Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 68

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 68
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 described below, any other restrictions on the ownership and transfer of the preferred stock; and |

| · | any additional rights, preferences,                
 privileges or restrictions of the preferred stock. |

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As of February 20, 2025, there were 1,002,673
shares of our Series A Preferred Stock issued and outstanding. We pay cumulative dividends on the Series A Preferred Stock,
when and as authorized by our board of directors, at a rate of 9.0% per annum of the $25.00 liquidation preference per share (equivalent
to the fixed annual rate of $2.25 per share). Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about
the 15th day of January, April, July and October of each year. The Series A Preferred Stock ranks senior to our common
stock with respect to dividend rights and rights upon our liquidation, dissolution or winding-up. We may, at our option, upon not fewer
than 30 and not more than 60 days’ written notice, redeem the Series A Preferred Stock, in whole or in part, at any time
or from time to time, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued but unpaid dividends
(whether or not authorized or declared) to, but not including, the date fixed for redemption, without interest, to the extent we have
funds legally available for that purpose. If we do not exercise our right to redeem the Series A Preferred Stock upon a change of
control/delisting, the holders of Series A Preferred Stock have the right to convert some or all of their shares into a number of
shares of our common stock based on a defined formula subject to a cap. The Series A Preferred Stock has no stated maturity and
is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series A Preferred Stock will generally have
no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive)
and in certain other circumstances. In addition to any other class or series of preferred stock that we may offer, issue or sell pursuant
to this prospectus and any accompanying prospectus supplement, we may issue additional shares of Series A Preferred Stock.

Power to Reclassify Our Unissued Shares of Stock

Our charter authorizes
our board of directors to classify and reclassify