Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 3

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 3
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S OF MARYLAND LAW AND OUR CHARTER AND BYLAWS     |   26 |
| OUR OPERATING PARTNERSHIP AND THE OPERATING PARTNERSHIP AGREEMENT |   31 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS                   |   33 |
| ERISA CONSIDERATIONS                                              |   52 |
| SELLING SECURITY HOLDERS                                          |   54 |
| PLAN OF DISTRIBUTION                                              |   54 |
| LEGAL MATTERS                                                     |   56 |
| EXPERTS                                                           |   56 |
| WHERE YOU CAN FIND ADDITIONAL INFORMATION                         |   56 |

You should rely only on the information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus and any related free writing prospectus that we may authorize to be provided to you. Neither we, the Sales Agents, the Forward Sellers, the Forward Purchasers nor any of our or their respective affiliates have authorized any dealer, salesperson or other person to provide you with different or additional information. If anyone provides you with different, additional or inconsistent information, you should not rely on it. We are not, and the Sales Agents, the Forward Sellers, the Forward Purchasers and our and their respective affiliates are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus and any free writing prospectus prepared by us is accurate only as of their respective dates or on the date or dates which are specified in these documents. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates.

<div align='center'>ABOUT THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS</div>

This document is in two
parts. The first part is the prospectus supplement, including the documents incorporated by reference, which describes the specific terms
of this offering. The second part, the accompanying prospectus, including the documents incorporated by reference, provides more general
information about securities that we may offer from time to time, some of which does not apply to this offering. Generally, when we refer
to this prospectus, we are referring to both parts of this document combined. We urge you to carefully read this prospectus supplement
and the accompanying prospectus, and the documents incorporated herein and therein, before buying any offered shares being offered under
this prospectus supplement. This