Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 48

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 48
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, the respective Sales Agent, the respective
Forward Seller or the respective Forward Purchaser.

We estimate that the
total expenses for the offering, excluding compensation payable to the Sales Agents and/or the Forward Sellers, as applicable, under the
terms of the equity distribution agreements, will be approximately $250,000. Subject to certain exceptions, to the extent that we have
not sold at least $10.0 million of shares of our common stock by March 31, 2025, we have agreed to reimburse the sales agents for
reasonable out of pocket expenses, including the reasonable fees and disbursements of counsel, up to a maximum aggregate amount of $125,000.

| S-30 |

Sales Through Sales Agents

Upon its acceptance of
a placement notice from us, each Sales Agent, if acting as agent, will use commercially reasonable efforts consistent with its normal
sales and trading practices to sell the offered shares under the terms and subject to the conditions set forth in the applicable equity
distribution agreement and such placement notice. The placement notice that we deliver will set forth the maximum number of offered shares
to be issued, the maximum aggregate sales price of offered shares to be sold, the time period during which sales are requested to be made,
any limitation on the number of offered shares that may be sold in any one day and any minimum price below which sales may not be made
or a formula pursuant to which such minimum price shall be determined. The offered shares sold pursuant to the equity distribution agreements
will be sold through only one of the Sales Agents on any given day. We or any of the Sales Agents may suspend the sale of offered shares
upon proper notice and subject to other conditions.

We will pay each Sales
Agent commissions for its services in acting as agent and/or principal in the sale of offered shares. Each Sales Agent will be entitled
to compensation that will not exceed, but may be lower than, 2.0% of the gross sales price of all offered shares sold through it as Sales
Agent from time to time under the applicable equity distribution agreement.

We also may sell some
or all of the offered shares to a Sales Agent as principal for its own account at a price agreed upon at the time of sale.

We generally expect to
settle on the standard settlement cycle then in-effect, unless some other date is agreed upon by us and the applicable Sales Agent in
connection with a particular transaction, in return for payment of the net proceeds to us. There is no arrangement for funds to be received