Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 4

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 4
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 prospectus supplement may add, update or change information contained in the accompanying prospectus.
To the extent that any statement that we make in this prospectus supplement is inconsistent or conflicts with statements made in the accompanying
prospectus or any documents incorporated by reference therein, the statements made in this prospectus supplement will be deemed to modify
or supersede those made in the accompanying prospectus and such documents incorporated by reference therein.

We urge you to carefully
read this prospectus supplement, the accompanying prospectus and any related free writing prospectus, together with the information incorporated
herein and therein by reference as described under the headings “Where You Can Find Additional Information,” and “Incorporation
by Reference,” before buying any offered shares.

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<div align='center'>PROSPECTUS SUPPLEMENT SUMMARY</div>

This summary highlights selected information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. This summary does not contain all of the information that you should consider before deciding whether to invest in the offered shares. You should carefully read this entire prospectus supplement, the accompanying prospectus and the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, including the information contained in or referred to under the caption “Risk Factors” beginning on page S-9 in this prospectus supplement, and our consolidated financial statements and the notes to those statements incorporated by reference in this prospectus supplement, before making an investment decision.

Unless the context otherwise requires or indicates, references in this prospectus to “we,” “us,” “our,” and “our company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, together with its subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”), of which we are the sole general partner and through which we conduct our business.

Our Company

We are an internally-managed
REIT focused on the acquisition, ownership and management of specialized industrial properties in the United States. Our properties are
leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and intend to continue to acquire
our properties through sale-leaseback transactions and third-party purchases. We have leased and expect to continue to lease our properties
on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during
the lease term, including structural repairs, maintenance, real estate taxes and insurance.

We were incorporated
in Maryland on June 15