Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 12

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 12
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, the date(s) from which distributions on the preferred stock will cumulate; |

| · | the procedures for any auction and                  
 remarketing for the preferred stock, if applicable; |

| · | the provision for a sinking fund, 
 if any, for the preferred stock;  |

| · | the provision for, and any restriction                 
 on, redemption, if applicable, of the preferred stock; |

| · | the terms and provisions, if any,                                                                                                   
 upon which the preferred stock will be convertible into common stock, including the conversion price (or manner or calculation) and 
 conversion period;                                                                                                                  |

| · | the terms under which the rights                       
 of the preferred stock may be modified, if applicable; |

| · | the relative ranking and preferences                                                                                        
 of the preferred stock as to distribution rights and rights upon the liquidation, dissolution or winding up of our affairs; |

| · | any limitation on issuance of any                                                                                                    
 other series of preferred stock, including any series of preferred stock ranking senior to or on parity with the series of preferred 
 stock as to distribution rights and rights upon the liquidation, dissolution or winding up of our affairs;                           |

| · | any listing of the preferred stock 
 on any securities exchange;        |

| · | if appropriate, a discussion of                                                              
 any additional material federal income tax considerations applicable to the preferred stock; |

| · | information with respect to book-entry 
 procedures, if applicable;             |

| · | in addition to those restrictions                                                                 
 described below, any other restrictions on the ownership and transfer of the preferred stock; and |

| · | any additional rights, preferences,                
 privileges or restrictions of the preferred stock. |

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As of February 20, 2025, there were 1,002,673
shares of our Series A Preferred Stock issued and outstanding. We pay cumulative dividends on the Series A Preferred Stock,
when and as authorized by our board of directors, at a rate of 9.0% per annum of the $25.00 liquidation preference per share (equivalent
to the fixed annual rate of $2.25 per share). Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about
the 15th day of January, April, July and October of each year. The Series A Preferred Stock ranks senior to our common
stock with respect to dividend rights and rights upon our liquidation, dissolution or winding-up. We