Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 29

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 29
---
 the full amount
of the liquidating distributions to which they are entitled, holders of shares of Series A Preferred Stock will have no right or
claim to any of our remaining assets. Our consolidation or merger with or into any other corporation, trust or other entity, or the voluntary
sale, lease, transfer or conveyance of all or substantially all of our property or business, will not be deemed to constitute a liquidation,
dissolution or winding up of our affairs and no such advance notice will be required. See “— Conversion Right Upon a Change
of Control/Delisting” below for information about conversion of the Series A Preferred Stock in the event of a change of control
of our company.

In determining whether a distribution (other than
upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition of shares of our capital stock or otherwise,
is permitted under the Maryland General Corporation Law, amounts that would be needed, if we were to be dissolved at the time of the distribution,
to satisfy the preferential rights upon dissolution of holders of shares of Series A Preferred Stock will not be added to our total
liabilities.

Optional Redemption

We may, at our option, upon not fewer than 30
and not more than 60 days’ written notice, redeem the Series A Preferred Stock, in whole or in part, at any time or from time
to time, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued but unpaid dividends (whether
or not authorized or declared) to, but not including, the date fixed for redemption, without interest, to the extent we have funds legally
available for that purpose.

| S-20 |

If fewer than all of the outstanding shares of
Series A Preferred Stock are to be redeemed, the shares of Series A Preferred Stock to be redeemed will be redeemed pro rata
(as nearly as may be practicable without creating fractional shares) by lot, or by any other equitable method that we determine will not
violate the 9.8% Series A Preferred Stock ownership limit. If such redemption is to be by lot and, as a result of such redemption,
any holder of shares of Series A Preferred Stock, other than a holder of Series A Preferred Stock that has received an exemption
from the ownership limit, would have actual, beneficial or constructive ownership of more than 9.8% of the issued and outstanding shares
of Series A Preferred Stock by value or number of shares, whichever is more restrictive