Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 92

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 92
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 currency other than U.S. dollars,
money and/or Foreign Government Obligations (as defined below) of the government that issued or caused to be issued such currency, that,
through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion
of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal
of, any premium and interest on, and any mandatory sinking fund payments in respect of the debt securities of that series on the stated
maturity of those payments in accordance with the terms of the indenture and those debt securities.

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This discharge may occur only if, among other
things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the
Service, a ruling or, since the date of execution of the indenture, there has been a change in the applicable U.S. federal income tax
law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders of the debt securities of that
series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the deposit, defeasance and discharge
and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the
case if the deposit, defeasance and discharge had not occurred.

Defeasance of Certain Covenants

The indenture provides that, unless otherwise
provided by the terms of the applicable series of debt securities, upon compliance with certain conditions:

| · | we may omit to comply with the covenant described under                                                                
 the heading “Consolidation, Merger and Sale of Assets” and certain other covenants set forth in the indenture, as well 
 as any additional covenants which may be described in the applicable prospectus supplement; and                        |

| · | any omission to comply with those covenants will not                                                                    
 constitute a Default or an Event of Default with respect to the debt securities of that series (“covenant defeasance”). |

The conditions include the following, among others:

| · | depositing with the trustee money and/or U.S. government                                                                                 
 obligations or, in the case of debt securities denominated in a single currency other than U.S. dollars, money and/or Foreign Government 
 Obligations of the