Latest news with #IQHQ
Business Wire
06-08-2025
- Business
- Business Wire
Innovative Industrial Properties Announces Strategic and Diversifying $270 Million Investment in Life Science Real Estate Platform
SAN DIEGO--(BUSINESS WIRE)--Innovative Industrial Properties, Inc. (NYSE: IIPR) ('IIP' or the 'Company'), announced today that it entered into agreements to make an investment totaling up to $270 million into IQHQ, Inc. ('IQHQ'), a premier life science real estate platform with over $5 billion in total assets. The investment (the 'Investment,' 'Transaction,' or 'Investment Transaction') is comprised of two discrete investments that together are expected to earn a weighted average interest rate of greater than 14% per annum: A $100 million commitment to a revolving credit facility ('RCF') with an initial term of three years, which can be extended for an additional 12 months upon payment of an extension fee. The RCF will be fully funded upfront, with closing subject to customary approvals. A commitment to purchase up to $170 million of preferred stock ('Preferred Stock') of IQHQ. The Preferred Stock investment is expected to be funded in multiple tranches between the third quarter of 2025 and the second quarter of 2027, subject to extensions at the option of IQHQ. Warrants in IQHQ, subject to the satisfaction of certain funding milestones of the Preferred Stock. 'We are excited to announce our first expansion outside of cannabis with this highly accretive transaction that diversifies our business and accelerates IIP's growth trajectory,' said Alan Gold, Executive Chairman of IIP. 'While we remain committed to the cannabis industry, this transaction leverages our team's deep historical experience in the life science industry, which we believe will benefit IIP shareholders via earnings growth and as participants in the life science secular recovery that I believe is underfoot. The transaction is structured with key tenets that include strong current income over the life of the investment, paired with future upside opportunities via warrants and the potential to acquire life science real estate facilities directly from IQHQ.' Strategic and Financial Benefits of the Transaction: Highly Accretive Transaction Investment is expected to be highly accretive to AFFO per share based on the weighted average interest rate payable (which is expected to exceed 14% per annum). Senior Position in the Capital Stack Offers Strong Risk-Adjusted Return Opportunity Investment is comprised of the RCF and Preferred Stock, which both sit senior to all common equity in IQHQ and at a material discount to replacement cost of the underlying assets. Enhanced Portfolio Diversification by Sector, Tenant and Investment Type Pro forma for the closing of the Transaction, IIP will diversify its holdings and reduce current sector and tenant concentration. IIP believes these measures further improve its financial outlook. Rental revenues from regulated cannabis facilities are expected to decrease to 88% of the Company's total revenues on an adjusted basis as of June 30, 2025. Improved Cost of Capital Potential The enhanced scale and diversification that is expected from the Transaction may support a lower cost of equity and debt capital for IIP and further accelerate its growth. IIP has Expertise in Capitalizing on Long-Term Secular Tailwinds in Life Sciences IIP management team has decades of combined experience in the life science real estate industry through its prior role leading top-performing publicly-traded life science REITs. Noteworthy experience includes Alan Gold's role as Founder and CEO of BioMed Realty Trust, which held its IPO in 2004 and culminated in a successful $8 billion sale to Blackstone in 2016. According to Pitchbook, 2025 fundraising for the life science industry is on track to achieve the highest level since 2021, which was the all-time high. According to CBRE, deliveries of new life science real estate are expected to meaningfully decrease during the term of the Transaction, which IIP believes will contribute to strength in the underlying sector and Investment. The Company expects to fund the RCF with a combination of cash on hand and draws from the Company's revolving credit facility. The Company expects to fund the Preferred Stock investment with cash on hand, draws from the Company's revolving credit facility and potential proceeds from future financing activities. The Investment Transaction is expected to close in the third quarter of 2025, subject to the satisfaction of customary closing conditions. About IQHQ IQHQ, Inc. is a life science focused real estate company founded in 2019 to meet the growing industry needs through the acquisition, development, redevelopment, leasing and management of life science assets. About Innovative Industrial Properties Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties, and, pro forma for this contemplated transaction, life science real estate. Additional information is available at This press release contains statements that IIP believes to be 'forward-looking statements' within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts are forward-looking