Company: IIPR
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001104659-25-017454
Chunk: 96

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-26
Form: 424B5
Chunk 96
---
 case may be, will be considered the
sole owner or holder of the securities represented by that global security for all purposes under the applicable indenture or other instrument
defining the rights of a holder of the securities. Except as provided below or in the applicable prospectus supplement, owners of beneficial
interest in a global security will not be entitled to have any of the individual securities of the series represented by that global
security registered in their names, will not receive or be entitled to receive physical delivery of any such securities in definitive
form and will not be considered the owners or holders of that security under the applicable indenture or other instrument defining the
rights of the holders of the securities.

<div align='center'>24</div>

Payments of amounts payable with respect to individual
securities represented by a global security registered in the name of a depositary or its nominee will be made to the depositary or its
nominee, as the case may be, as the registered owner of the global security representing those securities. None of us, our officers and
directors or any trustee, paying agent or security registrar for an individual series of securities will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership interests in the global security for such
securities or for maintaining, supervising or reviewing any records relating to those beneficial ownership interests.

We expect that the depositary for a series of
securities offered by means of this prospectus or its nominee, upon receipt of any payment of principal, premium, interest, dividend
or other amount in respect of a permanent global security representing any of those securities, will immediately credit its participants’
accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of that global security
for those securities as shown on the records of that depositary or its nominee. We also expect that payments by participants to owners
of beneficial interests in that global security held through those participants will be governed by standing instructions and customary
practices, as is the case with securities held for the account of customers in bearer form or registered in “street name.”
Those payments will be the responsibility of these participants.

If a depositary for a series of securities is
at any time unwilling, unable or ineligible to continue as depositary and a successor depositary is not appointed by us within 90 days,
we will issue individual securities of that series in exchange for the global security representing that series of securities. In addition,
we may, at any time