Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 0

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 0
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As filed pursuant to Rule 424(b)(5)
Registration No. 333-285148

PROSPECTUS SUPPLEMENT

(To Prospectus dated February 21, 2025)

<div align='center'>$500,000,000

Common Stock

9.00% Series A Cumulative Redeemable Preferred Stock

(Liquidation Preference $25.00 per share)</div>

We previously
entered into separate equity distribution agreements, dated May 24, 2024 (as amended from time to time the “equity
distribution agreements”) with each of BTIG, LLC, Jefferies LLC, Piper Sandler & Co. and Roth Capital Partners, LLC
(or certain of their respective affiliates), acting in their capacities as Sales Agents (as defined below) or as Forward Sellers (as
defined below) and, in certain cases, as Forward Purchasers (as defined below), relating to the offer and sale of shares of our
common stock, par value $0.001 per share (“common stock”), and shares of our 9.00% Series A Cumulative Redeemable
Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”), having an aggregate offering price of up
to $500,000,000. We refer to the shares of common stock and Series A Preferred Stock offered under this prospectus supplement
and the accompanying prospectus, collectively, as the “offered shares.” Of that amount, we have sold offered shares
having an aggregate offering price of approximately $10.1 million as of the date of this prospectus supplement, pursuant to a
Registration Statement on Form S-3 filed on January 24, 2022 (Registration No. 333-262320) and a prospectus
supplement, dated May 24, 2024. Accordingly, as of the date of this prospectus supplement, offered shares having an aggregate
offering price of up to approximately $489.9 million remain available for offer and sale pursuant to this prospectus supplement.

We refer to BTIG, LLC,
Jefferies LLC, Piper Sandler & Co. and Roth Capital Partners, LLC, when acting in their capacity as sales agents, individually
as a “Sales Agent” and collectively as “Sales Agents.” We refer to these entities (or certain of their respective
affiliates), when acting as agents for Forward Purchasers, individually as a “Forward Seller” and collectively as “Forward
Sellers.” Sales of the offered