Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 5

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 5
---
, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or
UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general
partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating
Partnership. As of December 31, 2024, we had 22 full-time employees.

As of February 20,
2025, the Company was authorized to issue up to 50,000,000 shares of common stock, and there were 28,331,833 shares of common stock issued
and outstanding. As of February 20, 2025, the Company was authorized to issue up to 23,350,000 shares of Series A Preferred
Stock, and there were 1,002,673 shares of Series A Preferred Stock issued and outstanding.

Corporate Information

For a complete discussion
of our business and operations, see our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q,
which are incorporated by reference in this prospectus supplement.

Our principal executive
offices are located at 1389 Center Drive, Suite 200, Park City, UT 84098. Our telephone number is (858) 997-3332. Our website is www.innovativeindustrialproperties.com.
The information found on, or otherwise accessible through, our website is not incorporated into, and does not form a part of, this prospectus
or any other report or document we file with or furnish to the Securities and Exchange Commission (“SEC”).

| S-2 |

<div align='center'>THE OFFERING OF COMMON STOCK</div>

The following terms are summarized below solely for your convenience. For a more complete description of the terms of our shares of common stock, see “Description of Capital Stock” in the accompanying prospectus.

| Shares of common stock offered by us or the Forward Purchaser (or affiliates thereof) |     | Shares of common stock having aggregate sales proceeds, together with the shares of Series A Preferred Stock offered hereunder, of up to $500,000,000.   Of that amount, we have sold offered shares having an aggregate offering price of approximately $10.1 million as of the date of this prospectus supplement, pursuant to a Registration Statement on Form S-3 filed on January 24, 2022 (Registration No. 333-262320