INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR): debt financing — IIP closes $56.5M secured term loan; proceeds to repay notes due May 2026

INNOVATIVE INDUSTRIAL PROPERTIES INC

$56.5M secured term loan closed on May 5, 2026; three-year initial term with two one-year extension options.
Interest at one-month SOFR plus 500 bps; interest-only payments.
Proceeds to repay unsecured notes maturing at end of May 2026.
Loan secured by eight properties; IIP provides unsecured guaranty with net worth and liquidity covenants.
Executive Chairman Alan Gold says financing strengthens balance sheet for growth opportunities.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred term loan of $56.5 million with Thorofare Asset Based Lending Reit Fund V, LLC at one-month SOFR plus 5.00% maturing May 5, 2029.

Instrument: term loan
Principal: $56.5 million
Counterparty: Thorofare Asset Based Lending Reit Fund V, LLC
Rate: one-month SOFR plus 5.00%
Maturity: May 5, 2029
Event: incurrence

Exact text from the filing

for all obligations under the Loan Agreement. Pursuant to the Loan Agreement, on May 5, 2026, the Borrowers issued to the Lender a promissory note (the “Note”) evidencing a $56.5 million secured term loan (the “Loan”), which matures on May 5, 2029, and may be extended at the Borrowers’ option for up to two additional 12-month periods, subject in each case to the

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Source: SEC EDGAR

accession 0001104659-26-056353

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