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

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 3
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 to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should assume that the information in this prospectus, any applicable prospectus supplement or any related free writing prospectus is accurate only as of the date on the front of the document and that any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus, any applicable prospectus supplement or any related free writing prospectus, or any sale of a security. Our business, financial condition, results of operations and prospects may have changed materially since those dates.

<div align='center'>FORWARD-LOOKING STATEMENTS</div>

The statements contained or incorporated by reference
in this prospectus that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act
of 1995 are subject to risks and uncertainties. In particular, statements pertaining to our capital resources, portfolio performance
and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth in our funds from
operations and anticipated market and regulatory conditions, our strategic direction, demographics, results of operations, plans and
objectives are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties, and you should not rely
on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or
imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described
(or that they will happen at all). You can identify forward-looking statements by the use of forward-looking terminology such as “believes,”
“expects,” “may,” “will,” “should,” “seeks,” “approximately,”
“intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases
or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The following
factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the
forward-looking statements:

| · | rates                                
 of default on leases for our assets; |

| · | our                                                                                       
 ability to re-lease properties upon tenant defaults or lease terminations for the rent we 
 currently receive, or at all;                                                             |

| · | concentration                                             
 of our portfolio of assets and limited number of