Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 157

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 157
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 Plan investors. In calculating
the value of a class of equity interests, the value of any equity interests held by us or any of our affiliates must be excluded. We
cannot provide any assurance that Plan investors will hold less than 25% of the value of our securities.

Other Prohibited Transactions

Regardless of whether our securities qualify
for the “publicly-offered securities” exception of the Plan Assets Regulation, a prohibited transaction could occur if we,
our advisors, any selected broker-dealer or any of their affiliates is a fiduciary (within the meaning of Section 3(21) of ERISA)
with respect to any Plan purchasing our securities. Accordingly, unless an administrative or statutory exemption applies, securities
should not be purchased by a Plan with respect to which any of the above persons is a fiduciary.

Further, certain employee benefit plans, such
as governmental, non-U.S. or church plans, generally are not subject to the requirements of Title I of ERISA of relevant Code provisions;
provided, however, such plans may be subject to Similar Laws that affect their ability to acquire or hold our securities. Such plans
should consult their own advisors regarding the applicability of any such Similar Laws.

Representation

By acceptance of any of our securities, each
purchaser and subsequent transferee of our securities will be deemed to have represented and warranted that either (i) no portion
of the assets used by such purchaser or transferee to acquire or hold such securities constitutes assets of any Plan or a plan subject
to Similar Law or (ii) the purchase and holding of such securities by such purchaser or transferee will not constitute a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or similar violation under any applicable Similar
Laws.

The sale of our securities to a Plan is in no
respect a representation by us or any other person associated with the offering that such an investment meets all relevant legal requirements
with respect to investments by Plans generally or any particular Plan, or that such an investment is appropriate for Plans generally
or any particular Plan.

The preceding discussion is only a summary of
certain ERISA and Code implications of an investment in the securities and does not purport to be complete. Prospective investors should
consult with their own legal, tax, financial and other advisors prior to investing to review these implications in light of such investor’s
particular circumstances.

Each purchaser or transferee that is or is acting on behalf of a Plan