Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 1

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 1
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 the Securities Act registration statement number of the earlier effective registration statement for the same offering.¨

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.¨

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.x

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.¨

Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Innovative Industrial Properties, Inc.:

| Large Accelerated filer x |     | Accelerated filer   ¨ |     | Non-accelerated filer ¨ |     | Smaller             
 reporting company ¨ 
 Emerging            
 growth company ¨    |

IIP Operating Partnership, LP:

| Large Accelerated filer ¨ |     | Accelerated filer   ¨ |     | Non-accelerated filer x |     | Smaller             
 reporting company ¨ 
 Emerging            
 growth company ¨    |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.¨

PROSPECTUS

<div align='center'>Innovative Industrial Properties, Inc.

COMMON STOCK
PREFERRED STOCK
DEPOSITARY SHARES
WARRANTS
RIGHTS
UNITS

GUARANTEES OF DEBT SECURITIES

IIP Operating Partnership, LP

DEBT SECURITIES</div>

We may offer and sell
the securities identified above from time to time in one or more offerings. IIP Operating Partnership, LP, a Delaware limited partnership