Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 7

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 7
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 considerations |     | For certain material U.S. federal income tax considerations relating to the purchase, ownership                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 and disposition of our Series A Preferred Stock, see “Material U.S. Federal Income Tax Considerations” on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 page 33 of the accompanying prospectus.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Risk factors                                    |     | Investing in shares of our Series A Preferred Stock involves risks. Before investing in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 shares of our Series A Preferred Stock, you should carefully read and consider the information in the section entitled                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
 “Risk Factors” included in our most recent Annual Report on Form 10-K filed with the SEC, as updated by our                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 subsequent filings with the SEC under the Exchange Act, and in the section entitled “Risk Factors” beginning on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 page S-9 of this prospectus supplement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| NYSE symbol                                     |     | IIPRPrA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| S-8 |

<div align='center'>RISK FACTORS</div>

An investment in the offered shares involves a high degree of risk. Before making an investment decision, you should carefully consider the following risk factors, the risk factors incorporated by reference to our most recent Annual Report on Form 10-K, subsequently filed Quarterly Reports on Form 10-Q, together with the other information contained in this prospectus or in the documents incorporated by reference. If any of these risks were to occur, our business, prospects, financial condition, liquidity, and results of operations and our ability to make distributions to holders of the offered shares and achieve our goals could be materially and adversely affected, the value of our common stock and/or Series A Preferred Stock could decline significantly and you could lose all or a part of your investment. Some statements in this prospectus and in the documents incorporated by reference, including statements in the risk factors, constitute forward-looking statements. Please see “Forward-Looking Statements” in this prospectus supplement.

Risks Related to this Offering and the Offered Shares

We intend to use the net proceeds from this offering to, among other things, fund investmentsthat that are consistent with our investment strategy, but sales of shares pursuant to this prospectus supplement are not conditioned upon the closing of pending