Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 55

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 55
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Our SEC filings, including the registration statement and exhibits and schedules to the registration statement, are available to you,
free of charge, on the SEC’s website, www.sec.gov.

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<div align='center'>INCORPORATION BY REFERENCE</div>

The SEC allows us to
“incorporate by reference” the information that we file with it, which means that we can disclose important information to
you by referring you to other documents. The information incorporated by reference is an important part of this prospectus. We incorporate
by reference the following documents (other than information furnished rather than filed):

| · | the description of our 9.00% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share, which is contained in the Registration Statement on Form 8-A, filed with the SEC on October 12, 2017, as supplemented by the description of our Series A Preferred Stock contained in Exhibit 4.4 of our 2024 Form 10-K, including amendments or reports filed for the purpose of updating that description. . |

All reports and other
documents we file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than information furnished rather
than filed) on or after the date of this prospectus supplement and prior to the completion of this offering shall be deemed to be incorporated
by reference in this prospectus supplement and the accompanying prospectus and will automatically update and supersede the information
in this prospectus supplement, the accompanying prospectus supplement and any previously filed documents.

To the extent that any
information contained in any document or portions thereof, whether specifically listed above or filed in the future, that are furnished
to, rather than filed with, the SEC, including any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K or related
exhibits furnished pursuant to Item 9.01 of Form 8-K, such information or exhibit is specifically not incorporated by reference
in this prospectus supplement.

We will provide to each
person, including any beneficial owner, to whom this prospectus supplement is delivered, upon request, a copy of any or all of the information
that we have incorporated by reference in this prospectus supplement and the accompanying prospectus. To receive a free copy of any of
the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, other than exhibits unless they
are