Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 160

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 160
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 or in part from the value of
such securities. The third parties may use securities received under derivative, sale or forward sale transactions or securities pledged
by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities
received from us in settlement of those transactions to close out any related open borrowings of stock. The third party in such sale
transactions will be an underwriter and will be identified in the applicable prospectus supplement (or a post-effective amendment) and/or
other offering material.

Underwriters, broker-dealers or agents may receive
compensation in the form of commissions, discounts or concessions from us. Underwriters, broker-dealers or agents may also receive compensation
from the purchasers of shares for whom they act as agents or to whom they sell as principals, or both. Compensation as to a particular
underwriter, broker-dealer or agent will be in amounts to be negotiated in connection with transactions involving shares and might be
in excess of customary commissions. In effecting sales, broker-dealers engaged by us may arrange for other broker-dealers to participate
in the resales.

Any securities offered other than common stock
will be a new issue and, other than the common stock, which is listed on the New York Stock Exchange, will have no established trading
market. We may elect to list any series of securities on an exchange, and in the case of the common stock, on any additional exchange,
but, unless otherwise specified in the applicable prospectus supplement and/or other offering material, we shall not be obligated to
do so. No assurance can be given as to the liquidity of the trading market for any of the securities.

Agents, underwriters and dealers may engage in
transactions with, or perform services for, us and/or our subsidiaries in the ordinary course of business.

Any underwriter may engage in overallotment,
stabilizing transactions, short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Overallotment
involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the securities
in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters to reclaim a selling
concession from a dealer when the securities originally sold by the dealer are purchased in a covering transaction to