Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 37

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 37
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 A Preferred Stock a notice of occurrence of the Change of Control/Delisting
that describes the resulting Change of Control/Delisting Conversion Right (the “Change of Control/Delisting Company Notice”),
which will state the following:

| · | the events constituting the Change of Control/Delisting; |

| · | the date of the Change of Control/Delisting; |

| · | the last date on which the holders of Series A Preferred Stock may exercise their Change of Control/Delisting Conversion Right; |

| · | the method and period for calculating the Common Stock Price; |

| · | the Change of Control/Delisting Conversion Date; |

| · | that if, prior to the Change of Control/Delisting Conversion Date, we have provided or provide notice of our election to redeem all           
 or any portion of the Series A Preferred Stock, holders will not be able to convert the shares of Series A Preferred Stock designated         
 for redemption and such shares will be redeemed on the related redemption date, even if such shares have already been tendered for conversion 
 pursuant to the Change of Control/Delisting Conversion Right;                                                                                 |

| · | if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series A Preferred 
 Stock;                                                                                                                             |

| · | the name and address of the paying agent and the conversion agent; and |

| S-24 |

| · | the procedures that the holders of Series A Preferred Stock must follow to exercise the Change of Control/Delisting Conversion 
 Right.                                                                                                                         |

We will issue a press release for publication
on Dow Jones & Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are
not in existence at the time of issuance of the press release, such other news or press organization as is reasonably calculated to broadly
disseminate the relevant information to the public), or post a notice on our website, in any event prior to the opening of business on
the first business day following any date on which we provide the notice described above to the holders of Series A Preferred Stock.

To exercise the Change of Control/Delisting Conversion
Right, the holders of Series A Preferred Stock will be required to deliver, on or before the close of business on the Change of Control/Delisting
Conversion Date, the certificates (if any) or book entries representing Series A Preferred Stock to be converted, duly endorsed for
transfer (if certificates are delivered), together with a completed written conversion notice