Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 34

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 34
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 related date of redemption instead of converted on the Change of Control/Delisting Conversion Date.                  |

If we redeem fewer than all of the outstanding
shares of Series A Preferred Stock, the notice of redemption mailed to each stockholder will also specify the number of shares of
Series A Preferred Stock that we will redeem from each stockholder or the method for determining such number. In this case, we will
determine the number of shares of Series A Preferred Stock to be redeemed as described above in “— Optional Redemption.”

If we have given a notice of redemption and have
set apart sufficient funds for the redemption in trust for the benefit of the holders of the Series A Preferred Stock called for
redemption, then from and after the redemption date, those shares of Series A Preferred Stock will be treated as no longer being
outstanding, no further dividends will accrue and all other rights of the holders of those shares of Series A Preferred Stock will
terminate. The holders of those shares of Series A Preferred Stock will retain their right to receive the redemption price for their
shares and an amount equal to all accrued but unpaid dividends to, but not including, the redemption date, without interest.

The holders of Series A Preferred Stock at
the close of business on a dividend record date will be entitled to receive the dividend payable with respect to the Series A Preferred
Stock on the corresponding payment date notwithstanding the redemption of the Series A Preferred Stock between such record date and
the corresponding payment date or our default in the payment of the dividend due. Except as provided above, we will make no payment or
allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Stock for which a notice of redemption has been
given as described herein.

A “Change of Control/Delisting” is
when, after the original issuance of the Series A Preferred Stock, any of the following has occurred and is continuing:

| · | the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of                               
 the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series        
 of purchases, mergers or other acquisition transactions of stock of our company entitling that person to exercise more than 50% of the          
 total voting power of all stock of our company entitled to vote generally in the election of our directors (except that such person will        
 be deemed to have beneficial ownership of all securities that such person