did have also a million and a half that we received from Gold Flora. So, I'm not sure if you're adjusting from that in your numbers, but happy to discuss that further.

是的，Tom，我是David。我想重申Ben所說的。本季沒有任何重大的項目。也很樂意之後私下再跟你進一步討論。我想還有一個項目你可能沒有納入考量：在第一季，我們也從Gold Flora收到150萬美元。所以我不確定你在數字上是否已就此做了調整，但也很樂意再進一步討論。

Perfect. Appreciate that, David. Then last one from me. PharmaCann in New York and Pennsylvania, I understand you're likely limited in what you can say, in the release, it did seem like there's been a change in engagement there with those two assets specifically. Is there a potential there to maybe speed up the resolution? I think you had mentioned in the past that there was a previous LOI on the Montgomery, New York asset. What has been that kind of shift and kind of how could it impact occupancy of those assets?

很好。謝謝你，David。那我最後一題。關於PharmaCann在紐約與賓州的資產，我理解你們能說的可能有限；但在新聞稿中，看起來你們在這兩項資產上的互動參與（engagement）似乎有所變化。是否有可能加快解決進度？我記得你們過去提過，對於紐約Montgomery資產曾有一份先前的意向書（LOI）。這樣的轉變是什麼？又可能如何影響這些資產的入住率（occupancy）？

Hey, Tom, this is Ben again. I think we have been pleased with the interest in those two assets. I wouldn't say anything has changed on the Montgomery asset. That is still something we're working through. I think we mentioned that we are working towards a potential resolution where we new tenants to those two properties, which I think would be a great sign to further stabilize the portfolio on top of the 900,000 sq ft that we've been talking about. I think that's as much as we can say about that at this time.

嗨，Tom，我又是Ben。我想我們對那兩項資產所獲得的興趣感到滿意。我不會說Montgomery資產有任何改變。那仍是我們正在處理中的事項。我想我們也提到，我們正朝向一個可能的解決方案推進，也就是為那兩處物業引入新承租人；我認為這將是進一步穩定投資組合的良好訊號，並且是在我們一直談的90萬平方英尺之外的進展。我想目前我們能說的大概就到這裡。

Appreciate it. Just one follow-up on that, Ben. You mentioned the assets that are already leased. You mentioned the 4Front assets that are awaiting the court resolution. Are there any other assets that you have under LOI that you're expecting near-term execution of a formal lease?

了解，謝謝。Ben，就此再追問一題。你提到已經出租的資產。你也提到正在等待法院裁決的4Front資產。除此之外，是否還有任何資產已在意向書（LOI）階段，且你們預期短期內會正式簽署租約？

I mean, there are multiple assets under LOI and in various stages of negotiations. I think that we've talked about that broadly, just given the uncertainty around timing and remaining diligence items, and really kind of focused our comments today on the executed leases the 4Front agreements that are in place, totaling again, nearly 1 million sq ft in leasing activity just in those two buckets. Behind that, we've been very pleased, again, across the portfolio with the level of demand that we've seen for our assets. We're hopeful that we'll be able to continue to convert some of these LOIs and some of these discussions into incremental gross leasing activity for the balance of 2026 and into 2027.

我的意思是，有多項資產已在意向書（LOI）階段，且處於不同的談判進度。我想我們也已廣泛談過這點；只是考量到時程的不確定性與仍需完成的盡職調查事項，我們今天的評論主要聚焦在已簽署的租約，以及已到位的4Front協議——這兩個部分合計的租賃活動總量再次接近100萬平方英尺。在此之外，我們對整個投資組合中所看到的資產需求水準仍然非常滿意。我們希望能在2026年剩餘期間以及進入2027年，持續把部分LOI與相關討論轉化為新增的總租賃活動（incremental gross leasing activity）。

That's great. Thanks for all the answers, everyone.

太好了。謝謝各位的所有回答。

There are no further questions at this time. I will now turn the call back to Alan Gold for some closing remarks.

目前沒有其他問題。我現在把電話交回給Alan Gold做結語。

Thank you, and thank you all for joining today. And thanks to the team for the tremendous execution, not only on the balance sheet and on the portfolio, but on the diversification program that we have in place. With that, we will sign off.

謝謝，也謝謝各位今天的參與。也感謝團隊在資產負債表與投資組合方面，以及我們正在推動的多元化計畫上，都展現了卓越的執行力。那麼，我們就到此結束。

This concludes today's call. Thank you for attending.

今天的電話會議到此結束。感謝各位出席。