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Form 8-K

sec.gov

8-K — INNOVATIVE INDUSTRIAL PROPERTIES INC

Accession: 0001104659-26-119155

Filed: 2026-10-27

Period: 2026-10-21

CIK: 0001677576

SIC: 6500 (REAL ESTATE)

Item: Entry into a Material Definitive Agreement

Item: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

Item: Financial Statements and Exhibits

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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): October 21, 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, Utah

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

Series B Preferred Stock, par value $0.001 per share

IIPR-PB

New York Stock Exchange

Item 1.01 Entry into a Material Definitive Agreement.

Amendment Number Six to Loan Agreement

On October 21, 2026, Innovative Industrial Properties,

Inc. (the “Company”), through its operating partnership, IIP Operating Partnership, LP (“IIP OP”), entered into

Amendment Number Six to Loan Agreement (the “Sixth Amendment”), by and among IIP OP, as borrower, East West Bank, as agent

(in such capacity, the “Agent”) and a lender, and the other financial institutions party thereto as lenders (collectively

with the Agent, the “Lenders”), which amends the Loan Agreement, dated as of October 23, 2023 (as previously amended, the

“Loan Agreement”), governing IIP OP’s secured revolving credit facility.

The Sixth Amendment extends the maturity date of

the Loan Agreement from October 23, 2026 to January 21, 2027. In connection with the Sixth Amendment, IIP OP paid the Lenders an extension

fee. Other than the extension of the maturity date, the Sixth Amendment does not modify the aggregate commitments, interest rate, borrowing

base or covenants under the Loan Agreement, which remain in full force and effect.

A description of the material terms of the Loan

Agreement is included under Item 2.03 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission

(the “SEC”) on October 2, 2025 (the “October 2025 8-K”), and such description is incorporated herein by reference,

except that the maturity date of the Loan Agreement is now January 21, 2027, as described above. As of October 21, 2026, $62.5 million,

in aggregate principal amount, was outstanding under the Loan Agreement.

The foregoing description of the Sixth Amendment

is not complete and is qualified in its entirety by reference to the full text of the Sixth Amendment, a copy of which is filed as Exhibit

10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The foregoing description of the Loan Agreement is qualified

in its entirety by reference to the full text of the Loan Agreement, a copy of which was filed as Exhibit 10.4 to the October 2025 8-K

and 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.

The

information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference

into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Description of Exhibit

10.1

Amendment Number Six to Loan Agreement, dated as of October 21, 2026, by and among IIP Operating Partnership, LP, as borrower, East West Bank, as agent and a lender, and the other lenders party thereto.

104

Cover Page Interactive Data File (embedded within the XBRL document).

Forward-Looking Statements

This Current Report on Form 8-K contains statements

that the Company believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private

Securities Litigation Reform Act of 1995. All statements other than historical facts are forward-looking statements. When used in this

report, words such as the Company or IIP OP “expects,” “intends,” “plans,” “estimates,”

“anticipates,” “believes” or “should” or the negative thereof or similar terminology are generally

intended to identify forward-looking statements, and they include, but are not limited to, statements regarding the Company’s ability

to repay, refinance, further extend or replace the Loan Agreement on or prior to its maturity date and the Company’s anticipated

sources of liquidity. These forward-looking statements are based on current expectations and are subject to risks and uncertainties that

could cause actual results to differ materially from those expressed in, or implied by, such statements. Factors that could cause results

to differ from those projected or assumed in any forward-looking statement include, but are not limited to, the risk factors discussed

in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company’s

subsequent reports filed with the SEC. Investors should not place undue reliance upon forward-looking statements. The Company disclaims

any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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: October 27, 2026

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

By:

/s/ David Smith

Name:

David Smith

Title:

Chief Financial Officer

EX-10.1 — EXHIBIT 10.1

EX-10.1

Filename: tm2628282d1_ex10-1.htm · Sequence: 2

Exhibit 10.1

AMENDMENT

NUMBER SIX

TO LOAN AGREEMENT

This

AMENDMENT NUMBER SIX TO LOAN AGREEMENT (this “Amendment”), dated

as of October 21, 2026, is entered into by and among IIP Operating Partnership, LP,

a Delaware limited partnership (the “Company”; together with any other Person that joins the Loan Agreement (as defined

below) as a Borrower in accordance with the terms thereof are referred to hereinafter each individually as a “Borrower”,

and individually and collectively, jointly and severally, as the “Borrowers”), the financial institutions party to

the Loan Agreement (as defined below) from time to time as Lenders, and East

West Bank (“EWB”), as agent for the Lenders (in such capacity, “Agent”). Capitalized

terms not otherwise defined herein are defined in the Loan Agreement (as defined below).

RECITALS

A.           The

Company, Agent, and Lenders are parties to that certain Loan Agreement, dated as of October 23, 2023 (as amended, restated, amended and

restated, supplemented, extended, or otherwise modified in writing from time to time, the “Loan Agreement”).

