**Innovative Industrial Properties (IIPR) has fully repaid $282 million of its 5.50% senior notes due May 2026, removing significant debt maturity from its balance sheet. This repayment was funded through cash on hand, borrowings under revolving credit facilities, and proceeds from secured term loans.**
The company closed a $56.5 million secured term loan with a three-year term and a floating rate, alongside four secured term loans totaling $44.9 million at a fixed rate of 6.67%. In its first quarter of 2026, IIPR reported revenues of $69.0 million and an adjusted funds from operations (AFFO) of $53.4 million, or $1.88 per share. The leasing activity reflects a growing portfolio, with 389,000 square feet leased across California, Illinois, and Ohio, part of a broader investment in 110 properties across 19 states worth $2.5 billion.
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