Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 162

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 162
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 of this prospectus
or any other report or documents we file with or furnish to the SEC.

This prospectus is part of a registration statement
on Form S-3 that we filed with the SEC. This prospectus does not contain all of the information set forth in the registration statement
and exhibits and schedules to the registration statement. For further information with respect to our company and our securities, reference
is made to the registration statement, including the exhibits and schedules thereto. Statements contained in this prospectus as to the
contents of any contract or other document referred to in this prospectus are not necessarily complete and, where that contract or other
document has been filed as an exhibit to the registration statement, each statement in this prospectus is qualified in all respects by
the exhibit to which the reference relates. Copies of the registration statement, including the exhibits and schedules to the registration
statement, may be examined without charge at the public reference room of the SEC, 100 F Street, N.E., Washington, D.C. 20549. Information
about the operation of the public reference room may be obtained by calling the SEC at 1-800-SEC-0300. Copies of all or a portion of
the registration statement can be obtained from the public reference room of the SEC upon payment of prescribed fees. Our SEC filings,
including our registration statement, are also available to you, free of charge, on the SEC’s website, www.sec.gov.

<div align='center'>56

$500,000,000

Common Stock

9.00% Series A Cumulative Redeemable Preferred Stock

(Liquidation Preference $25.00 per share)

PROSPECTUS SUPPLEMENT

BTIG

Jefferies

Piper Sandler

Roth Capital Partners

February 26, 2025</div>