Company: IIPR
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001104659-25-047874
Chunk: 1

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-05-13
Form: 424B5
Chunk 1
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As of the date of
this supplement, we have not issued any shares of common stock and have sold 808,798 shares of our Series A Preferred Stock through
the equity distribution agreements, leaving a remaining aggregate offering amount of $479.8 million available for offer
and sale under the equity distribution agreements pursuant to this supplement, the Prospectus Supplement and the
accompanying prospectus.

Our common stock is listed
on the NYSE under the symbol “IIPR.” On May 12, 2025, the last reported sale price of our common stock on the NYSE was
$55.88 per share. Our Series A Preferred Stock is listed on the NYSE under the symbol “IIPRPrA.” On May 12, 2025, the
last reported sale price of our Series A Preferred Stock on the NYSE was $24.87 per share.

We have elected to be taxed as a real estate investment trust for U.S. federal income tax purposes (“REIT”),commencing
with our taxable year ended December 31, 2017. The offered shares are subject to restrictions on ownership and transfer that are
intended, among other purposes, to assist us in maintaining our qualification as a REIT, including, subject to certain exceptions, a 9.8%
ownership limit of our common stock or capital stock. See “Description of Capital Stock — Restrictions on Ownership
and Transfer” in the accompanying prospectus and “Description of Series A Preferred Stock — Restrictions
on Ownership and Transfer” in the Prospectus Supplement.

Investing in the offered shares involves a high degree of risk. You should purchase the offered shares only if you can afford a complete loss of your investment. Before making a decision to invest in the offered shares, you should carefully consider the “Risk Factors” beginning on page S-9 of the Prospectus Supplement and on page 6 of the accompanying Prospectus, as well as the risks described under the section entitled “Risk Factors” included in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed by us with the Securities and Exchange Commission.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement and the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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