Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 152

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 152
---
 local and foreign tax treatment of us and holders
of our securities may differ from the U.S. federal income tax treatment of us and holders of our securities described above. Consequently,
holders of our securities should consult their tax advisors regarding the application and effect of state, local and foreign income and
other tax laws upon an investment in our securities.

Legislative or Other Actions Affecting REITs

The rules dealing with U.S. federal income
taxation are constantly under review by persons involved in the legislative process and by the Service and the U.S. Treasury Department
and may be changed at any time, possibly with retroactive effect. No assurance can be given as to whether, when, or in what form, the
U.S. federal income tax laws applicable to us and our shareholders may be enacted. Changes to the U.S. federal income tax laws and interpretations
of U.S. federal tax laws could adversely affect an investment in our shares.

Prospective investors are urged to consult with
their tax advisors regarding the potential effects of legislative, regulatory, or administrative developments on an investment in our
shares.

<div align='center'>51

ERISA CONSIDERATIONS</div>

The following is a summary of some considerations
associated with the purchase and holding of our securities by (i) an employee benefit plan (as defined in Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that is subject to Title I of ERISA), (ii) a
plan (as defined in Section 4975 of the Code) that is subject to Section 4975 of the Code (including IRAs and Keogh plans) or
(iii) any entity deemed to hold plan assets of any of the foregoing by virtue of the plan’s investment in the entity (each
such plan, account and entity described above is referred to herein as a “Plan”), or any employee benefit plan that is subject
to any federal, state, local or other law that is substantially similar to the foregoing provisions of ERISA and the Code (“Similar
Law”). This summary is based on current provisions of ERISA and the Code, each as amended through the date of this prospectus, and
the relevant regulations, opinions and other authority issued by the Department of Labor and the Service. We cannot assure you that there
will not be adverse tax or labor decisions or legislative, regulatory or administrative changes that would significantly modify the statements
expressed herein. Any such changes