Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 67

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 67
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 stock with respect to the payment of distributions, in which case we could not pay any distributions
on our common stock until full distributions have been paid with respect to such preferred stock.

The rights, preferences,
privileges and restrictions of each series of preferred stock will be fixed by articles supplementary relating to the series. We will
describe the specific terms of the particular series of preferred stock in the prospectus supplement relating to that series, which terms
will include:

| · | the designation and par value of 
 the preferred stock;             |

| · | the voting rights, if any, of the 
 preferred stock;                  |

| · | the number of preferred stock offered,                                                        
 the liquidation preference per preferred stock and the offering price of the preferred stock; |

| · | the distribution rate(s), period(s) and                                        
 payment date(s) or method(s) of calculation applicable to the preferred stock; |

| · | whether distributions will be cumulative                                                                         
 or non-cumulative and, if cumulative, the date(s) from which distributions on the preferred stock will cumulate; |

| · | the procedures for any auction and                  
 remarketing for the preferred stock, if applicable; |

| · | the provision for a sinking fund, 
 if any, for the preferred stock;  |

| · | the provision for, and any restriction                 
 on, redemption, if applicable, of the preferred stock; |

| · | the terms and provisions, if any,                                                                                                   
 upon which the preferred stock will be convertible into common stock, including the conversion price (or manner or calculation) and 
 conversion period;                                                                                                                  |

| · | the terms under which the rights                       
 of the preferred stock may be modified, if applicable; |

| · | the relative ranking and preferences                                                                                        
 of the preferred stock as to distribution rights and rights upon the liquidation, dissolution or winding up of our affairs; |

| · | any limitation on issuance of any                                                                                                    
 other series of preferred stock, including any series of preferred stock ranking senior to or on parity with the series of preferred 
 stock as to distribution rights and rights upon the liquidation, dissolution or winding up of our affairs;                           |

| · | any listing of the preferred stock 
 on any securities exchange;        |

| · | if appropriate, a discussion of                                                              
 any additional material federal income tax considerations applicable to the preferred stock; |

| · | information with respect to book-entry 
 procedures, if applicable;             |

| · | in addition to those restrictions