Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 27

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 27
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 purchase of shares of any other class or series of capital stock ranking on parity with the Series A Preferred Stock as to         
 payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up pursuant to a purchase or exchange 
 offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock.                                         |

When we do not pay dividends in full (and do not
set apart a sum sufficient to pay them in full) on the Series A Preferred Stock and the shares of any other class or series of capital
stock ranking, as to dividends, on parity with the Series A Preferred Stock, we will declare any dividends upon the Series A
Preferred Stock and each such other class or series of capital stock ranking, as to dividends, on parity with the Series A Preferred
Stock pro rata, so that the amount of dividends declared per share of Series A Preferred Stock and such other class or series of
capital stock will in all cases bear to each other the same ratio that accrued dividends per share on the Series A Preferred Stock
and such other class or series of capital stock (which will not include any accrual in respect of unpaid dividends on such other class
or series of capital stock for prior dividend periods if such other class or series of capital stock does not have a cumulative dividend)
bear to each other. No interest, or sum of money in lieu of interest, will be payable in respect of any dividend payment or payments on
the Series A Preferred Stock which may be in arrears.

Holders of shares of Series A Preferred Stock
are not entitled to any dividend, whether payable in cash, property or shares of capital stock, in excess of full cumulative dividends
on the Series A Preferred Stock as described above. Any dividend payment made on the Series A Preferred Stock will first be
credited against the earliest accrued but unpaid dividends due with respect to those shares which remain payable. Accrued but unpaid dividends
on the Series A Preferred Stock will accrue as of the dividend payment date on which they first become payable.

| S-19 |

We do not intend to declare dividends on the Series A
Preferred Stock, or pay or set apart for payment dividends on the Series A Preferred Stock, if the terms of any of our agreements,
including any agreements relating to our indebtedness, prohibit such a declaration, payment or setting apart for payment or provide that
such declaration, payment or setting apart for payment would constitute a breach of or default under such an agreement. Likewise, no dividends
will be