Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 94

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 94
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 authenticated and                                                                            
 delivered (except lost, stolen or destroyed debt securities which have been replaced or paid) have been delivered to the trustee 
 for cancellation; or                                                                                                             |

<div align='center'>23</div>

| · | all debt securities not theretofore delivered to the                                                                                         
 trustee for cancellation have become due and payable or will become due and payable at their maturity within one year, have been             
 called for redemption or are to be called for redemption within one year, or are deemed paid and discharged pursuant to the legal            
 defeasance provisions of the indenture, and we have irrevocably deposited or caused to be irrevocably deposited with the trustee             
 as trust funds in trust cash or noncallable U.S. government obligations in an amount sufficient to pay and discharge the entire indebtedness 
 on such debt securities not theretofore delivered to the trustee for cancellation, for principal and interest to the date of such            
 deposit (in the case of debt securities which have become due and payable) or to the maturity date or redemption date, as the case           
 may be;                                                                                                                                      |

| · | we have paid or caused to be paid all other sums payable 
 under the indenture by us; and                           |

| · | we have delivered to the trustee an officer’s                                                                                                
 certificate and an opinion of counsel, each stating that all conditions precedent provided for in the indenture relating to the satisfaction 
 and discharge of the indenture have been complied with.                                                                                      |

No Personal Liability of Directors, Officers, Employees or Stockholders

No director, officer, employee, or stockholder
will have any liability for any of our obligations under the debt securities, the indenture, any guarantees or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each holder of debt securities by accepting a note waives and releases
all such liability.

The waiver and release are part of the consideration
for issuance of the debt securities. The waiver may not be effective to waive liabilities under the federal securities laws.

Governing Law

The indenture, the debt securities, and any guarantees
will be governed by, and construed in accordance with, the laws of the State of New York.

<div align='center'>BOOK-ENTRY SECURITIES</div>

The securities offered by means of this prospectus
may be issued in whole or in part in book-entry form, meaning that beneficial owners of the securities will not receive certificates
representing their ownership interests in