Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 127

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 127
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 funds;                                                                                                    |
| · | government securities;                                                                                                                |
| · | interests in real property, including leaseholds and                                                                                  
 options to acquire real property and leaseholds;                                                                                      |
| · | interests in mortgage loans secured by real property;                                                                                 |
| · | interests in mortgage loans secured by both real property                                                                             
 and personal property if the fair market value of such personal property does not exceed 15% of the total fair market value of all    
 such property;                                                                                                                        |
| · | stock or shares of beneficial interest in other REITs;                                                                                |
| · | investments in stock or debt instruments during the                                                                                   
 one-year period following our receipt of new capital that we raise through equity offerings or public offerings of debt with at least 
 a five-year term;                                                                                                                     |
| · | personal property leased in connection with real property                                                                             
 if the rent attributable to such personal property is not greater than 15% of the total rent received under the lease;                |
| · | debt instruments issued by “publicly offered                                                                                          
 REITs;” and                                                                                                                           |
| · | regular or residual interests in a REMIC. However,                                                                                    
 if less than 95% of the assets of a REMIC consist of assets that are qualifying real estate-related assets under the U.S. federal     
 income tax laws, determined as if we held such assets, we will be treated as holding directly our proportionate share of the assets   
 of such REMIC.                                                                                                                        |

Second, of our investments not included in the
75% asset class, the value of our interest in any one issuer’s securities may not exceed 5% of the value of our total assets (the
“5% asset test”).

Third, of our investments not included in the
75% asset class, we may not own more than 10% of the total voting power or 10% of the total value of any one issuer’s outstanding
securities (the “10% vote test” and the “10% value test,” respectively).

Fourth, no more than 20% of the value of our
total assets may consist of the securities of one or more TRSs.

Fifth, no more than 25% of the value of our total
assets may consist of the securities of TRSs and other non-TRS taxable subsidiaries and other assets that are not qualifying assets for
purposes of the 75% asset test (the “25% securities test”).

Sixth, not