Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 33

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 33
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 such
Change of Control/Delisting occurred, by paying $25.00 per share, plus an amount equal to all accrued but
unpaid dividends to, but not including, the redemption date. If, prior to the Change of Control/Delisting Conversion Date, we have provided
or provide notice of our election to redeem the Series A Preferred Stock (whether pursuant to our optional redemption right or our
special optional redemption right), the holders of Series A Preferred Stock will not have the conversion right described below under
“— Conversion Right Upon a Change of Control/Delisting” with respect to the shares of Series A Preferred Stock
subject to such notice.

We will mail to you, if you are a record holder
of the Series A Preferred Stock, a notice of redemption not fewer than 30 days nor more than 60 days before the redemption date.
We will send the notice to your address shown on our stock transfer books. A failure to give notice of redemption or any defect in the
notice or in its mailing will not affect the validity of the redemption of any Series A Preferred Stock except as to the holder to
whom notice was defective. Each notice will state the following:

| · | the redemption date; |

| · | the redemption price; |

| · | the number of shares of Series A Preferred Stock to be redeemed; |

| · | procedures of DTC for book entry transfer of shares of Series A Preferred Stock for payment of the redemption price; |

| · | that dividends on the shares of Series A Preferred Stock to be redeemed will cease to accrue on such redemption date; |

| · | that payment of the redemption price plus an amount equal to all accrued but unpaid dividends will be made upon book entry transfer 
 of such Series A Preferred Stock in compliance with DTC’s procedures;                                                               |

| S-22 |

| · | that the Series A Preferred Stock is being redeemed pursuant to our special optional redemption right in connection with the                          
 occurrence of a Change of Control/Delisting and a brief description of the transaction or transactions constituting such Change of Control/Delisting; 
 and                                                                                                                                                   |

| · | that the holders of the Series A Preferred Stock to which the notice relates will not be able to tender such Series A Preferred         
 Stock for conversion in connection with the Change of Control/Delisting and each share of Series A                                      
 Preferred Stock tendered for conversion that is selected, prior to the Change of Control/Delisting Conversion Date, for redemption will 
 be redeemed on the