Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 45

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 45
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Transfer Agent and Registrar

The transfer agent and registrar for the Series A
Preferred Stock is Continental Stock Transfer & Trust.

Book-Entry Procedures

The Series A Preferred Stock will only be
issued in the form of global securities held in book-entry form. DTC or its nominee will be the sole registered holder of the Series A
Preferred Stock. Owners of beneficial interests in the Series A Preferred Stock represented by the global securities will hold their
interests pursuant to the procedures and practices of DTC. As a result, beneficial interests in any such securities will be shown on,
and transfers will be effected only through, records maintained by DTC and its direct and indirect participants and any such interest
may not be exchanged for certificated securities, except in limited circumstances. Owners of beneficial interests must exercise any rights
in respect of other interests, including any right to convert or require repurchase of their interests in the Series A Preferred
Stock, in accordance with the procedures and practices of DTC. Beneficial owners will not be holders and will not be entitled to any rights
provided to the holders of the Series A Preferred Stock under the global securities or the articles supplementary establishing the
Series A Preferred Stock. We and any of our agents may treat DTC as the sole holder and registered owner of the global securities.

DTC has advised us as follows: DTC is a limited-purpose
trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Uniform
Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. DTC
facilitates the settlement of transactions amongst participants through electronic computerized book-entry changes in participants’
accounts, eliminating the need for physical movement of securities certificates. DTC’s participants include securities brokers and
dealers, including the underwriters, banks, trust companies, clearing corporations and other organizations, some of whom and/or their
representatives own DTC. Access to DTC’s book-entry system is also available to others, such as banks, brokers, dealers and trust
companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly.

| S-28 |

The Series A Preferred Stock, represented
by one or more global securities, will be exchangeable for certificated securities with the same terms only if:

| · | DTC is unwilling or unable to continue as depositary or if DTC ceases to be a clearing agency registered under