Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 62

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 62
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the lease term, including structural repairs, maintenance, real estate taxes and insurance.

We were incorporated
in Maryland on June 15, 2016, and we elected to be taxed as a REIT for U.S federal income tax purposes, beginning with our taxable
year ended December 31, 2017. We conduct our business through a traditional umbrella partnership real estate investment trust, or
UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general
partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating
Partnership. As of December 31, 2024, we had 22 full-time employees.

Our Properties

As of December 31, 2024, we owned 109 properties
comprising an aggregate of 9.0 million rentable square feet (including 666,000 rentable square feet under development/redevelopment)
in 19 states. As of December 31, 2024, we had invested an aggregate of $2.4 billion across our property portfolio (consisting of
purchase price and funding of draws for improvements submitted by tenants, if any, but excluding transaction costs) and had committed
an additional $38.3 million to fund draws to certain tenants and vendors for improvements at our properties. Of the $38.3 million committed
to fund draws to certain tenants and vendors for improvements at our properties, $11.4 million was incurred but not funded as of December 31,
2024.

Of these 109 properties, we include 106 properties in our operating portfolio, which were 98.3% leased as of December 31, 2024, with a weighted-average remaining lease term of 13.7 years.

We do not include in
our operating portfolio the following properties (all of which were under development/redevelopment as of December 31, 2024, and
together are expected to comprise 491,000 rentable square feet upon completion of development/redevelopment):

| · | 63795                                                 
 19th Avenue in Palm Springs, California (pre-leased); |
| · | Inland                                                
 Center Drive in San Bernardino, California; and       |
| · | Leah                                                  
 Avenue in San Marcos, Texas.                          |

Corporate Information

For a complete discussion
of our business and operations, see our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on