Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 6

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 6
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 the written request of the holders of at least 10% of such stock or at our next annual meeting and at each         
 subsequent annual meeting of stockholders, for the election of two additional directors to serve on our board of directors (the “Preferred     
 Directors”) until all unpaid dividends with respect to the Series A Preferred Stock and the Parity Preferred Stock have been                   
 paid.                                                                                                                                          
 In addition, the affirmative vote or consent of the holders of at least                                                                        
 two-thirds of the outstanding shares of the Series A Preferred Stock, and the Voting Preferred Stock (voting together as a single              
 class), is required for us to authorize or issue any class or series of capital stock ranking, as to payment of dividends and the distribution 
 of assets upon our liquidation, dissolution or winding up, senior to the Series A Preferred Stock or to amend any provision of our             
 charter so as to materially and adversely affect the terms of the Series A Preferred Stock. Among other things, we may, without the            
 vote of the holders of the Series A Preferred Stock, issue additional shares of any class or series of capital stock ranking on parity         
 with or junior to the Series A Preferred Stock with respect to the payment of dividends and the distribution of assets upon liquidation,       
 dissolution or winding up.                                                                                                                     |

| S-7 |

| Restrictions on ownership and transfer          |     | To assist us in maintaining our qualification as a REIT for federal income tax purposes, among other purposes, we impose restrictions on the ownership and transfer of our capital stock. Our charter provides that generally no person may own, or be deemed to own by virtue of the attribution provisions of the Internal Revenue Code of 1986, as amended (the “Code”), either (1) more than 9.8% in value of our outstanding shares of capital stock, or (2) more than 9.8% in value or in number of shares, whichever is more restrictive, of our outstanding common stock. In addition, the articles supplementary establishing the Series A Preferred Stock provide that generally no person may own, or be deemed to own by virtue of the attribution provisions of the Code, either more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding Series A Preferred Stock. See “Description of Series A Preferred Stock — Restrictions on Ownership and Transfer” in this prospectus supplement and “Description of Capital Stock — Restrictions on Ownership and Transfer” in the accompanying prospectus. |
| Material U.S. federal income tax