Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 86

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 86
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, any of our subsidiaries
may consolidate with, merge into or transfer all or part of its properties to us.

<div align='center'>19</div>

Guarantees

Unless otherwise described in the applicable
prospectus supplement, the debt securities issued by us will be fully and unconditionally guaranteed by IIP. If a series of debt securities
is so guaranteed, an indenture, a supplemental indenture thereto, and/or a notation of guarantee will be executed by the guarantor. The
obligations of the guarantor under the guarantee will be limited as necessary to prevent that guarantee from constituting a fraudulent
conveyance under applicable law. The terms of the guarantee will be set forth in the applicable prospectus supplement.

Events of Default

“Default” means any event which is,
or after notice or passage of time or both would be, an Event of Default.

“Event of Default” means with respect
to any series of debt securities, the occurrence of any of the following events, unless otherwise provided by resolution of the board
of directors of IIP, supplemental indenture or officer’s certificate:

| · | a default in the payment of any interest upon any debt                                                                              
 security of that series when it becomes due and payable, and continuance of such default for a period of 90 days (unless the entire 
 amount of the payment is deposited by us with the trustee or with a paying agent prior to the expiration of the 90-day period);     |

| · | a default in the payment of principal of any debt security 
 of that series at its maturity;                            |

| · | a default in the performance or breach of any covenant                                                                                     
 or warranty by us in the debt security of that series or the indenture (other than defaults pursuant to the first or second bullet         
 of this paragraph or pursuant to a covenant or warranty that has been included in the indenture solely for the benefit of a series         
 of debt securities other than that series), which default continues uncured for a period of 90 days after we receive written notice        
 from the trustee or we and the trustee receive written notice from the holders of not less than 25% in principal amount of the outstanding 
 debt securities of that series as provided in the indenture;                                                                               |

| · | certain voluntary or involuntary events of bankruptcy,   
 insolvency or reorganization of us or any guarantor; and |

| · | any other Event of Default provided with respect to                                       
 debt securities of that series that is described