Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 102

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 102
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 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 or a plan subject to Similar Law should consult with its legal advisor concerning the potential consequences to the Plan under ERISA, Section 4975 of the Code or applicable Similar Law of an investment in our securities.

<div align='center'>SELLING SECURITY HOLDERS</div>

Information about selling security holders, where
applicable, will be set forth in a prospectus supplement, in a post-effective amendment, or in filings we make with the SEC under the
Exchange Act which are incorporated by reference.

<div align='center'>PLAN OF DISTRIBUTION</div>

We may sell securities in any one or more of
the following ways from time to time: (1) through agents; (2) to or through underwriters; (3) through brokers or dealers;
(4) directly to purchasers, including through a specific bidding, auction or other process; or (5) through a combination of
any of these methods of sale. The applicable prospectus supplement and/or other offering materials will contain the terms of the