Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 41

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 41
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 securities. None of us, our officers and
directors or any trustee, paying agent or security registrar for an individual series of securities will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership interests in the global security for such
securities or for maintaining, supervising or reviewing any records relating to those beneficial ownership interests.

We expect that the depositary for a series of
securities offered by means of this prospectus or its nominee, upon receipt of any payment of principal, premium, interest, dividend
or other amount in respect of a permanent global security representing any of those securities, will immediately credit its participants’
accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of that global security
for those securities as shown on the records of that depositary or its nominee. We also expect that payments by participants to owners
of beneficial interests in that global security held through those participants will be governed by standing instructions and customary
practices, as is the case with securities held for the account of customers in bearer form or registered in “street name.”
Those payments will be the responsibility of these participants.

If a depositary for a series of securities is
at any time unwilling, unable or ineligible to continue as depositary and a successor depositary is not appointed by us within 90 days,
we will issue individual securities of that series in exchange for the global security representing that series of securities. In addition,
we may, at any time and in our sole discretion, subject to any limitations described in the applicable prospectus supplement relating
to those securities, determine not to have any securities of that series represented by one or more global securities and, in that event,
will issue individual securities of that series in exchange for the global security or securities representing that series of securities.

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CERTAIN PROVISIONS OF MARYLAND LAW AND OUR CHARTER AND BYLAWS</div>

The following description of the terms of our stock and of certain provisions of Maryland law is only a summary. For a complete description, we refer you to the MGCL and to our charter and our bylaws, the forms of which are filed as exhibits to the registration statement of which this prospectus forms a part.

Our Board of Directors

Our charter and bylaws provide that the number
of directors we have may be established only by our board of directors but may not be fewer than the minimum number required under the
MGCL, which is