Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 56

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 56
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 specifically incorporated by reference in those documents, call or write us at:

<div align='center'>Innovative Industrial Properties, Inc.

11440 West Bernardo Court, Suite 100

San Diego, California 92127

Attn: Secretary

(858) 997-3332</div>

You should not assume
that the information contained or incorporated by reference into this prospectus or any free writing prospectus is accurate as of any
date other than the dates specified on those respective documents.

| S-34 |

PROSPECTUS

<div align='center'>Innovative Industrial Properties, Inc.

COMMON STOCK
PREFERRED STOCK
DEPOSITARY SHARES
WARRANTS
RIGHTS
UNITS

GUARANTEES OF DEBT SECURITIES

IIP Operating Partnership, LP

DEBT SECURITIES</div>

We may offer and sell
the securities identified above from time to time in one or more offerings. IIP Operating Partnership, LP, a Delaware limited partnership
(our “Operating Partnership”), may offer from time to time debt securities in one or more series. The debt securities issued
by our Operating Partnership may be fully and unconditionally guaranteed by us. This prospectus may also be used to offer and sell any
of the securities for the account of persons other than us as provided in an applicable prospectus supplement.

This prospectus describes
some of the general terms and conditions that may apply to the securities. Each time we, our Operating Partnership, or our selling security
holders offer and sell securities, we will provide a supplement to this prospectus that contains specific terms and conditions of any
securities being offered. The specific amounts and terms of any securities to be offered, issued or sold, and the identity of any selling
security holders, will also be described in the applicable prospectus supplement. It is important that you read both this prospectus
and the applicable prospectus supplement before you invest in any of the securities.

We, our Operating Partnership,
or our selling security holders may offer the securities directly to investors, through agents designated from time to time by them or
us, or to or through underwriters or dealers on a continuous or delayed basis. If any agents, underwriters or dealers are involved in
the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount arrangement with, between
or among them, will be set forth, or will be calculable from the information set forth, in an accompanying prospectus supplement