Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 114

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 114
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 in the Act and will be governed by the final adjudication of such      
 issue.                                                                                                                                  |

<div align='center'>60

SIGNATURES</div>

Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing
on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in San Diego, state of California, on the 21st day of February, 2025.

| INNOVATIVE INDUSTRIAL PROPERTIES, INC. |                                       |
| By:                                    | /s/                                   
 Paul Smithers                         |
|                                        | Paul Smithers                         |
|                                        | President and Chief Executive Officer |

| IIP OPERATING PARTNERSHIP, LP |                                        |
| By:                           | Innovative Industrial Properties, Inc. 
 Its general partner                    |
| By:                           | /s/ Paul Smithers                      |
|                               | Paul Smithers                          |
|                               | President and Chief Executive Officer  |

<div align='center'>SPECIAL POWER OF ATTORNEY</div>

KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears on the Signature Page to this Registration Statement constitutes and appoints Paul Smithers and David Smith
and each or any of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, including any amendment or registration statement filed pursuant to Rule 462, and to
file the same, with all exhibits hereto, and other documents in connection therewith, with the Securities and Exchange Commission, and
grants unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents or his or her substitute or substitutes may lawfully do or cause to be done
by virtue hereof.

Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement