Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 27

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 27
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 resolution of the board of directors of IIP, as our sole general partner, and set forth or determined
in the manner provided in such resolution, in an officer’s certificate or by a supplemental indenture. The particular terms of
each series of debt securities will be described in a prospectus supplement relating to such series (including any pricing supplement
or term sheet).

Unless otherwise specified in a prospectus supplement,
the indenture will designate Argent Institutional Trust Company as the trustee for the indenture and Securities Transfer Corporation
as registrar with respect to one or more series of our debt securities. Argent Institutional Trust Company, or any other specified
trustee, may resign or be removed with respect to one or more series of our debt securities, and a successor trustee may be appointed
to act with respect to that series. Similarly, Securities Transfer Corporation, or any other specified registrar, may resign or be removed
with respect to one or more series of our debt securities, and a successor registrar may be appointed to act with respect to that series.

We can issue an unlimited amount of debt securities
under the indenture that may be in one or more series with the same or various maturities, at par, at a premium, or at a discount. We
will set forth in a prospectus supplement (including any pricing supplement or term sheet) relating to any series of debt securities
being offered, the aggregate principal amount and the following terms of the debt securities, if applicable:

| · | the title and ranking of the debt                                                                                                        
 securities (including the terms of any subordination provisions);                                                                        |
| · | the price or prices (expressed as a percentage of the                                                                                    
 principal amount) at which we will sell the debt securities;                                                                             |
| · | any limit on the aggregate principal amount of the                                                                                       
 debt securities;                                                                                                                         |
| · | the date or dates on which the principal of the securities                                                                               
 of the series is payable;                                                                                                                |
| · | the rate or rates (which may be fixed or variable)                                                                                       
 per annum or the method used to determine the rate or rates (including any commodity, commodity index, stock exchange index or financial 
 index) at which the debt securities will bear interest, the date or dates from which interest will accrue, the date or dates on which    
 interest will commence and be payable and any regular record date for the interest payable on any interest payment date;                 |
| · | the place or places where principal of, and any premium