IIPR · Innovative Industrial Properties, Inc.

Innovative Industrial Properties, Inc. (IIP) facilitated a $56.5 million secured term loan through eight indirect subsidiaries (IIP-OH 2 LLC, IIP-NJ 1 LLC, IIP-NY 2 LLC, IIP-FL 4 LLC, IIP-FL 2 LLC, IIP-MI 7 LLC, IIP-VA 1 LLC, and IIP-PA 5 LLC), each jointly and severally liable. The loan, evidenced by a promissory note issued to Thorofare Asset Based Lending Reit Fund V, LLC, carries an interest-only structure based on one-month Secured Overnight Financing Rate plus 500 basis points, with a floor implied in related terms. Maturity is set for May 5, 2029, extendable twice by 12 months at borrowers' option subject to conditions. Security includes a pledge by IIP Operating Partnership, LP of 100% equity in the borrowers and mortgages/deeds of trust on eight properties. IIP itself entered an unsecured guaranty, imposing financial maintenance covenants of $120 million minimum Net Worth and $12 million in Liquid Assets during the term. The Loan Agreement incorporates standard representations, warranties, covenants, events of default, and security. Per the May 6, 2026 press release, proceeds refinance maturing unsecured notes, enhancing liquidity and balance sheet flexibility while signaling lender confidence in IIP's industrial property portfolio focused on specialized assets.