Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 158

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 158
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 or a plan subject to Similar Law should consult with its legal advisor concerning the potential consequences to the Plan under ERISA, Section 4975 of the Code or applicable Similar Law of an investment in our securities.

<div align='center'>SELLING SECURITY HOLDERS</div>

Information about selling security holders, where
applicable, will be set forth in a prospectus supplement, in a post-effective amendment, or in filings we make with the SEC under the
Exchange Act which are incorporated by reference.

<div align='center'>PLAN OF DISTRIBUTION</div>

We may sell securities in any one or more of
the following ways from time to time: (1) through agents; (2) to or through underwriters; (3) through brokers or dealers;
(4) directly to purchasers, including through a specific bidding, auction or other process; or (5) through a combination of
any of these methods of sale. The applicable prospectus supplement and/or other offering materials will contain the terms of the transaction,
the name or names of any underwriters, dealers, or agents and the respective amounts of securities underwritten or purchased by them,
the initial public offering price of the securities, and the applicable agent’s commission, dealer’s purchase price or underwriter’s
discount. Any dealers and/or agents participating in the distribution of the securities may be deemed to be underwriters, and compensation
received by them on resale of the securities may be deemed to be underwriting discounts.

<div align='center'>54</div>

Any initial offering price, dealer purchase price,
discount or commission may be changed from time to time.

The securities may be distributed from time to
time in one or more transactions, at negotiated prices, at a fixed price or fixed prices (that may be subject to change), at market prices
prevailing at the time of sale, at various prices determined at the time of sale or at prices related to prevailing market prices.

Offers to purchase securities may be solicited
directly by us or by agents designated by us from time to time. Any such agent may be deemed to be an underwriter, as that term is defined
in the Securities Act, of the securities so offered and sold.

If underwriters are utilized in the sale of any
securities in respect of which this prospectus is being delivered, such securities will be acquired by the underwriters for their own
account and may be resold from time to time in one or more transactions, including negotiated transactions, at fixed public offering
prices or