Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 31

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 31
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except by conversion into or exchange for our capital stock ranking junior to the Series A
Preferred Stock as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up); provided,
however, that whether or not the requirements set forth above have been met, we may purchase shares of Series A Preferred Stock or
any other class or series of capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation, dissolution
or winding up, on parity with or junior to the Series A Preferred Stock pursuant to our charter to the extent necessary to ensure
that we meet the requirements for qualification as a REIT for federal income tax purposes, and we may purchase or acquire shares of Series A
Preferred Stock or the Parity Preferred Stock pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding
shares of Series A Preferred Stock. See “— Restrictions on Ownership and Transfer” below.

Notice of redemption will be mailed, postage prepaid,
not less than 30 days nor more than 60 days prior to the redemption date, addressed to the respective holders of record of the Series A
Preferred Stock to be redeemed at their respective addresses as they appear on our stock transfer records as maintained by our transfer
agent named in “— Transfer Agent and Registrar.” No failure to give such notice or any defect therein or in the mailing
thereof will affect the validity of the proceedings for the redemption of any shares of Series A Preferred Stock except as to the
holder to whom notice was defective or not given; provided that, notice given to the last address of record will be deemed to be valid
notice. In addition to any information required by law or by the applicable rules of any exchange upon which the Series A Preferred
Stock may be listed or admitted to trading, each notice will state:

| · | the redemption date; |

| · | the redemption price; |

| · | the number of shares of Series A Preferred Stock to be redeemed; |

| · | procedures of The Depository Trust Company (“DTC”) for book entry transfer of shares of Series A Preferred Stock 
 for payment of the redemption price;                                                                             |

| · | that dividends on the shares of Series A Preferred Stock to be redeemed will cease to accrue on such redemption date; and |

| · | that payment of the redemption price plus an amount equal to all accrued but unpaid dividends will be made upon book entry transfer 
 of such Series A Preferred Stock in compliance with DTC’s procedures.                                                               |

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