Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 159

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 159
---
 at varying prices determined by the underwriters at the time of sale. Securities may be offered to the public either through
underwriting syndicates represented by managing underwriters or directly by one or more underwriters. If any underwriter or underwriters
are utilized in the sale of securities, unless otherwise indicated in the applicable prospectus supplement and/or other offering material,
the obligations of the underwriters are subject to certain conditions precedent, and the underwriters will be obligated to purchase all
such securities if they purchase any of them.

If a dealer is utilized in the sale of the securities
in respect of which this prospectus is delivered, we will sell such securities to the dealer, as principal. The dealer may then resell
such securities to the public at varying prices to be determined by such dealer at the time of resale. Transactions through brokers or
dealers may include block trades in which brokers or dealers will attempt to sell shares as agent but may position and resell as principal
to facilitate the transaction or in cross trades, in which the same broker or dealer acts as agent on both sides of the trade. Any such
dealer may be deemed to be an underwriter, as such term is defined in the Securities Act, of the securities so offered and sold.

Offers to purchase securities may be solicited
directly by us and the sale thereof may be made by us directly to institutional investors or others, who may be deemed to be underwriters
within the meaning of the Securities Act with respect to any resale thereof.

Agents, underwriters and dealers may be entitled
under relevant agreements with us to indemnification by us against certain liabilities, including liabilities under the Securities Act,
or to contribution with respect to payments which such agents, underwriters and dealers may be required to make in respect thereof. The
terms and conditions of any indemnification or contribution will be described in the applicable prospectus supplement and/or other offering
material.

We may enter into derivative, sale or forward
sale transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement and/or other offering material indicates, in connection with those transactions, the third parties
may sell securities covered by this prospectus and the applicable prospectus supplement and/or other offering material, including in
short sale transactions and by issuing securities not covered by this prospectus but convertible into, exchangeable for or representing
beneficial interests in securities covered by this prospectus, or the return of which is derived in whole