Innovative Industrial Properties Inc. (NYSE: IIPR) has fully repaid its outstanding $282 million of 5.50% Senior Notes Due May 2026, the company announced. The real estate investment trust completed the repayment using cash on hand, availability under revolving credit facilities and proceeds from recently closed term loans.

The company added multiple new lending relationships during the process, securing debt capital at a blended interest rate of approximately 8.3%, according to the announcement.

"Repaying this bond maturity represents a meaningful milestone for IIP, which reflects the strength of our balance sheet, disciplined capital allocation strategy and the execution capabilities of our best-in-class management team," said Alan Gold, Executive Chairman of IIP.

Innovative Industrial Properties is a REIT focused on the acquisition, ownership and management of specialized industrial properties and life science real estate. The repayment satisfies a significant public debt maturity for the company, according to the press release statement.