Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 10

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 10
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 changes in governmental policies, regulations or laws; |

| · | adverse developments relating to litigation matters, including rising liability and insurance costs; |

| · | equity issuances by us, or share resales by our stockholders, or the perception that such issuances or resales may occur; |

| · | actual or anticipated accounting problems; |

| · | publication of research reports about us, the real estate industry or the cannabis industry; |

| · | changes in market valuations of similar companies; |

| · | adverse market reaction to any increased indebtedness we may incur in the future; |

| · | interest rate changes; |

| · | additions to or departures of our senior management team; |

| · | speculation in the press or investment community or negative press in general; |

| · | our failure to meet, or the lowering of, our earnings estimates or those of any securities analysts; |

| · | failure to maintain our qualification as a REIT; |

| · | refusal of securities clearing firms to accept deposits of our securities; |

| · | a delisting of our common stock or Series A Preferred Stock from the NYSE; |

| · | the realization of any of the other risk factors presented in this prospectus supplement and accompanying prospectus; |

| · | actions by institutional stockholders; |

| · | price and volume fluctuations in the stock market generally; and |

| · | market and economic conditions generally, including the current state of the credit and capital markets and the market and economic       
 conditions. Market factors unrelated to our performance could also negatively impact the market prices of our common stock and Series A   
 Preferred Stock. One of the factors that investors may consider in deciding whether to buy or sell our common stock or Series A Preferred 
 Stock is our distribution rate as a percentage of our stock price relative to market interest rates. If market interest rates increase,   
 prospective investors may demand a higher distribution rate or seek alternative investments paying higher dividends or interest. As a     
 result, interest rate fluctuations and conditions in capital markets can affect the market values of our common stock and Series A        
 Preferred Stock.                                                                                                                          |

We may, at our option, redeem outstanding shares of Series A Preferred Stock, including shares of Series A Preferred Stock sold in this offering, at any time, or from time to time, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued but unpaid dividends (whether or not authorized or declared) to, but not including, the