Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 84

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 84
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, which may supplement,                                                                           
 modify or delete any provision of the indenture as it applies to that series, including any terms that may be required under applicable 
 law or regulations or advisable in connection with the marketing of the securities;                                                     |

| · | whether the debt securities are entitled to the benefits                                                                          
 of the guarantee of any guarantor, and whether any such guarantee is made on a senior or subordinated basis and, if applicable, a 
 description of the subordination terms of any such guarantee;                                                                     |

| · | whether a person other than Argent Institutional Trust 
 Company is to act as trustee;                          |

| · | whether a person other than Securities Transfer Corporation 
 is to act as registrar;                                     |

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| · | the securities exchange, if any, on which the debt 
 securities may be listed; and                      |

| · | any change in the right of the trustee or the right                                          
 of the requisite holders to declare the principal amount of debt securities due and payable. |

We may issue debt securities that provide for
an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to
the terms of the indenture. We will provide you with information on the other special considerations applicable to any of these debt
securities in the applicable prospectus supplement.

If we denominate the purchase price of any of
the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and
interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or units, we will
provide you with information on the restrictions, elections, general tax considerations, specific terms and other information with respect
to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable prospectus
supplement.

Transfer and Exchange

Each debt security will be represented by either
one or more global securities registered in the name of The Depository Trust Company (the “Depositary”), or a nominee of
the Depositary (we will refer to any debt security represented by a global debt security as a “book-entry debt security”),
or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated security as a
“certificated debt security”) as set forth in the applicable prospectus supplement. Except as set forth below in the section
entitled “Description