INNOVATIVE INDUSTRIAL PROPERTIES INC

false 0001677576 0001677576 2026-04-24 2026-04-24 0001677576 us-gaap:CommonStockMember 2026-04-24 2026-04-24 0001677576 us-gaap:SeriesAPreferredStockMember 2026-04-24 2026-04-24 iso4217:USD xbrli:shares iso4217:USD xbrli:shares UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 24, 2026 Innovative Industrial Properties, Inc. (Exact name of registrant as specified in its charter) Maryland 001-37949 81-2963381 (State or Other Jurisdiction of Incorporation) (Commission File No.) (I.R.S. Employer Identification No.) 1389 Center Drive , Suite 200 Park City , UT 84098 (Address of principal executive offices, including zip code) Registrant’s telephone number, including area code: ( 858 ) 997-3332 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Securities Registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share IIPR New York Stock Exchange Series A Preferred Stock, par value $0.001 per share IIPR-PA New York Stock Exchange 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. 104 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