Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 63

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 63
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 Form 10-Q,
which are incorporated by reference in this prospectus.

Our principal executive
offices are located at 1389 Center Drive, Suite 200, Park City, Utah 84098. Our telephone number is (858) 997-3332. Our website
is . 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 SEC.

<div align='center'>5

RISK FACTORS</div>

An investment in our
securities involves various risks. You should carefully consider the risk factors incorporated by reference to our most recent Annual
Report on Form 10-K and the other information contained in this prospectus, as updated by our Quarterly Reports on Form 10-Q
and subsequent filings under the Exchange Act and the risk factors and other information contained in the applicable prospectus supplement
before acquiring any of our securities.

<div align='center'>ABOUT THIS PROSPECTUS</div>

This prospectus is part
of a shelf registration statement. We may sell, from time to time, in one or more offerings, any combinations of the securities described
in this prospectus. This prospectus only provides you with a general description of the securities we may offer. Each time we sell securities
under this prospectus, we will provide a prospectus supplement that contains specific information about the terms of the securities.
The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus
and any prospectus supplement together with the additional information described below under the heading “Where You Can Find Additional
Information.”

<div align='center'>GUARANTOR DISCLOSURES</div>

Innovative Industrial
Properties, Inc. may guarantee debt securities of the Operating Partnership as described in the section entitled “Description
of Debt Securities.” Any such guarantees will be full and unconditional and joint and several guarantees to the holders of each
series of such outstanding guaranteed debt securities. Innovative Industrial Properties, Inc. owns all of its assets and conducts
all of its operations through the Operating Partnership, and the Operating Partnership is consolidated into the financial statements
of Innovative Industrial Properties, Inc.

We have filed this prospectus
with the SEC registering, among other securities, debt securities of the Operating Partnership, which may be fully and unconditionally
guaranteed by Innovative Industrial Properties, Inc. Pursuant to Rule