Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 47

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 47
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 Forward Sellers, as agents, under the equity distribution
agreements, the number of shares of common stock issued upon settlement of any forward sales agreements (if any), and the net proceeds
to us and the compensation paid by us to the Sales Agents and/or Forward Sellers, as agents, in connection with the sales of the offered
shares.

In connection with the
sale of the offered shares, each of the Sales Agents, Forward Sellers and/or Forward Purchasers may be deemed to be an “underwriter”
within the meaning of the Securities Act, and the compensation paid to the Sales Agents or the Forward Sellers in the form of a reduced
initial forward sale price under the related forward sale agreement with the related Forward Purchaser may be deemed to be underwriting
discounts or commissions. We have agreed to indemnify each of the Sales Agents, Forward Sellers and Forward Purchasers against specified
liabilities, including liabilities under the Securities Act, or to contribute to payments that the Sales Agents, Forward Sellers or Forward
Purchasers may be required to make because of those liabilities.

The relevant Sales Agent
or Forward Seller, as applicable, will provide written confirmation to us, and in the case of the Forward Seller, to the Forward Purchaser,
no later than the opening of the trading day on the NYSE on the day following the trading day in which the offered shares were sold under
the applicable equity distribution agreement. For offered shares sold by a Sales Agent, each confirmation will include the number of offered
shares sold on such day, the net proceeds to us and the compensation payable by us to the Sales Agent in connection with the sales. For
shares of our common stock sold by a Forward Seller, each confirmation will include the number of shares of our common stock sold on such
day, the compensation payable by us to the Forward Seller in the form of a reduced initial forward sale price under the related forward
sale agreement with the related Forward Purchaser, and the initial forward sale price payable by such Forward Purchaser.

The Sales Agents will
not sell Series A Preferred Stock at a price higher than the Series A Maximum Price. The “Series A Maximum Price”
shall mean: $25.00 plus any accrued and unpaid dividends per share to, but excluding, the date of sale.

The offering under any
equity distribution agreement will terminate upon the earlier of (i) the sale of offered shares having an aggregate offering price
of $500,000,000 and (ii) the termination of such equity distribution agreement by us