Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 79

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 79
---

a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be
required to purchase all or a portion of any securities remaining unsubscribed for after such offering. Certain other terms of any rights
will be described in the applicable prospectus supplement. To the extent that any particular terms of any rights described in a prospectus
supplement differ from any of the terms described in this prospectus, then those particular terms described in this prospectus shall
be deemed to have been superseded by that prospectus supplement. The description in the applicable prospectus supplement of any rights
we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable rights certificate and
the applicable rights agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part or
to a document that is incorporated or deemed to be incorporated by reference in this prospectus. For more information on how you may
obtain copies of any rights certificate or rights agreement applicable to any rights we may offer, see “Where You Can Find Additional
Information.” We urge you to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus
supplement in their entirety.

The prospectus supplement relating to any rights
that we may offer will include specific terms relating to the offering, including, among other matters:

| · | the date of determining the security holders entitled       
 to the rights distribution;                                 |
| · | the exercise price;                                         |
| · | the conditions to completion of the rights offering;        |
| · | the date on which the right to exercise the rights          
 will commence and the date on which the rights will expire; |
| · | a discussion of federal income tax consequences related     
 to the rights; and                                          |
| · | any other material terms of the rights.                     |

Each right would entitle the holder of the rights
to purchase for cash the number of shares of common stock or preferred stock at the exercise price set forth in the applicable prospectus
supplement. Rights may be exercised at any time up to the close of business on the expiration date for such rights as provided in the
applicable prospectus supplement. After the close of business on the expiration date, all unexercised rights will become void.

<div align='center'>15

DESCRIPTION OF UNITS</div>

The following description, together with the
additional information we include in any applicable prospectus supplement, summarizes the material terms