IIPR secures $100M secured revolver, expandable to $135M, backed by IQHQ assets

INNOVATIVE INDUSTRIAL PROPERTIES INC

Credit facility with East West Bank, 3-year term maturing Oct 3, 2028.
Interest rate: greater of 1-month SOFR+2.0% or 6.10% (6.1% as of Oct 3).
$35M accordion feature allows expansion to $135M if lenders increase commitments.
Secured by IQHQ note and Series G-1 Preferred Stock; no material financial covenants other than liquidity and 2.0x DSC ratio.
Management cites 800+ bps accretive spread on IQHQ investment and enhanced financial flexibility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred revolving credit of up to $100 million with East West Bank at the greater of (i) the one-month Secured Overnight Financing Rate, as administer maturing October 3, 2028.

Instrument: revolving credit
Principal: up to $100 million
Counterparty: East West Bank
Rate: the greater of (i) the one-month Secured Overnight Financing Rate, as administer
Maturity: October 3, 2028
Event: incurrence

Exact text from the filing

IIP LP has a revolving line of credit available up to $100 million until the maturity date on October 3, 2028.

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Source: SEC EDGAR

accession 0001104659-25-098109

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