Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 61

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 61
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-looking statements in this prospectus and documents incorporated by reference.

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INCORPORATION BY REFERENCE</div>

The Securities and Exchange
Commission (the “SEC”) allows us to “incorporate by reference” the information that we file with it, which means
that we can disclose important information to you by referring you to other documents. The information incorporated by reference is an
important part of this prospectus. We incorporate by reference the following documents (other than information furnished rather than
filed):

All reports and other
documents we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) (other than information furnished rather than filed), will also be incorporated by reference into this
prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents.

We will provide without
charge, upon written or oral request, a copy of any or all of the documents that are incorporated by reference into this prospectus and
a copy of any or all other contracts or documents which are referred to in this prospectus. Requests should be directed to Innovative
Industrial Properties, Inc., Attn: Secretary, 11440 West Bernardo Court, Suite 100, San Diego, CA 92127. You should not assume
that the information contained or incorporated by reference into this prospectus or any free writing prospectus is accurate as of any
date other than the dates specified on those respective documents.

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OUR COMPANY</div>

Unless the context otherwise requires or indicates, references in this prospectus to “we,” “us,” “our,” and “our company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, together with its subsidiaries, including our Operating Partnership, of which we are the sole general partner and through which we conduct our business.

Our Company

We are an internally-managed
REIT focused on the acquisition, ownership and management of specialized industrial properties in the United States. Our properties are
leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and intend to continue to acquire
our properties through sale-leaseback transactions and third-party purchases. We have leased and expect to continue to lease our properties
on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during