statements. When used in this press release, words such as IIP 'expects,' 'intends,' 'plans,' 'estimates,' 'anticipates,' 'believes' or 'should' or the negative thereof or similar terminology are generally intended to identify forward-looking statements, and they include, but are not limited to, statements regarding the size, structure, and timing of the Investment Transaction; its expected yield and accretive impact; the satisfaction of closing conditions; anticipated effects on the Company's financial results, including AFFO per share; expected improvements in cost of capital and future growth prospects; anticipated funding sources for the Preferred Stock investment; the outlook for the life science industry; and potential upside from the receipt of warrants. These forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to, the risk factors discussed in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company's subsequent reports filed with the Securities and Exchange Commission. Investors should not place undue reliance upon forward-looking statements. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Business Wire
06-05-2025
- Business
- Business Wire
World-Renowned J. Craig Venter Institute's New Home will be IQHQ's Research and Development District (RaDD)
SAN DIEGO--(BUSINESS WIRE)-- IQHQ, Inc., a premier owner and developer of world-class life science districts, announced today that the J. Craig Venter Institute (JCVI), a leader in genomics research since 1992, will relocate its West Coast operations, currently located on the University of California San Diego (UC San Diego) campus, to IQHQ's Research and Development District. JCVI will expand its footprint to approximately 50,000 square feet in RaDD's lab and office space on San Diego's waterfront as it continues advancing its mission of driving impactful scientific breakthroughs. 'We are proud to welcome JCVI and its team of dedicated scientists to RaDD as the project's cornerstone life science partner,' said Tracy Murphy, Co-CEO and Co-Founder of IQHQ. 'JCVI has been an undisputed leader in genomics, innovating advancements that have shaped both the San Diego and global biotech communities for over three decades. Its groundbreaking work in genomics, infectious diseases, bioinformatics, synthetic genomics and other key disciplines has generated monumental benefits and global financial impact. We look forward to partnering with JCVI on our aligned vision of creating San Diego's world-class hub for transformative scientific discovery.' IQHQ's RaDD project will house JCVI's team of West Coast-based scientists and other employees who will enjoy over five acres of green space, best-in-class retail and dining, incredible public art, and premium event space – all just minutes from San Diego's airport and main public transit hub. JCVI is expected to take occupancy in RaDD's Core building in 2026, where it will occupy an entire floor plus additional space for a new advanced human genome sequencing facility. 'I have a long history and connection to San Diego, from serving here in the Navy as a corpsman, first in boot camp and then at Balboa Hospital, to beginning my academic career at UC San Diego,' said JCVI Founder J. Craig Venter, PhD. 'I'm thrilled that JCVI will be a part of IQHQ's RaDD district and excited about the transformation this dynamic campus will bring to the San Diego waterfront community.' 'We believe that our new downtown home will continue to inspire our scientists and will help us grow and recruit new talent as we build upon our 33 years of transformational genomic research,' Dr. Venter added. The JCVI was founded in 1992 based on new methodologies, techniques and tools for genomic research. Dr. Venter and his teams published the first sequenced genome of a free-living organism in 1995, completed the first draft sequence of the human genome in 2000 and published the first diploid human reference genome in 2007. Sequencing the first genomes is widely considered one of the greatest contributions to modern science. In 2010, JCVI announced the first ever synthetic genome and cell. The sequencing of the first genomes resulted in an estimated global economic impact of over $1 trillion. JCVI's legacy extends to countless breakthroughs and contributions to research and science, including the discovery of more than 60 million new genes, the publication of approximately 2,600 research articles in top-tier journals, the spin-off of six commercial entities, and numerous awards including the National Medal of Science, which was presented to Craig Venter in 2009. "JCVI's arrival at IQHQ's downtown RaDD district is a major milestone in the effort to broaden San Diego's innovation landscape," said Mayor Todd Gloria. "Expanding the life sciences industry to our city center strengthens our economy, creates high-quality jobs, and promotes our waterfront as a new hub of scientific discovery and excellence." As the first scientific institute to be located in downtown San Diego, JCVI provides RaDD with the momentum to grow a vibrant life sciences ecosystem. San Diego has long been home to one of the largest concentrations of life science companies in the world, and IQHQ's RaDD project is paving the way for a new era of discovery, research and economic activity on the city's scenic waterfront. In 2024, the life science sector generated nearly $57 billion in economic impact to the region, providing approximately 76,000 in direct jobs and supporting an additional 147,000 indirect jobs. 