Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 82

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 82
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 and Argent Institutional Trust Company, as trustee, and Securities Transfer
Corporation, as registrar. The indenture is subject to and governed by the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act”), and may be supplemented or amended from time to time following its execution.

The following summary describes selected provisions
of the form of indenture. This summary does not describe every aspect of the debt securities or the indenture and is subject to, and
qualified in its entirety by reference to, all the provisions of the indenture, including the terms defined in the indenture. This summary
is also subject to, and qualified in its entirety by reference to, the description of the particular debt securities in the applicable
prospectus supplement. Capitalized terms used in the following summary and not defined in this prospectus have the meanings specified
in the indenture.

General

The terms of each series of debt securities will
be established by or pursuant to a resolution of the board of directors of IIP, as our sole general partner, and set forth or determined
in the manner provided in such resolution, in an officer’s certificate or by a supplemental indenture. The particular terms of
each series of debt securities will be described in a prospectus supplement relating to such series (including any pricing supplement
or term sheet).

Unless otherwise specified in a prospectus supplement,
the indenture will designate Argent Institutional Trust Company as the trustee for the indenture and Securities Transfer Corporation
as registrar with respect to one or more series of our debt securities. Argent Institutional Trust Company, or any other specified
trustee, may resign or be removed with respect to one or more series of our debt securities, and a successor trustee may be appointed
to act with respect to that series. Similarly, Securities Transfer Corporation, or any other specified registrar, may resign or be removed
with respect to one or more series of our debt securities, and a successor registrar may be appointed to act with respect to that series.

We can issue an unlimited amount of debt securities
under the indenture that may be in one or more series with the same or various maturities, at par, at a premium, or at a discount. We
will set forth in a prospectus supplement (including any pricing supplement or term sheet) relating to any series of debt securities
being offered, the aggregate principal amount and the following terms of the debt securities, if applicable:

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