Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 78

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 78
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 issue warrants for the purchase of our
preferred stock or common stock. We may issue warrants independently or together with other securities, and they may be attached to or
separate from the other securities. Each series of warrants will be issued under a separate warrant agreement that we will enter into
with a bank or trust company, as warrant agent, as detailed in the applicable prospectus supplement. The warrant agent will act solely
as our agent in connection with the warrants and will not assume any obligation, or agency or trust relationship, with you.

The prospectus supplement relating to a particular
issue of warrants will describe the terms of those warrants, including, where applicable:

| · | the aggregate number of the securities covered by the 
 warrant;                                              |

| · | the designation, amount and terms of the securities 
 purchasable upon exercise of the warrant;           |

| · | the exercise price for shares of our preferred stock,                                                                          
 the number of shares of preferred stock to be received upon exercise, and a description of that series of our preferred stock; |

| · | the exercise price for shares of our common stock and              
 the number of shares of common stock to be received upon exercise; |

| · | the expiration date for exercising the warrant; |

| · | the minimum or maximum amount of warrants that may 
 be exercised at any time;                          |

| · | a discussion of federal income tax consequences; |

| · | whether the warrants shall be issued in book-entry 
 form; and                                          |

| · | any other material terms of the warrants. |

After the warrants expire they will become void.
The prospectus supplement will describe how to exercise warrants. A holder must exercise warrants for our preferred stock or common stock
through payment in U.S. dollars. The prospectus supplement may provide for the adjustment of the exercise price of the warrants.

Until a holder exercises warrants to purchase
our preferred stock or common stock, that holder will not have any rights as a holder of our preferred stock or common stock by virtue
of ownership of warrants.

<div align='center'>14

DESCRIPTION OF RIGHTS</div>

We may issue rights to purchase our common stock
or preferred stock. The following description of rights to purchase such securities provides certain general terms and provisions of
such rights that we may offer. Our rights may be issued independently or together with any other security offered hereby and may or may
not be transferable by the person receiving the rights in such offering. In connection with any offering of rights, we may enter into