Innovative Indus SEC Filings

Innovative Industrial Properties, Inc. supplements its prospectus for an at-the-market offering of up to $500,000,000 of Common Stock and 9.00% Series A Preferred Stock to be sold from time to time. The company entered an ATM Advance Agreement with A.G.P. on May 22, 2026 and borrowed a $20,000,000 term loan that bears interest at 10.0% (rising to 18.0% on continuing default) and matures on October 9, 2026. Under the Agreement, net sales proceeds from A.G.P.’s ATM program must be deposited into a Segregated Account; upon an event of default, A.G.P. can direct sales under an Escrowed Placement Notice and apply proceeds to loan obligations. The supplement discloses that the company has sold 859,497 shares of common stock and 5,066,082 shares of Series A Preferred Stock, leaving a remaining aggregate offering amount of $336,934,000 available under the program.

Innovative Industrial Properties, Inc. entered into a new secured term loan on May 22, 2026, signing an ATM Advance Agreement with A.G.P./Alliance Global Partners for a $20 million loan. The company expects to use the proceeds for general corporate purposes, including repaying its 5.50% Senior Notes due May 2026.

The loan bears interest at 10.0% per annum, compounding monthly, rising to 18.0% during an event of default, and matures on October 9, 2026, with weekly principal and interest payments starting May 29, 2026. The company granted a security interest over proceeds from its at-the-market equity offering program with the lender and must deposit all such proceeds into a segregated, controlled account.

The agreement includes a 1% setup fee, allows voluntary prepayment without penalty, and requires mandatory prepayments upon certain asset sales or adverse events affecting the company’s financial position, capital markets access, ownership structure, or key collateral. It also contains customary covenants and events of default, and gives the lender enhanced remedies, including control over the segregated account and the ability to execute an escrowed placement notice to sell equity under the existing sales agreement if a default occurs.

Innovative Industrial Properties, Inc. entered into new secured term loan agreements and disclosed related details. Two indirect subsidiaries closed secured term loans totaling $21,960,000 with Amalgamated Bank, including a $10,560,000 loan to IIP‑MD 1 LLC and an $11,400,000 loan to IIP‑NJ 3 LLC.

Each loan bears a fixed 6.67% annual interest rate, amortizes over 25 years with monthly payments beginning July 5, 2026, and matures June 5, 2031, secured by first‑priority liens on the related properties. The company guaranteed the borrowers’ obligations and disclosed customary covenants, events of default, and prepayment premiums. A related press release noted four secured term loans totaling $44.9 million in gross proceeds, expected to repay unsecured notes maturing at the end of the month.

Innovative Industrial Properties, Inc. disclosed that two indirect subsidiaries, IIP-MA 7 LLC and IIP-PA 6 LLC, entered into separate loan agreements with Amalgamated Bank for an aggregate of $22.9 million in secured term loans. One loan totals $10.5 million and the other $12.4 million, both bearing a fixed interest rate of 6.67% per annum with monthly principal and interest payments based on a 25-year amortization schedule starting July 5, 2026. The loans mature on June 5, 2031 and are secured by first priority mortgages on the respective properties. The parent company provided unsecured guaranties of each borrower’s obligations. The agreements include customary covenants, limits on additional indebtedness and transfers, distribution restrictions during an event of default, standard default triggers, and declining prepayment premiums from 5% in year one to 1% in year five, with no premium in the final 90 days before maturity.

Innovative Industrial Properties, Inc. entered into a new $56.5 million secured term loan through several indirect subsidiaries with Thorofare Asset Based Lending Reit Fund V, LLC. The loan matures on May 5, 2029, has two optional one-year extensions, and bears interest at one-month SOFR plus 5.00%.

The loan is interest-only and is secured by equity interests in the borrowing subsidiaries and mortgages or deeds of trust on eight properties. The parent company provided an unsecured guaranty and must maintain minimum Net Worth of $120.0 million and Liquid Assets of at least $12.0 million. The company expects to use the proceeds to pay off unsecured notes maturing at the end of this month.

Innovative Industrial Properties reported lower rental revenue but steady profitability while disclosing serious liquidity risks. For the quarter ended March 31, 2026, total revenues were $69.0 million, down from $71.7 million a year earlier, as some cannabis tenants defaulted or paid reduced rent. Net income rose modestly to $32.8 million, with net income attributable to common stockholders of $30.2 million, or $1.04 basic and $1.02 diluted EPS.

The company disclosed that the outstanding principal on its 5.50% Notes due 2026 was $291.2 million as of March 31, 2026, maturing in May 2026, and that current liquidity is not sufficient to repay this amount. Management is exploring refinancing and capital-raising options but concluded there is substantial doubt about the company’s ability to continue as a going concern within one year of the financial statement issuance.

IIPR continued to access capital markets, raising $9.3 million from common stock sales and $60.3 million from Series A preferred stock via its ATM program during the quarter, and paying $54.4 million of common dividends and $2.7 million of preferred dividends. Tenant credit stress remained elevated, with several operators in default and subject to litigation or settlement, and an SEC investigation was opened in February 2026 into matters similar to an existing securities class action.

Innovative Industrial Properties, Inc. reported first quarter 2026 revenue of $69.0 million, down 3.8% from $71.7 million a year earlier, mainly due to tenant defaults partly offset by rent escalations and new leases. Net income attributable to common stockholders was $30.2 million, or $1.02 diluted EPS, essentially flat versus $30.3 million and $1.03 a year ago.

Normalized FFO was $50.6 million ($1.78 per diluted share) and AFFO was $53.4 million ($1.88 per diluted share), both modestly lower year over year. Year-to-date, the company raised $128 million of equity and debt capital and executed leases for 389,000 square feet. The board declared a quarterly dividend of $1.90 per common share, or $7.60 annualized.

Innovative Industrial Properties Inc reported a Schedule 13G filing showing 1,477,522 shares beneficially owned by Vanguard Capital Management, representing 5.25% of common stock. The filing discloses 235,360 shares of sole voting power and full dispositive power over 1,477,522 shares, held on behalf of Vanguard funds and managed accounts.

The filing states these holdings reflect dispositive authority across Vanguard affiliates and funds; voting and dividend rights are exercised by the named Vanguard entities as disclosed.

Innovative Industrial Properties, Inc. disclosed that its indirect subsidiary IIP-IL 2 LLC entered into a new $20.0 million secured term loan with Generations Bank. The loan is evidenced by a promissory note bearing a fixed interest rate of 9.00% per annum and matures on April 22, 2029.

For the first twelve months, the borrower will make interest-only monthly payments, after which the loan amortizes on a 20-year schedule with a balloon payment at maturity. The loan is secured by mortgages and security interests in the borrower’s real and personal property in Kankakee County and Will County, Illinois, as well as assignments of leases, rents, and certain deposit accounts. The company has guaranteed the borrower’s obligations under the loan.