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.

item 1.01 item 2.03 item 9.01

Machine-readable event card

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form_type: 8-K
ticker: IIPR
cik: 0001677576
company_name: INNOVATIVE INDUSTRIAL PROPERTIES INC
filed_at: 2026-05-22T20:10:35+00:00
discovered_at: 2026-05-22T20:12:00.287028+00:00
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accession 0001104659-26-065712

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