B.            Borrowers

and Lenders, which constitute all Lenders under the Loan Agreement as required under Section 14.1.1(c)(iii), desire to amend and supplement

the Loan Agreement as set forth below.

NOW,

THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for good and valuable consideration,

the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

I.

AMENDMENT TO THE LOAN AGREEMENT.

A.

Section 1.1 of the Loan Agreement is hereby amended by amending and restating the defined term “Maturity Date” in its

entirety, to read as follows:

“Maturity

Date”: means January 21, 2027.

II.

CONDITIONS TO EFFECTIVENESS. The effectiveness of this Amendment set forth herein

is subject to the satisfaction of the following conditions precedent:

A.

Agent shall have received fully executed copies of the following documents:

1.

this Amendment; and

2.

that certain Reaffirmation of Guaranty, dated as of the date hereof, executed by the Guarantors;

B.

Borrowers shall pay all fees, as and when such fees become due and owing, as set forth in the fee letter executed by Borrowers

in connection with this Amendment (“Amendment Fee Letter”).

III.

EXTENSION-RELATED WAIVER. Agent and the Lenders hereby waive any default interest

or fees arising solely as a result of the occurrence of the Maturity Date prior to the effectiveness of this Amendment; provided that

the foregoing shall not waive or otherwise affect the extension fee payable pursuant to the Amendment Fee Letter. The limited waiver set

forth herein shall be limited precisely as written and shall not be deemed to (i) be any other amendment, waiver, consent, or modification

of any term or condition of the Loan Agreement or any other Loan Document, or (ii) prejudice any right or remedy which Agent or the Lenders

may now or in the future have under or in connection with the Loan Agreement or any other Loan Document. The limited waiver set forth

herein shall not excuse any other or future non-compliance with the Loan Agreement or any other Loan Document and shall not be a practical

construction, course of dealing, course of conduct or course of performance under the Loan Agreement or under any other Loan Document.

Each Borrower hereby acknowledges and reaffirms (i) all of its obligations and duties under the Loan Documents, and (ii) that Agent, for

the ratable benefit of the Lenders, has and shall continue to have valid, perfected Liens in the Collateral, subject to the terms of the

Loan Documents.

IV.

MISCELLANEOUS.

A.

Representations and Warranties. Each Borrower hereby affirms to Agent and Lenders that all of such Borrower’s representations

and warranties set forth in the Loan Agreement are true, complete and accurate in all respects as of the date hereof.

B.

Reference to Loan Agreement. The Loan Agreement, each of the Loan Documents, and any and all other agreements, documents

or instruments now or hereafter executed and delivered pursuant to the terms hereof, or pursuant to the terms of the Loan Agreement as

amended hereby, are hereby amended so that any reference therein to the Loan Agreement shall mean a reference to the Loan Agreement as

amended hereby.

C.

Loan Agreement Remains in Effect. The Loan Agreement and the Loan Documents, as amended hereby, remain in full force and

effect and each Borrower ratifies and confirms its agreements and covenants contained therein. Each Borrower hereby confirms that no Event

of Default or Default exists.

D.

Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall

not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid

or unenforceable.

E.

Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect

the interpretation of this Amendment.

F.

NO ORAL AGREEMENTS. THIS AMENDMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS AS WRITTEN, REPRESENTS THE FINAL AGREEMENT AMONG

AGENT, LENDERS, AND OBLIGORS AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG AGENT, LENDERS, AND OBLIGORS.

G.

COUNTERPARTS; EXECUTION, CHOICE OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE. THIS AMENDMENT SHALL BE SUBJECT

TO THE PROVISIONS REGARDING EXECUTION, CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTIONS 14.8,

14.13, 14.14, AND 14.15 OF THE LOAN AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

[Remainder of this page intentionally left blank.

Signature pages follow.]

2

IN WITNESS WHEREOF, the parties

hereto have caused this Amendment to be duly executed by its authorized officers as of the day and year first above written.

AGENT AND LENDERS:

East

West Bank,

as Agent and a Lender

By:

/s/ Martin Kriegler

Name: Martin Kriegler

Title:   Senior Vice President

Amendment Number Six to Loan Agreement

Hanover

Community Bank,

as a Lender

By:

/s/ Matthew Crennan

Name: Matthew Crennan

Title:   Director of Commercial Credit,

SVP

Amendment Number Six to Loan Agreement

First

Fidelity Bank,

as a Lender

By:

/s/ James W. Finch

Name: James W. Finch

Title:  Executive Vice President

Amendment Number Six to Loan Agreement

Banc

of California,

as a Lender

By:

/s/ Peter Winfield

Name: Peter Winfield

Title:   Senior Vice President

Amendment Number Six to Loan Agreement

BORROWER:

IIP

Operating Partnership, LP,

a Delaware limited partnership

By:

Innovative Industrial Properties, Inc.,

Its General Partner

By:

/s/ David Smith

Name: David Smith

Title:   Chief Financial Officer

Amendment Number Six to Loan Agreement

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