Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 101

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 101
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 does not
apply to (i) shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (ii) acquisitions
approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the control share acquisition
statute any and all acquisitions by any person of shares of our stock. There can be no assurance that such provision will not be amended
or eliminated at any time in the future by our board of directors.

Subtitle 8

Subtitle 8 of the MGCL permits a Maryland corporation
with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject,
by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter
or bylaws, to any or all of five provisions of the MGCL which provide for:

| · | a classified board; |

| · | a two-thirds vote requirement for removing a director; |

| · | a requirement that the number of directors be fixed 
 only by vote of the directors;                      |

<div align='center'>27</div>

| · | a requirement that a vacancy on the board of directors                                                                               
 be filled only by the remaining directors in office and (if the board of directors is classified) for the remainder of the full term 
 of the class of directors in which the vacancy occurred; and                                                                         |

| · | a majority requirement for the calling of a stockholder-requested 
 special meeting of stockholders.                                  |

Our charter provides that vacancies on our board
may be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred.
Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (i) require the affirmative vote of stockholders
entitled to cast not less than two-thirds of all of the votes entitled to be cast generally in the election of directors for the removal
of any director from the board, only with cause, (ii) vest in the board of directors the exclusive power to fix the number of directorships
and (iii) require, unless called by our chairman of the board, our chief executive officer or our board of directors, the written
request of stockholders entitled to cast not less than a majority of all votes entitled to be cast at such a meeting to call a special
meeting of our stockholders.

Meetings of Stockholders

Pursuant