INNOVATIVE INDUSTRIAL PROPERTIES INC (IIPR): debt financing — IIPR enters $20M term loan at 10% to repay senior notes due May 2026; weekly payments required

INNOVATIVE INDUSTRIAL PROPERTIES INC

Term loan of $20M at 10% annual interest (18% default rate), maturing October 9, 2026.
Proceeds to be used for general corporate purposes, including repayment of 5.50% Senior Notes due May 2026.
Weekly interest and principal payments begin May 29, 2026; loan secured by ATM sales proceeds and related rights.
Mandatory prepayment triggers include significant asset dispositions (>$150M), ATM program termination, or sustained trading suspension.
Voluntary prepayment permitted without penalty; loan includes affirmative/negative covenants and events of default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

INNOVATIVE INDUSTRIAL PROPERTIES INC incurred term loan of aggregate principal amount of $20 million with A.G.P./Alliance Global Partners at 10.0% per annum, compounding monthly on the last business day of each calendar m maturing October 9, 2026.

Instrument: term loan
Principal: aggregate principal amount of $20 million
Counterparty: A.G.P./Alliance Global Partners
Rate: 10.0% per annum, compounding monthly on the last business day of each calendar m
Maturity: October 9, 2026
Event: incurrence

Exact text from the filing

On May 22, 2026, Innovative Industrial Properties, Inc. (the “Company”) entered into an ATM Advance Agreement (the “Loan Agreement”) with A.G.P./Alliance Global Partners (“Lender”). The proceeds of the Loan Agreement are expected to be used for general corporate purposes, including the repayment of the Company’s 5.50% Senior Notes due May 2026. The Loan Agreement provides for a term loan in the aggregate principal amount of $20 million to the Company (the “Loan”). The Loan bears interest at a rate of 10.0% per annum, compounding monthly on the last business day of each calendar month; provided that, at any time that an event of default under the Loan Agreement has occurred and is continuing, the Loan will bear interest at a rate of 18.0% per annum. The Loan matures on October 9, 2026, and pursuant to the terms of the Agreement, we are required to make weekly interest and principal payments beginning on May 29, 2026.

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Source: SEC EDGAR

accession 0001104659-26-065712

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