Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 54

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 54
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 Purchasers and
their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of
such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such
securities and instruments.

<div align='center'>LEGAL MATTERS</div>

Certain legal matters
will be passed upon for us by Foley & Lardner LLP. Paul Hastings LLP is acting as counsel to the Sales Agents, the Forward Sellers
and the Forward Purchasers.

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

The consolidated
financial statements and schedule of Innovative Industrial Properties, Inc. as of December 31, 2024 and 2023, and for each
of the three years in the period ended December 31, 2024, and management’s assessment of the effectiveness of internal
control over financial reporting as of December 31, 2024, incorporated by reference in this prospectus supplement and the
accompanying prospectus, have been so incorporated in reliance on the reports of BDO USA, P.C., an independent registered public
accounting firm given on the authority of said firm as experts in auditing and accounting.

<div align='center'>WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>

We file annual, quarterly
and current reports, proxy statements and other information with the SEC under Exchange Act.

We maintain a website
at www.innovativeindustrialproperties.com.Information contained on, or accessible through our website is not incorporated
by reference into and does not constitute a part of this prospectus or any other report or documents we file with or furnish to the SEC.

This prospectus supplement
and the accompanying prospectus are part of a registration statement on Form S-3 that we filed with the SEC. This prospectus supplement
and the accompanying prospectus do not contain all of the information set forth in the registration statement and exhibits and schedules
to the registration statement. For further information with respect to our company and our securities, reference is made to the registration
statement, including the exhibits and schedules thereto. Statements contained in this prospectus supplement or the accompanying prospectus
as to the contents of any contract or other document referred to in this prospectus supplement or the accompanying prospectus are not
necessarily complete and, where that contract or other document has been filed as an exhibit to the registration statement, each statement
in this prospectus supplement or the accompanying prospectus is qualified in all respects by the exhibit to which the reference relates