Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 40

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 40
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 differ from the terms described here will be described in the applicable prospectus supplement.

Unless otherwise indicated in the applicable
prospectus supplement, we anticipate that the provisions described below will apply to depositary arrangements.

Upon the issuance of a global security, the depositary
for the global security or its nominee will credit on its book-entry registration and transfer system the respective principal amounts
of the individual securities represented by that global security to the accounts of persons that have accounts with such depositary,
who are called “participants.” Those accounts will be designated by the underwriters, dealers or agents with respect to the
securities or by us if the securities are offered and sold directly by us. Ownership of beneficial interests in a global security will
be limited to the depositary’s participants or persons that may hold interests through those participants. Ownership of beneficial
interests in the global security will be shown on, and the transfer of that ownership will be effected only through, records maintained
by the applicable depositary or its nominee (with respect to beneficial interests of participants) and records of the participants (with
respect to beneficial interests of persons who hold through participants). The laws of some states require that certain purchasers of
securities take physical delivery of such securities in definitive form. These limits and laws may impair the ability to own, pledge
or transfer beneficial interest in a global security.

So long as the depositary for a global security
or its nominee is the registered owner of such global security, that depositary or nominee, as the case may be, will be considered the
sole owner or holder of the securities represented by that global security for all purposes under the applicable indenture or other instrument
defining the rights of a holder of the securities. Except as provided below or in the applicable prospectus supplement, owners of beneficial
interest in a global security will not be entitled to have any of the individual securities of the series represented by that global
security registered in their names, will not receive or be entitled to receive physical delivery of any such securities in definitive
form and will not be considered the owners or holders of that security under the applicable indenture or other instrument defining the
rights of the holders of the securities.

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Payments of amounts payable with respect to individual
securities represented by a global security registered in the name of a depositary or its nominee will be made to the depositary or its
nominee, as the case may be, as the registered owner of the global security representing those