Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 57

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 57
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. For
more detailed information, see “Plan of Distribution” beginning on page 54. No securities may be sold without delivery
of a prospectus supplement describing the method and terms of the offering of those securities.

Our common stock is
traded on the New York Stock Exchange (the “NYSE”) under the symbol “IIPR.” The last reported sale price of our
common stock on the NYSE on February 20, 2025 was $72.90 per share.

Our 9.0% Series A
Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) is traded on the NYSE under the symbol “IIPR
Pr A.”

Investing in our securities involves risks. Before making a decision to invest in our securities, you should carefully consider the risks described on page 6 of this prospectus and in any accompanying prospectus supplement, as well as the risks described under the section entitled “Risk Factors” included in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed by us with the Securities and Exchange Commission.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is February 21, 2025.

TABLE OF CONTENTS</div>

| FORWARD-LOOKING                                               
 STATEMENTS                                                    |  2 |
| INCORPORATION                                                 
 BY REFERENCE                                                  |  4 |
| OUR                                                           
 COMPANY                                                       |  5 |
| RISK                                                          
 FACTORS                                                       |  6 |
| ABOUT                                                         
 THIS PROSPECTUS                                               |  6 |
| GUARANTOR                                                     
 DISCLOSURES                                                   |  6 |
| USE                                                           
 OF PROCEEDS                                                   |  6 |
| DESCRIPTION                                                   
 OF CAPITAL STOCK                                              |  7 |
| DESCRIPTION                                                   
 OF DEPOSITARY SHARES                                          | 13 |
| DESCRIPTION                                                   
 OF WARRANTS                                                   | 14 |
| DESCRIPTION                                                   
 OF RIGHTS                                                     | 15 |
| DESCRIPTION                                                   
 OF UNITS                                                      | 16 |
| DESCRIPTION                                                   
 OF DEBT SECURITIES                                            | 17 |
| CERTAIN                                                       
 PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS         | 26 |
| OUR                                                           
 OPERATING PARTNERSHIP