Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 24

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 24
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 per year and will mature on
May 25, 2026. Pending application of cash proceeds, we intend to invest the net proceeds from this offering in interest-bearing
short-term investments that are consistent with our intention to continue to qualify as a REIT. These uses are expected to provide a
lower net return than we seek to achieve from investments in our properties.

| S-17 |

<div align='center'>DESCRIPTION OF SERIES A PREFERRED STOCK</div>

The following summary of the material terms and provisions of the Series A Preferred Stock does not purport to be complete and is subject to our charter, including the articles supplementary setting forth the terms of the Series A Preferred Stock, and our bylaws, copies of which are filed as exhibits to the registration statement of which this prospectus supplement and accompanying prospectus are a part. See “Where You Can Find Additional Information.”

General

We are authorized to issue up to 50,000,000 shares
of preferred stock in one or more series, with such designations, powers, preferences and rights of the shares of each series of each
class and the qualifications, limitations or restrictions thereon, including, but not limited to, dividend rate or rates, conversion rights
and terms of redemption (including sinking fund provisions), redemption price or prices, and liquidation preferences, as our board of
directors may determine, without any further vote or action by our stockholders. As of the date of this prospectus supplement, we had
23,350,000 preferred shares classified and designated as Series A Preferred Stock, with a liquidation preference of $25.00 per share,
1,002,673 of which are issued and outstanding.

The Series A Preferred Stock is listed on
the NYSE under the symbol “IIPRPrA.”

Ranking

The Series A Preferred Stock rank, with respect
to dividend rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of our affairs:

| · | senior to all classes or series of our common stock, and to any other class or series of our capital stock expressly designated as 
 ranking junior to the Series A Preferred Stock;                                                                                    |

| · | on parity with any future class or series of our capital stock expressly designated as ranking on parity with the Series A Preferred 
 Stock, none of which exists on the date hereof; and                                                                                  |

| · | junior to any other class or series of our capital stock expressly designated as ranking senior to the Series A Preferred Stock, 
 none of which exists