Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 64

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 64
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 3-10 of Regulation S-X, subsidiary issuers of obligations
guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated
into the parent company’s consolidated financial statements, the parent guarantee is “full and unconditional” and,
subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 of Regulation S-X is provided,
which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of
the Operating Partnership have not been presented.

Furthermore, as permitted
under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for the Operating
Partnership because the assets, liabilities and results of operations of the Operating Partnership are not materially different than
the corresponding amounts in Innovative Industrial Properties, Inc.’s consolidated financial statements incorporated by reference
herein, and management believes such summarized financial information would be repetitive and would not provide incremental value to
investors.

<div align='center'>USE OF PROCEEDS</div>

Unless we specify otherwise
in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the offered securities for general corporate
purposes, including funding our investment activity, the repayment or refinancing of outstanding indebtedness, working capital and other
general purposes. Any specific allocation of the net proceeds of an offering of securities will be determined at the time of such offering
and will be described in the applicable prospectus supplement.

We will not receive
proceeds from any sales of securities by the account of persons other than us.

<div align='center'>6

DESCRIPTION OF CAPITAL STOCK</div>

The following is a summary description of our capital stock. This description does not purport to be complete and is subject to and qualified in its entirety by reference to the Maryland General Corporation Law (the “MGCL”) and to our charter and our bylaws. For a more complete understanding of our securities, we encourage you to read carefully this entire prospectus, as well as our charter and our bylaws, which are filed as exhibits to the registration statement of which this prospectus forms a part. See “Where You Can Find Additional Information.”

General

Our charter provides
that we may issue up to 50,000,000 shares of common stock, $0.001 par value per share, and up to 50,000,000 shares of preferred stock,
$0.001 par value per share, of which