Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 22

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 22
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 will redeem or convert the depositary shares from the proceeds it receives
from the corresponding redemption or conversion of the applicable series of preferred stock. The redemption or conversion price per depositary
share will be equal to the applicable fraction of the redemption or conversion price per share of the applicable series of preferred
stock. If fewer than all the depositary shares are to be redeemed or converted, the depositary will select which shares are to be redeemed
or converted by lot on a pro rata basis or by any other equitable method as the depositary may decide.

After the redemption or conversion date, the
depositary shares called for redemption or conversion will no longer be outstanding. When the depositary shares are no longer outstanding,
all rights of the holders of such shares will end, except the right to receive money, securities or other property payable upon redemption
or conversion.

We will pay all fees, charges and expenses of
the depositary, including such fees, charges and expenses in connection with the initial deposit of preferred stock and any redemption
of the preferred stock. Holders of depositary shares will pay taxes and any other charges as are stated in the deposit agreement for
their accounts.

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DESCRIPTION OF WARRANTS</div>

This section describes the general terms and
provisions of our warrants. The applicable prospectus supplement will describe the specific terms of the warrants offered through that
prospectus supplement as well as any general terms described in this section that will not apply to those warrants.

We may issue warrants for the purchase of our
preferred stock or common stock. We may issue warrants independently or together with other securities, and they may be attached to or
separate from the other securities. Each series of warrants will be issued under a separate warrant agreement that we will enter into
with a bank or trust company, as warrant agent, as detailed in the applicable prospectus supplement. The warrant agent will act solely
as our agent in connection with the warrants and will not assume any obligation, or agency or trust relationship, with you.

The prospectus supplement relating to a particular
issue of warrants will describe the terms of those warrants, including, where applicable:

| · | the aggregate number of the securities covered by the 
 warrant;                                              |

| · | the designation, amount and terms of the securities 
 purchasable upon exercise of the warrant;           |

| · | the exercise price for shares of our preferred stock,                                                                          
 the number of shares of preferred stock to be received upon exercise, and