Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 77

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 77
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 by such depositary share, to all the rights and preferences
of the preferred share, including dividend, voting, redemption, subscription and liquidation rights. The terms of any depositary shares
will be described in the applicable prospectus supplement and the provisions of the deposit agreement, which will be filed with the SEC.
You should carefully read the deposit agreement and the depositary receipt attached to the deposit agreement for a more complete description
of the terms of the depositary shares.

If any series of preferred stock underlying the
depositary shares may be converted or redeemed, each record holder of depositary receipts representing the shares of preferred stock
being converted or redeemed will have the right or obligation to convert or redeem the depositary shares represented by the depositary
receipts.

Whenever we redeem or convert shares of preferred
stock held by the depositary, the depositary will redeem or convert, at the same time, the number of depositary shares representing the
preferred stock to be redeemed or converted. The depositary will redeem or convert the depositary shares from the proceeds it receives
from the corresponding redemption or conversion of the applicable series of preferred stock. The redemption or conversion price per depositary
share will be equal to the applicable fraction of the redemption or conversion price per share of the applicable series of preferred
stock. If fewer than all the depositary shares are to be redeemed or converted, the depositary will select which shares are to be redeemed
or converted by lot on a pro rata basis or by any other equitable method as the depositary may decide.

After the redemption or conversion date, the
depositary shares called for redemption or conversion will no longer be outstanding. When the depositary shares are no longer outstanding,
all rights of the holders of such shares will end, except the right to receive money, securities or other property payable upon redemption
or conversion.

We will pay all fees, charges and expenses of
the depositary, including such fees, charges and expenses in connection with the initial deposit of preferred stock and any redemption
of the preferred stock. Holders of depositary shares will pay taxes and any other charges as are stated in the deposit agreement for
their accounts.

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DESCRIPTION OF WARRANTS</div>

This section describes the general terms and
provisions of our warrants. The applicable prospectus supplement will describe the specific terms of the warrants offered through that
prospectus supplement as well as any general terms described in this section that will not apply to those warrants.

We may