Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 60

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 60
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 the U.S. economy generally or in specific geographic areas; |

| · | economic                        
 trends and economic recoveries; |

| · | our                                       
 ability to access equity or debt capital; |

| · | financing                    
 rates for our target assets; |

| · | our                                                                                       
 level of indebtedness, which could reduce funds available for other business purposes and 
 reduce our operational flexibility;                                                       |

| · | covenants                                                                                   
 in our debt instruments, which may limit our flexibility and adversely affect our financial 
 condition;                                                                                  |

| · | our                                                     
 ability to maintain our investment grade credit rating; |

| · | changes                      
 in the values of our assets; |

| · | our                           
 expected portfolio of assets; |

| · | our                   
 expected investments; |

| · | interest                                                                             
 rate mismatches between our assets and our borrowings used to fund such investments; |

| · | changes                                               
 in interest rates and the market value of our assets; |

| · | the                                                                                          
 degree to which any interest rate or other hedging strategies may or may not protect us from 
 interest rate volatility;                                                                    |

| · | the                                                                                       
 impact of and changes in governmental regulations, tax law and rates, accounting guidance 
 and similar matters;                                                                      |

| · | how                                           
 and when any forward equity sales may settle; |

| · | our                                                                              
 ability to maintain our qualification as a real estate investment trust (“REIT”) 
 for U.S. federal income tax purposes;                                            |

| · | our                                                                                           
 ability to maintain our exemption from registration under the Investment Company Act of 1940; |

| · | availability                
 of qualified personnel; and |

| · | market                                                                                    
 trends in our industry, interest rates, real estate values, the securities markets or the 
 general economy.                                                                          |

Any forward-looking
statement made by us speaks only of the date on which we make it. We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required by law. Stockholders and investors
are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this prospectus and
any documents incorporated by reference.

Market data and industry
forecasts and projections used in this prospectus and documents incorporated by reference have been obtained from independent industry
sources. Forecasts, projections and other forward-looking information obtained from such sources are subject to similar qualifications
and uncertainties as other forward