'IQHQ and JCVI's new partnership represents a significant advancement for California's life science ecosystem," said Tim Scott, president and CEO of Biocom California. "As one of the largest industries in California, it's important to continuously seek opportunities that expand access to high-quality jobs and drive critical breakthroughs that improve human well-being. We look forward to supporting the continued scientific and economic growth that RaDD will bring to our industry.' About IQHQ IQHQ is Giving Progress a Home™, empowering the life science community to thrive and succeed by creating and developing districts that inspire innovation and drive progress and growth. IQHQ's focus is to acquire, develop, and operate sustainable life science districts in the U.S. innovation hubs of San Francisco, San Diego, and Boston. To learn more, visit or follow us on LinkedIn or Instagram. About J. Craig Venter Institute The J. Craig Venter Institute (JCVI) is a not-for-profit research institute in Rockville, Maryland and La Jolla, California dedicated to the advancement of the science of genomics; the understanding of its implications for society; and communication of those results to the scientific community, the public, and policymakers. Founded by J. Craig Venter, PhD., JCVI is home to approximately 140 scientists and staff with expertise in human and evolutionary biology, genetics, bioinformatics/informatics, synthetic genomics, high-throughput DNA sequencing, genomic and environmental policy research, and public education in science and science policy. JCVI is a 501(c)(3) organization. For additional information, please visit
Yahoo
28-01-2025
- Business
- Yahoo
IQHQ Announces Early Lease Renewal and Extension with Generate:Biomedicines
Generate:Biomedicines makes long-term commitment to pioneer programmable biology at IQHQ's Innovation Park, home to its cutting-edge CryoEM laboratory BOSTON, January 28, 2025--(BUSINESS WIRE)--IQHQ, Inc. ("IQHQ" or "the Company"), a premier owner and developer of world-class life science districts, today announced that it has entered into an early lease renewal and long-term extension with Generate:Biomedicines ("Generate"), a pioneer in the field of generative biology, at IQHQ's Innovation Park life science district in Andover, Massachusetts. IQHQ acquired the Innovation Park campus between 2020 and 2021 and developed it into a world-class life science hub that provides leading biotechnology and life science manufacturing companies in the greater Boston market with sophisticated, high-end infrastructure and a flexible layout. Generate sits at the intersection of machine learning, biological engineering, and medicine and is advancing a new era of programmable biology to more quickly engineer better medicines for patients. The Generate Platform's infusion of technology into biology allows the company to address historically undruggable and hard-to-drug targets as well as known targets in new and more effective ways. Innovation Park houses Generate's 75,000 square foot, state-of-the-art cryogenic electron microscopy ("CryoEM") laboratory, one of the largest laboratories of its type in the United States. Generate's CryoEM laboratory is equipped with four state-of-the-art microscopes that provide detailed molecular visualization and produce terabytes of data daily, enriching The Generate Platform and enabling advancements in therapeutic design and discovery. "We are proud that Generate:Biomedicines, a global leader in generative biology, has made a long-term commitment at IQHQ's Innovation Park district to accelerate breakthroughs in therapeutic discovery and development at their cutting-edge CryoEM laboratory," said Tracy Murphy, Co-CEO and Co-Founder of IQHQ. "We continue to deliver on our mission of providing best-in-class ecosystems of innovation and progress for leading companies across the life science sector, and we look forward to Generate's continued success at Innovation Park." This successful transaction comes on the heels of the Company's recently announced $900 million in capital that was raised in 2024 to drive continued momentum for IQHQ's business. The capital raise puts the Company in a strong position to capture opportunities as the life science market continues to improve, with leading companies showing a clear preference for premier assets in core markets. About IQHQ IQHQ is Giving Progress a Home™, empowering the life science community to thrive by creating and developing districts that inspire innovation and drive growth. IQHQ's focus is to acquire, develop, and operate sustainable life science districts in the U.S. innovation hubs of San Francisco, San Diego, and Boston. To learn more, visit or follow IQHQ on LinkedIn or Instagram. View source version on Contacts MEDIA:iqhq@
