IIPR Enters Material Definitive Agreement

TL;DR

IIPR signed a big deal on Oct 3rd, creating a new financial obligation.

AI Summary

Innovative Industrial Properties, Inc. (IIPR) entered into a material definitive agreement on October 3, 2025. This agreement also creates a direct financial obligation for the registrant. The filing was made on October 9, 2025.

Why It Matters

This filing indicates a significant new contractual commitment or financial obligation for Innovative Industrial Properties, Inc., which could impact its future financial performance and operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating new financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet them.

Key Players & Entities

• Innovative Industrial Properties, Inc. (company) — Registrant
• October 3, 2025 (date) — Date of earliest event reported
• October 9, 2025 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share IIPR New York Stock Excha
• $100 million — evolving line of credit available up to $100 million until the maturity date on October 3, 2
• $35 million — 3, 2028. The Loan Agreement includes a $35 million accordion feature under which the revol
• $135 million — the parties from $100 million to up to $135 million if and to the extent that the lenders r

Filing Documents

• tm2528333d1_8k.htm (8-K) — 38KB
• tm2528333d1_ex10-1.htm (EX-10.1) — 885KB
• tm2528333d1_ex99-1.htm (EX-99.1) — 6KB
• 0001104659-25-098109.txt ( ) — 1324KB
• iipr-20251003.xsd (EX-101.SCH) — 3KB
• iipr-20251003_def.xml (EX-101.DEF) — 26KB
• iipr-20251003_lab.xml (EX-101.LAB) — 36KB
• iipr-20251003_pre.xml (EX-101.PRE) — 25KB
• tm2528333d1_8k_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Loan Agreement On October 3, 2025, IIP Operating Partnership, LP (" IIP LP "), the operating partnership of Innovative Industrial Properties, Inc. (the " Company ") entered into a Loan Agreement (the " Loan Agreement "), dated as of October 3, 2026, by and among IIP LP, the guarantors party thereto, including IIP Life Science Investments LLC (" IIP Life Science "), the lenders party thereto and East West Bank, as agent, sole lead arranger and sole bookrunner. Under the Loan Agreement, IIP LP has a revolving line of credit available up to $100 million until the maturity date on October 3, 2028. The Loan Agreement includes a $35 million accordion feature under which the revolving line of credit may be expanded by agreement of the parties from $100 million to up to $135 million if and to the extent that the lenders revise their credit commitments to encompass a larger facility. The availability of credit at any given time under the Loan Agreement will be constrained by the terms and conditions of the Loan Agreement, including the amount of collateral available and a borrowing base formula based upon the value of eligible investments in certain securities and an eligible loan receivable, and other restrictions contained in the Loan Agreement. All obligations under the credit facility are secured by substantial assets of the loan parties, including a revolving credit note issued by IQHQ, LP to IIP Life Science and Series G-1 Cumulative Redeemable Preferred Stock of IQHQ, Inc. and a corresponding warrant exercisable for common equity units of IQHQ Holdings, LP issued to IIP Life Science. Borrowings under the Loan Agreement will bear interest on the outstanding daily balance at a rate of interest per annum equal to the greater of (i) the one-month Secured Overnight Financing Rate, as administered by CME Group Benchmark Administration, plus 2.0% and (ii) 6.10%. The Loan Agreement contains various restrictive and af

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure under Item 1.01 above is incorporated herein by reference.

01

Item 7.01 Regulation FD Disclosure . On October 6, 2025, the Company issued a press release announcing the Loan Agreement, a copy of which is filed as Exhibit 99.1 hereto and incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Description of Exhibit 10.1* Loan Agreement, dated October 3, 2025, by and among IIP Operating Partnership, LP, the guarantors party thereto, the lenders party thereto and East West Bank, as agent, sole lead arranger and sole bookrunner. 99.1 Press release, dated October 6, 2025. 104 Cover Page Interactive Data File (embedded within the XBRL document). *Certain schedules and exhibits omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains statements that the Company believes to be "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts are forward-looking statements. When used in this report, words such as the Company or IIP OP "expects," "intends," "plans," "estimates," "anticipates," "believes" or "should" or the negative thereof or similar terminology are generally intended to identify forward-looking actual results to differ materially from those expressed in, or implied by, such statements. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to, the risk factors discussed in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company's subsequent reports filed with the SEC. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 9, 2025 INNOVATIVE INDUSTRIAL PROPERTIES, INC. By: /s/ David Smith Name: David Smith Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR