Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 6

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 6
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 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
the lease term, including structural repairs, maintenance, real estate taxes and insurance.

We were incorporated
in Maryland on June 15, 2016, and we elected to be taxed as a REIT for U.S federal income tax purposes, beginning with our taxable
year ended December 31, 2017. We conduct our business through a traditional umbrella partnership real estate investment trust, or
UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general
partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating
Partnership. As of December 31, 2024, we had 22 full-time employees.

Our Properties

As of December 31, 2024, we owned 109 properties
comprising an aggregate of 9.0 million rentable square feet (including 666,000 rentable square feet under development/redevelopment)
in