Innovative Industrial Properties, Inc. Form 8-K Filing

Innovative Industrial Properties, Inc. has entered into an ATM Advance Agreement with A.G.P./Alliance Global Partners for a $20 million term loan. The loan will accrue interest at 10.0% per annum, compounding monthly, and will increase to 18.0% if an event of default occurs. The loan matures on October 9, 2026, with weekly interest and principal payments beginning May 29, 2026. The company has granted a security interest in the gross proceeds from its at-the-market equity offering program to the lender as collateral. The proceeds from the loan are intended for general corporate purposes, including the repayment of the Company's 5.50% Senior Notes due May 2026. The agreement includes customary representations, warranties, covenants, and events of default, with restrictions on incurring certain liens or indebtedness, making fundamental changes to the business, or modifying the at-the-market equity offering program. Mandatory prepayment is required upon certain asset dispositions or adverse events affecting the company's financial position or market access.