Core Insights - Innovative Industrial Properties, Inc. (IIPR) is recognized as one of the 15 Extreme Dividend Stocks to Buy according to hedge funds [1] - Piper Sandler raised the price target for IIPR to $44 from $43 while maintaining an Underweight rating, citing caution regarding the company's investment in life science developer IQHQ due to sector challenges [2] - IIPR finalized its initial investment in IQHQ, which is expected to enhance portfolio diversification and contribute to earnings growth [3] Financial Performance - IIPR reported total revenue of $64.7 million for Q3, reflecting a 3% increase from the previous quarter, driven by a $0.8 million payment from Gold Flora receivership and annual rent escalations [4] - The company maintains a strong financial position with $2.7 billion in mostly unencumbered assets, approximately $80 million in liquidity, and a newly secured $100 million revolving credit facility to support the IQHQ investment [4] Company Overview - IIPR operates as a real estate investment trust (REIT) focused on acquiring, owning, and managing specialized industrial facilities leased to state-licensed operators in the regulated cannabis industry [5]