Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 24

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 24
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 of any rights certificate or rights agreement applicable to any rights we may offer, see “Where You Can Find Additional
Information.” We urge you to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus
supplement in their entirety.

The prospectus supplement relating to any rights
that we may offer will include specific terms relating to the offering, including, among other matters:

| · | the date of determining the security holders entitled       
 to the rights distribution;                                 |
| · | the exercise price;                                         |
| · | the conditions to completion of the rights offering;        |
| · | the date on which the right to exercise the rights          
 will commence and the date on which the rights will expire; |
| · | a discussion of federal income tax consequences related     
 to the rights; and                                          |
| · | any other material terms of the rights.                     |

Each right would entitle the holder of the rights
to purchase for cash the number of shares of common stock or preferred stock at the exercise price set forth in the applicable prospectus
supplement. Rights may be exercised at any time up to the close of business on the expiration date for such rights as provided in the
applicable prospectus supplement. After the close of business on the expiration date, all unexercised rights will become void.

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DESCRIPTION OF UNITS</div>

The following description, together with the
additional information we include in any applicable prospectus supplement, summarizes the material terms and provisions of the units
that we may offer under this prospectus. Units may be offered independently or together with common stock, preferred stock and/or warrants
offered by any prospectus supplement, and may be attached to or separate from those securities.

While the terms we have summarized below will
generally apply to any future units that we may offer under this prospectus, we will describe the particular terms of any series of units
that we may offer in more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement
may differ from the terms described below.

We will incorporate by reference into the registration
statement of which this prospectus is a part the form of unit agreement, including a form of unit certificate, if any, that describes
the terms of the series of units we are offering before the issuance of the related series of units. The following summaries of material
provisions of the units and the unit agreements are subject to, and qualified in their entirety by