Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 85

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 85
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 of Debt Securities – Transfer and Exchange – Global Debt Securities and Book-Entry System,”
book-entry debt securities will not be issuable in certificated form.

Certificated Debt Securities. You may transfer or exchange certificated debt securities at any office we maintain for this purpose
in accordance with the terms of the indenture. No service charge will be made for any transfer or exchange of certificated debt securities,
but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or
exchange.

You may effect the transfer of certificated debt
securities and the right to receive the principal of, and any premium and interest on, certificated debt securities only by surrendering
the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate to the
new holder or the issuance by us or the trustee of a new certificate to the new holder.

Global Debt Securities and Book-Entry System. Each global debt security representing book-entry debt securities will be
deposited with, or on behalf of, the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Please
see the section entitled “Book-Entry Securities.”

Covenants

Any restrictive covenants applicable to any issue
of debt securities will be set forth in the applicable prospectus supplement.

No Protection in the Event of a Change of Control

Unless stated otherwise in the applicable prospectus
supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event
we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in
control) that could adversely affect holders of debt securities.

Consolidation, Merger and Sale of Assets

We may not consolidate with or merge with or
into, or convey, transfer or lease all or substantially all of our properties and assets to any person (a “successor person”)
unless:

| · | we are the surviving person or the successor person                                                                                  
 (if anyone other than us) is an entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly 
 assumes our obligations on the debt securities and under the indenture; and                                                          |

| · | immediately after giving effect to the transaction,                    
 no Default or Event of Default, shall have occurred and be continuing. |

Notwithstanding the above