Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 23

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 23
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 no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required by law. The risks included here are not
exhaustive. Other sections of this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein
and therein may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in
a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to
predict all such risk factors, nor can it assess the impact of all such risk factors on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given
these risks and uncertainties, stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating
the information presented in this prospectus supplement, the accompanying prospectus and any documents incorporated by reference herein
and therein.

Market data and industry
forecasts and projections used in this prospectus supplement, the accompanying prospectus and documents incorporated by reference herein
and therein have been obtained from independent industry sources. Forecasts, projections and other forward-looking information obtained
from such sources are subject to similar qualifications and uncertainties as other forward-looking statements in this prospectus supplement,
the accompanying prospectus and documents incorporated by reference herein and therein.

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<div align='center'>USE OF PROCEEDS</div>

We will contribute
the net proceeds we receive from the sale of shares of our common stock and Series A Preferred Stock that we may offer under
this prospectus supplement and the accompanying prospectus through the Sales Agents, after deducting commissions and offering
expenses, as well as any proceeds we receive upon the settlement of any forward sale agreement, to our Operating Partnership as an
additional capital contribution. Our Operating Partnership intends to use the net proceeds from this offering to fund
investments that are consistent with our investment strategy, which may include acquisitions of real estate or investments in real
estate funds, other REITs, joint ventures, debt, mezzanine loans, preferred equity or other forms of joint venture equity, to repay
indebtedness, including repurchases or repayment of our Notes due 2026, for working capital and other general corporate purposes, or
a combination of the foregoing. Our Notes due 2026 pay interest semiannually at a rate of 5.50%