Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 41

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 41
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 before the date fixed for our next annual or special 
 meeting of stockholders or, if we receive the request for a special meeting within 90 days before the date fixed for our next annual or  
 special meeting of stockholders, at our annual or special meeting of stockholders; and                                                   |

| · | each subsequent annual meeting (or special meeting held in its place) until all accrued dividends on the Series A Preferred Stock 
 and the Parity Preferred Stock have been paid in full for all past dividend periods that have ended.                              |

If and when all accrued dividends on the Series A
Preferred Stock and the Parity Preferred Stock shall have been declared and paid in full, holders of shares of Series A Preferred
Stock and the Voting Preferred Stock shall be divested of the voting rights set forth above (subject to re-vesting in the event of each
and every preferred dividend default) and the term and office of each Preferred Director so elected will terminate and the number of directors
will be reduced accordingly.

| S-26 |

Any Preferred Director may be removed at any time
with or without cause by the vote of, and may not be removed otherwise than by the vote of, the holders of record of a majority of the
outstanding shares of Series A Preferred Stock and the Voting Preferred Stock (voting together as a single class). The Preferred
Directors will each be entitled to one vote on any matter. So long as a preferred dividend default continues, any vacancy in the office
of a Preferred Director may be filled by written consent of the Preferred Director remaining in office, or if none remains in office,
by a vote of the holders of record of a majority of the outstanding shares of Series A Preferred Stock and the Voting Preferred Stock
(voting together as a single class).

So long as any shares of Series A Preferred
Stock remain outstanding, in addition to any other vote or consent of stockholders required by our charter, we will not, without the affirmative
vote or consent of the holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting together as a
single class with the Voting Preferred Stock, authorize, create or issue, or increase the number of authorized or issued shares of, any
class or series of capital stock ranking senior to the Series A Preferred Stock with respect to payment of dividends or the distribution
of assets upon our liquidation, dissolution or winding up, or reclassify any of our authorized capital stock into such capital stock,
or create, authorize or issue any obligation or security