Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 93

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 93
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 government that issued or caused to be issued such currency, that, through the payment of interest and principal      
 in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent 
 public accountants or investment bank to pay and discharge each installment of principal of, any premium and interest on, and any        
 mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance  
 with the terms of the indenture and those debt securities, and                                                                           |

| · | delivering to the trustee an opinion of counsel to                                                                                  
 the effect that the holders of the debt securities of that series will not recognize income, gain or loss for U.S. federal income   
 tax purposes as a result of the deposit and related covenant defeasance and will be subject to U.S. federal income tax on the same  
 amounts and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had 
 not occurred.                                                                                                                       |

Covenant Defeasance and Events of Default

In the event we exercise our option to effect
covenant defeasance with respect to any series of debt securities and the debt securities of that series are declared due and payable
because of the occurrence of any Event of Default, the amount of money and/or U.S. government obligations or money and/or Foreign Government
Obligations on deposit with the trustee will be sufficient to pay amounts due on the debt securities of that series at the time of their
stated maturity but may not be sufficient to pay amounts due on the debt securities of that series at the time of the acceleration resulting
from the Event of Default. In such a case, we would remain liable for those payments.

“Foreign Government Obligations”
means, with respect to debt securities of any series that are denominated in a currency other than U.S. dollars, direct obligations of,
or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its
full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

Satisfaction and Discharge

The indenture will be discharged and will cease
to be of further effect (except as to surviving rights or registration of transfer or exchange of the debt securities, as expressly provided
for in the indenture) as to all outstanding debt securities when:

either:

| · | all the debt securities theretofore