Innovative Industrial Properties announced the closing of four secured term loans totaling $44.9 million in gross proceeds. The loans have an initial term of five years, carry a fixed interest rate of 6.67%, and are secured by certain company properties.
The company said the proceeds are expected to be used to repay unsecured notes maturing at the end of May 2026.
Innovative Industrial Properties is a real estate investment trust focused on the acquisition, ownership, and management of specialized industrial properties and life science real estate.
KEY QUOTES:
“This financing reflects our continued commitment to maintaining a strong and flexible balance sheet. By extending our debt maturity profile and securing attractively priced capital through a new lending relationship, we believe we are well positioned to support our long-term growth strategy and create value for our shareholders.”
Alan Gold, Executive Chairman, Innovative Industrial Properties
