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

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 26
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Dividends on the Series A Preferred Stock
will accrue whether or not:

| · | we have earnings; |

| · | there are funds legally available for the payment of those dividends; or |

| · | those dividends are authorized by our board of directors or declared by us. |

Except as described in the next two paragraphs,
unless full cumulative dividends on the Series A Preferred Stock for all past dividend periods that have ended shall have been or
contemporaneously are declared and paid in cash or declared and a sum sufficient for the payment thereof is set apart for payment, we
will not:

| · | declare and pay or declare and set apart for payment of dividends, and we will not declare and make any distribution of cash or other        
 property, directly or indirectly, on or with respect to any shares of our common stock or shares of any other class or series of our capital 
 stock ranking, as to dividends, on parity with or junior to the Series A Preferred Stock, for any period; or                                 |

| · | redeem, purchase or otherwise acquire for any consideration, or make any other distribution of cash or other property, directly or          
 indirectly, on or with respect to, or pay or make available any monies for a sinking fund for the redemption of, any common stock or shares 
 of any other class or series of our capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation,  
 dissolution or winding up, on parity with or junior to the Series A Preferred Stock.                                                        |

The foregoing sentence, however, will not prohibit:

| · | dividends payable solely in shares of capital stock ranking, as to payment of dividends and the distribution of assets upon our liquidation, 
 dissolution or winding up, junior to the Series A Preferred Stock;                                                                           |

| · | conversion into or exchange for other shares of any class or series of our capital stock ranking junior to the Series A Preferred 
 Stock as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up;                  |

| · | our purchase of shares of Series A Preferred Stock or any other class or series of capital stock ranking, as to payment of dividends 
 and the distribution of assets upon our liquidation, dissolution or winding up, on parity with or junior to the Series A Preferred   
 Stock pursuant to our charter to the extent necessary to qualify or preserve our qualification as a REIT as discussed under “—       
 Restrictions on Ownership and Transfer;” and                                                                                         |

| · | our