Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 32

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 32
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 S-21 |

If fewer than all of the shares of Series A
Preferred Stock held by any holder are to be redeemed, the notice mailed to such holder will also specify the number of shares of Series A
Preferred Stock held by such holder to be redeemed or the method for determining such number.

Any such redemption may be made conditional on
such factors as may be determined by our board of directors and as set forth in the notice of redemption.

We are not required to provide such notice in
the event we redeem Series A Preferred Stock in order to qualify or maintain our status as a REIT.

If a redemption date falls after a dividend record
date and on or prior to the corresponding dividend payment date, each holder of shares of the Series A Preferred Stock at the close
of business on such dividend record date will be entitled to the dividend payable on such shares on the corresponding dividend payment
date notwithstanding the redemption of such shares on or prior to such dividend payment date and each holder of shares of Series A
Preferred Stock that surrenders such shares on such redemption date will be entitled to an amount equal to the dividends accruing after
the end of the applicable dividend period, up to, but not including, the redemption date. Except as described above, we will make no payment
or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Stock for which a notice of redemption has been
given.

All shares of Series A Preferred Stock that
we redeem, repurchase or otherwise acquire will be retired and restored to the status of authorized but unissued shares of preferred stock,
without designation as to series or class.

Subject to applicable law and the limitation on
purchases when dividends on the Series A Preferred Stock are in arrears, we may, at any time and from time to time either at a public
or private sale, purchase all or any part of, the Series A Preferred Stock, including the purchase of shares of Series A Preferred
Stock in open market transactions and individual purchases at such prices as we negotiate, in each case as duly authorized by our board
of directors.

Future debt instruments or senior capital stock
may prohibit us from redeeming or otherwise repurchasing any shares of our capital stock, including the Series A Preferred Stock,
except in limited circumstances.

Special Optional Redemption

Upon the occurrence of a Change of Control/Delisting,
we may, at our option, redeem the Series A Preferred Stock, in whole or in part within 120 days after the first date on which