Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 59

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 59
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 do not guarantee that the transactions and events described will happen as described
(or that they will happen at all). You can identify forward-looking statements by the use of forward-looking terminology such as “believes,”
“expects,” “may,” “will,” “should,” “seeks,” “approximately,”
“intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases
or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The following
factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the
forward-looking statements:

| · | rates                                
 of default on leases for our assets; |

| · | our                                                                                       
 ability to re-lease properties upon tenant defaults or lease terminations for the rent we 
 currently receive, or at all;                                                             |

| · | concentration                                             
 of our portfolio of assets and limited number of tenants; |

| · | the                                                                                
 estimated growth in and evolving market dynamics of the regulated cannabis market; |

| · | the                                                                  
 demand for regulated cannabis cultivation and processing facilities; |

| · | inflation 
 dynamics; |

| · | the                                                                             
 impact of pandemics on us, our business, our tenants, or the economy generally; |

| · | war                                                                   
 and other hostilities, including the conflicts in Ukraine and Israel; |

| · | our                               
 business and investment strategy; |

| · | our                          
 projected operating results; |

| · | actions                                                                                     
 and initiatives of the U.S. or state governments and changes to government policies and the 
 execution and impact of these actions, initiatives and policies, including the fact that    
 cannabis remains illegal under federal law;                                                 |

| · | availability                                                             
 of suitable investment opportunities in the regulated cannabis industry; |

| · | our                                                                                        
 understanding of our competition and our potential tenants’ alternative financing sources; |

| · | the                                                                        
 expected medical-use or adult-use cannabis legalization in certain states; |

| · | shifts                                          
 in public opinion regarding regulated cannabis; |

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| · | the                                                                                      
 potential impact on us from litigation matters, including rising liability and insurance 
 costs;                                                                                   |

| · | the                                                                                         
 additional risks that may be associated with certain of our tenants cultivating, processing 
 and/or dispensing adult-use cannabis in our facilities;                                     |

| · | the                                                                  
 state of