Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 95

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 95
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 the securities, except in the event the book-entry system for the securities is discontinued.
Securities issued in book entry form will be evidenced by one or more global securities that will be deposited with, or on behalf of,
a depositary identified in the applicable prospectus supplement relating to the securities. We expect that The Depository Trust Company
will serve as depositary. Unless and until it is exchanged in whole or in part for the individual securities represented by that security,
a global security may not be transferred except as a whole by the depositary for the global security to a nominee of that depositary
or by a nominee of that depositary to that depositary or another nominee of that depositary or by the depositary or any nominee of that
depositary to a successor depositary or a nominee of that successor. Global securities may be issued in either registered or bearer form
and in either temporary or permanent form. The specific terms of the depositary arrangement with respect to a class or series of securities
that differ from the terms described here will be described in the applicable prospectus supplement.

Unless otherwise indicated in the applicable
prospectus supplement, we anticipate that the provisions described below will apply to depositary arrangements.

Upon the issuance of a global security, the depositary
for the global security or its nominee will credit on its book-entry registration and transfer system the respective principal amounts
of the individual securities represented by that global security to the accounts of persons that have accounts with such depositary,
who are called “participants.” Those accounts will be designated by the underwriters, dealers or agents with respect to the
securities or by us if the securities are offered and sold directly by us. Ownership of beneficial interests in a global security will
be limited to the depositary’s participants or persons that may hold interests through those participants. Ownership of beneficial
interests in the global security will be shown on, and the transfer of that ownership will be effected only through, records maintained
by the applicable depositary or its nominee (with respect to beneficial interests of participants) and records of the participants (with
respect to beneficial interests of persons who hold through participants). The laws of some states require that certain purchasers of
securities take physical delivery of such securities in definitive form. These limits and laws may impair the ability to own, pledge
or transfer beneficial interest in a global security.

So long as the depositary for a global security
or its nominee is the registered owner of such global security, that depositary or nominee, as the