Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 76

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 76
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 us within 30 days after the end of each taxable year stating the name and address
of such owner, the number of shares of each class and series of our stock that the person beneficially owns and a description of the
manner in which such shares are held. Each such owner will be required to provide to us such additional information as we may request
in order to determine the effect, if any, of such beneficial ownership on our qualification as a REIT and to ensure compliance with the
ownership limits. In addition, each stockholder will, upon demand, be required to provide to us such information as we may request, in
good faith, in order to determine our qualification as a REIT and to comply with the requirements of any taxing authority or governmental
authority or to determine such compliance.

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Any certificates representing shares of our stock,
or any written statements of information delivered in lieu of certificates, will bear a legend referring to the restrictions described
above.

These restrictions on ownership and transfer
of our stock could delay, defer or prevent a transaction or a change in control that might involve a premium price for our common stock
or otherwise be in the best interest of our stockholders.

Transfer Agent and Registrar

The transfer agent and registrar for our common
stock and the Series A Preferred Stock is Continental Stock Transfer & Trust.

Listings

Our common stock is traded on the NYSE under
the ticker symbol “IIPR.” Our Series A Preferred Stock is traded on the NYSE under the ticker symbol “IIPR Pr
A.”

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DESCRIPTION OF DEPOSITARY SHARES</div>

We may, at our option, elect to offer fractional
shares of preferred stock, or “depositary shares,” rather than full shares of preferred stock. In that event, we will issue
receipts for depositary shares, and each receipt will represent a fraction of a share of a particular series of preferred stock as described
in the applicable prospectus supplement.

The shares of any series of preferred stock represented
by depositary shares will be deposited under a deposit agreement to be entered into between us and the depositary named in the applicable
prospectus supplement. The deposit agreement will contain terms applicable to the holders of depositary shares in addition to the terms
stated in the depositary receipts. Subject to the terms of the deposit agreement, each owner of a depositary share will be entitled,
in proportion to the applicable fraction of the preferred share represented