Company: IIPR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001104659-25-047874
Chunk: 0

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 0
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As filed pursuant to Rule 424(b)(5)

Registration Nos. 333-285148

Supplement No. 1 dated May 13, 2025

To prospective supplement dated February 26, 2025

(To Prospectus dated February 21, 2025)

<div align='center'>$500,000,000

Common Stock

9.00% Series A Cumulative Redeemable Preferred Stock

(Liquidation Preference $25.00 per share)</div>

This supplement is being
filed to supplement certain information in the prospectus supplement dated and filed with the Securities and Exchange Commission on February
26, 2025 (the “Prospectus Supplement”) and the base prospectus dated February 21, 2025 (the “Prospectus”), pursuant
to separate equity distribution agreements, dated May 24, 2024, (as amended from time to time the “equity distribution agreements”)
with each of BTIG, LLC, Jefferies LLC, Piper Sandler & Co. and Roth Capital Partners, LLC (or certain of their respective affiliates),
acting in their capacities as sales agents (“Sales Agents”) or forward sellers (“Forward Sellers”) and, in certain
cases, in their capacity as forward purchasers (“Forward Purchasers”), in each case as described in the Prospectus Supplement,
relating to the offer and sale of shares of our common stock, par value $0.001 per share (“common stock”), and shares of our
9.00% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”), having
an aggregate offering price of up to $500,000,000. Capitalized terms used and not defined herein shall have the meanings ascribed to such
terms in the Prospectus Supplement. This supplement should be read in conjunction with the Prospectus Supplement and the accompanying
prospectus. Except as set forth herein, the Prospectus Supplement remains unchanged.

On May 13, 2025, we entered
into separate equity distribution agreements with each of Stifel, Nicolaus & Company, Incorporated (“Stifel”) and A.G.P.
/ Alliance Global Partners (“A.G.P.”), as additional Sales Agents, Forward Sellers and Forward Purchasers. Accordingly, any
reference to “Sales Agent(s),” “Forward Seller(s)” or “Forward Purchaser(s)” in the Prospectus Supplement
shall hereafter be deemed to include Stifel and A.G.P