Innovative Industrial Properties Announces New $100 Million Revolving Credit Facility to Support Strategic Growth (Form 8-K)

Innovative Industrial Properties Announces

New $100 Million Revolving Credit Facility to Support Strategic Growth

SAN DIEGO, CA - October 6, 2025 - Innovative Industrial Properties, Inc. (NYSE: IIPR) ("IIP" or the "Company") announced today that it has closed on a new $100 million secured revolving credit facility ("Credit Facility") with a federally regulated commercial bank.

"The successful closing of this credit facility supports our thesis that our recent investment in the life science industry should lead to both improved access to, and lower cost of, capital," said Alan Gold, Executive Chairman of IIP. "With an already strong, low leveraged balance sheet, this credit facility enhances our financial flexibility and provides us with an attractive, accretive investment spread exceeding 800 basis points on our IQHQ investment, and positions us to continue to capitalize on the attractive, long-term strength of the life science industry. We appreciate the strong support we received from our banking partner for this significant commitment of capital."

The Credit Facility has an initial term of 3 years and is secured by the Company's IQHQ investment. Borrowings under the Credit Facility will bear interest at a rate equal to the one-month Secured Overnight Financing Rate (SOFR) plus a spread of 200 basis points (6.1% based on rates as of October 3, 2025). The Credit Facility also includes a $35 million "accordion feature" that permits the Company to expand the borrowing capacity to a total of $135 million, subject to the addition of other lenders.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. Additional information is available at www.innovativeindustrialproperties.com.