Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 81

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 81
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 Series

We may issue units in such amounts and in such
numerous distinct series as we determine.

Enforceability of Rights by Holders of Units

Each unit agent will act solely as our agent
under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit.
A single bank or trust company may act as unit agent for more than one series of units. A unit agent will have no duty or responsibility
in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility to initiate any proceedings
at law or otherwise, or to make any demand upon us. Any holder of a unit, without the consent of the related unit agent or the holder
of any other unit, may enforce by appropriate legal action its rights as holder under any security included in the unit.

Title

We, the unit agent and any of its agents may
treat the registered holder of any unit certificate as an absolute owner of the units evidenced by that certificate for any purposes
and as the person entitled to exercise the rights attaching to the units, despite any notice to the contrary.

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DESCRIPTION OF DEBT SECURITIES</div>

Please note that in this section, references to “we,” “our” and “us” refer only to our Operating Partnership and not Innovative Industrial Properties, Inc. (“IIP”) or its subsidiaries unless the context requires otherwise.

This prospectus describes general terms of our
debt securities. When we offer to sell a particular series of debt securities, we will describe the specific terms of those debt securities
in a supplement to this prospectus. Unless such prospectus supplement provides otherwise, the general terms and provisions described
in this prospectus will apply to the particular series of debt securities to which such supplement relates. To the extent the information
contained in the prospectus supplement differs from this summary description, you should rely on the information in the prospectus supplement.

The debt securities that we may issue may constitute
debentures, notes, bonds or other evidences of our indebtedness, to be issued in one or more series, which may include senior debt securities,
subordinated debt securities and senior subordinated debt securities, and, unless otherwise specified in a supplement to this prospectus,
the debt securities will be our direct, unsecured obligations and may be issued in one or more series.

Unless otherwise specified in a prospectus supplement,
the debt securities will be issued under an indenture between us