Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 80

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 80
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 and provisions of the units
that we may offer under this prospectus. Units may be offered independently or together with common stock, preferred stock and/or warrants
offered by any prospectus supplement, and may be attached to or separate from those securities.

While the terms we have summarized below will
generally apply to any future units that we may offer under this prospectus, we will describe the particular terms of any series of units
that we may offer in more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement
may differ from the terms described below.

We will incorporate by reference into the registration
statement of which this prospectus is a part the form of unit agreement, including a form of unit certificate, if any, that describes
the terms of the series of units we are offering before the issuance of the related series of units. The following summaries of material
provisions of the units and the unit agreements are subject to, and qualified in their entirety by reference to, all the provisions of
the unit agreement applicable to a particular series of units. We urge you to read the applicable prospectus supplement related to the
units that we sell under this prospectus, as well as the complete unit agreements that contain the terms of the units.

General

We may issue units consisting of common stock,
preferred stock, depositary shares, warrants, rights or any combination thereof. Each unit will be issued so that the holder of the unit
is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder
of each included security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not
be held or transferred separately, at any time, or at any time before a specified date.

We will describe in the applicable prospectus
supplement the terms of the series of units, including the following:

| · | the designation and terms of the units and of the securities                                                                 
 comprising the units, including whether and under what circumstances those securities may be held or transferred separately; |
| · | any provisions of the governing unit agreement that                                                                          
 differ from those described below;                                                                                           |
| · | any provisions for the issuance, payment, settlement,                                                                        
 transfer, or exchange of the units or of the securities comprising the units; and                                            |
| · | a discussion of federal income tax consequences related                                                                      
 to the rights.                                                                                                               |

Issuance in