Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 30

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 30
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, because such holder’s shares of Series A
Preferred Stock were not redeemed, or were only redeemed in part, then, except as otherwise provided in our charter, we will redeem the
requisite number of shares of Series A Preferred Stock of such holder such that no holder will own in excess of the 9.8% Series A
Preferred Stock ownership limit subsequent to such redemption. See “— Restrictions on Ownership and Transfer” below.
In order for their shares of Series A Preferred Stock to be redeemed, holders must surrender their shares at the place, or in accordance
with the book-entry procedures, designated in the notice of redemption. Holders will then be entitled to the redemption price of $25.00
per share plus an amount equal to all accrued but unpaid dividends payable upon redemption following surrender of the shares as detailed
below. If a notice of redemption has been given (in the case of a redemption of the Series A Preferred Stock other than to qualify
or preserve our qualification as a REIT), if the funds necessary for the redemption have been set apart by us in trust for the benefit
of the holders of any shares of Series A Preferred Stock called for redemption and if irrevocable instructions have been given to
pay the redemption price of $25.00 per share plus an amount equal to all accrued but unpaid dividends, then from and after the
redemption date, dividends will cease to accrue on such shares of Series A Preferred Stock and such shares of Series A Preferred
Stock will no longer be deemed outstanding. At such time, all rights of the holders of such shares will terminate, except the right to
receive the redemption price plus an amount equal to all accrued but unpaid dividends payable upon redemption, without interest.

Unless full cumulative dividends on all shares
of Series A Preferred Stock have been or contemporaneously are authorized, declared and paid or declared and a sum sufficient for
the payment thereof set apart for payment for all past dividend periods that have ended, no shares of Series A Preferred Stock will
be redeemed pursuant to the optional redemption right or the special optional redemption right described below under “— Special
Optional Redemption,” unless all outstanding shares of Series A Preferred Stock are simultaneously redeemed and we will not
purchase or otherwise acquire, directly or indirectly, any shares of Series A Preferred Stock or any class or series of our capital
stock ranking, as to payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, on parity with
or junior to the Series A Preferred Stock (