Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 58

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 58
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 AND THE OPERATING PARTNERSHIP AGREEMENT | 31 |
| MATERIAL                                                      
 U.S. FEDERAL INCOME TAX CONSIDERATIONS                        | 33 |
| ERISA                                                         
 CONSIDERATIONS                                                | 52 |
| SELLING                                                       
 SECURITY HOLDERS                                              | 54 |
| PLAN                                                          
 OF DISTRIBUTION                                               | 54 |
| LEGAL                                                         
 MATTERS                                                       | 56 |
| EXPERTS                                                       | 56 |
| WHERE                                                         
 YOU CAN FIND ADDITIONAL INFORMATION                           | 56 |

You should rely only on the information contained in or incorporated by reference in this prospectus, any accompanying prospectus supplement and any related free writing prospectus that we may authorize to be provided to you. We have not authorized anyone to provide you with different information. This prospectus and any accompanying prospectus supplement do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in any applicable prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should assume that the information in this prospectus, any applicable prospectus supplement or any related free writing prospectus is accurate only as of the date on the front of the document and that any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus, any applicable prospectus supplement or any related free writing prospectus, or any sale of a security. Our business, financial condition, results of operations and prospects may have changed materially since those dates.

<div align='center'>FORWARD-LOOKING STATEMENTS</div>

The statements contained or incorporated by reference
in this prospectus that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act
of 1995 are subject to risks and uncertainties. In particular, statements pertaining to our capital resources, portfolio performance
and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth in our funds from
operations and anticipated market and regulatory conditions, our strategic direction, demographics, results of operations, plans and
objectives are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties, and you should not rely
on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or
imprecise, and we may not be able to realize them. We