Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 161

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 161
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 cover short positions.
Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue
any of the activities at any time. An underwriter may carry out these transactions on the New York Stock Exchange, in the over-the-counter market
or otherwise.

The place and time of delivery for securities
will be set forth in the accompanying prospectus supplement and/or other offering material for such securities.

<div align='center'>55

LEGAL MATTERS</div>

The validity of the securities covered by this
prospectus, and certain tax matters will be passed upon for us by Foley & Lardner LLP, Tampa, Florida.

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

The consolidated financial statements and
schedule of Innovative Industrial Properties, Inc. as of December 31, 2024 and 2023, and for each of the three years in
the period ended December 31, 2024, and management’s assessment of the effectiveness of internal control over financial
reporting as of December 31, 2024, incorporated by reference in this prospectus and in the registration statement, have been so
incorporated in reliance on the reports of BDO USA, P.C., an independent registered public accounting firm, given on the authority of
said firm as experts in auditing and accounting.

<div align='center'>WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>

We file annual, quarterly and current reports,
proxy statements and other information with the SEC under the Exchange Act. Our Operating Partnership do not currently file separate
reports, proxy statements or other information with the SEC.

We will provide to each person, including any
beneficial owner, to whom our prospectus is delivered, upon request, a copy of any or all of the information that we have incorporated
by reference into our prospectus but not delivered with our prospectus. To receive a free copy of any of the documents incorporated by
reference in our prospectus, other than exhibits, unless they are specifically incorporated by reference in those documents, call or
write us at:

<div align='center'>Innovative Industrial Properties, Inc.
1389 Center Drive, Suite 200
Park City, UT 84098
Attn: Secretary
(858) 997-3332</div>

We maintain a website at www.innovativeindustrialproperties.com.Information
contained on, or accessible through our website is not incorporated by reference into and does not constitute a part