Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 28

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 28
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 authorized by our board of directors and declared by us or paid or set apart for payment if such authorization, declaration or
payment is restricted or prohibited by law.

If a default or event of default under the terms
of any existing or future indebtedness occurs and is continuing, we may be precluded from paying certain distributions (other than those
required to allow us to maintain our qualification as a REIT) under the terms of such future indebtedness. Further, our board of directors
may elect not to pay distributions in the event of poor historical or projected cash flows.

Liquidation Preference

Upon any voluntary or involuntary liquidation,
dissolution or winding up of our affairs, before any distribution or payment shall be made to holders of shares of our common stock or
any other class or series of capital stock ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding
up of our affairs, junior to the Series A Preferred Stock, holders of shares of Series A Preferred Stock will be entitled to
be paid out of our assets legally available for distribution to our stockholders, after payment of or provision for our debts and other
liabilities, a liquidation preference of $25.00 per share of Series A Preferred Stock, plus an amount per share equal to
all accrued but unpaid dividends (whether or not authorized or declared) to, but not including, the date of payment. If, upon our voluntary
or involuntary liquidation, dissolution or winding up, our available assets are insufficient to pay the full amount of the liquidating
distributions on all outstanding shares of Series A Preferred Stock and the corresponding amounts payable on all shares of any other
classes or series of our capital stock ranking, as to rights in the distribution of assets upon our liquidation, dissolution or winding
up, on parity with the Series A Preferred Stock, then holders of shares of Series A Preferred Stock and such other classes or
series of our capital stock ranking, as to rights in the distribution of assets upon our liquidation, dissolution or winding up, on parity
with the Series A Preferred Stock will share ratably in any distribution of assets in proportion to the full liquidating distributions
to which they would otherwise be respectively entitled.

Holders of shares of Series A Preferred Stock
will be entitled to written notice of any distribution in connection with any voluntary or involuntary liquidation, dissolution or winding
up of our affairs not less than 30 days and not more than 60 days prior to the distribution payment date. After payment of