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

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 25
---
 reference to, all the provisions of
the unit agreement applicable to a particular series of units. We urge you to read the applicable prospectus supplement related to the
units that we sell under this prospectus, as well as the complete unit agreements that contain the terms of the units.

General

We may issue units consisting of common stock,
preferred stock, depositary shares, warrants, rights or any combination thereof. Each unit will be issued so that the holder of the unit
is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder
of each included security. The unit agreement under which a unit is issued may provide that the securities included in the unit may not
be held or transferred separately, at any time, or at any time before a specified date.

We will describe in the applicable prospectus
supplement the terms of the series of units, including the following:

| · | the designation and terms of the units and of the securities                                                                 
 comprising the units, including whether and under what circumstances those securities may be held or transferred separately; |
| · | any provisions of the governing unit agreement that                                                                          
 differ from those described below;                                                                                           |
| · | any provisions for the issuance, payment, settlement,                                                                        
 transfer, or exchange of the units or of the securities comprising the units; and                                            |
| · | a discussion of federal income tax consequences related                                                                      
 to the rights.                                                                                                               |

Issuance in Series

We may issue units in such amounts and in such
numerous distinct series as we determine.

Enforceability of Rights by Holders of Units

Each unit agent will act solely as our agent
under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit.
A single bank or trust company may act as unit agent for more than one series of units. A unit agent will have no duty or responsibility
in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility to initiate any proceedings
at law or otherwise, or to make any demand upon us. Any holder of a unit, without the consent of the related unit agent or the holder
of any other unit, may enforce by appropriate legal action its rights as holder under any security included in the unit.

Title

We, the unit agent and any of its agents may
treat the registered holder of any unit certificate as an absolute owner of the units