UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
The disclosure under Item 2.03 regarding the Note (as defined below) is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On April 24, 2026, IIP-IL 2 LLC (the “Borrower”), an indirect subsidiary of Innovative Industrial Properties, Inc. (the “Company”), issued a promissory note (the “Note”) in favor of Generations Bank (the “Lender”) evidencing a $20.0 million secured term loan (the “Loan”) maturing on April 22, 2029.
The Note bears interest at a fixed rate of 9.00% per annum (subject to the maximum rate permitted by law and adjustment upon an event of default). For the first twelve months, the Borrower is required to make interest-only monthly payments, after which the Loan amortizes based on a 20-year schedule, with a balloon payment due at maturity.
The Loan is secured by, among other things, mortgages and security interests in the Borrower’s real and personal property located in Kankakee County and Will County, Illinois, assignments of leases and rents, and certain deposit accounts maintained with the Lender. The Loan is made pursuant to a Loan and Security Agreement between the Borrower and the Lender, which contains customary representations, warranties, covenants, events of default, and security arrangements. The Company has guaranteed the Borrower’s obligations under the Loan.
The foregoing description is a summary of certain terms of the Note and is qualified in its entirety by reference to the full text of the Note, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | Description of Exhibit | |
| 10.1 | Promissory Note, dated as of April 24, 2026, by IIP-IL 2 LLC in favor of Generations Bank. | |
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Cover Page Interactive Data File (embedded within the XBRL document). |
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: April 29, 2026 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | |
| By: | /s/ David Smith | |
| Name: | David Smith | |
| Title: | Chief Financial Officer | |