Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 29

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 29
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 of debt securities due and payable. |

We may issue debt securities that provide for
an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to
the terms of the indenture. We will provide you with information on the other special considerations applicable to any of these debt
securities in the applicable prospectus supplement.

If we denominate the purchase price of any of
the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and
interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or units, we will
provide you with information on the restrictions, elections, general tax considerations, specific terms and other information with respect
to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable prospectus
supplement.

Transfer and Exchange

Each debt security will be represented by either
one or more global securities registered in the name of The Depository Trust Company (the “Depositary”), or a nominee of
the Depositary (we will refer to any debt security represented by a global debt security as a “book-entry debt security”),
or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated security as a
“certificated debt security”) as set forth in the applicable prospectus supplement. Except as set forth below in the section
entitled “Description of Debt Securities – Transfer and Exchange – Global Debt Securities and Book-Entry System,”
book-entry debt securities will not be issuable in certificated form.

Certificated Debt Securities. You may transfer or exchange certificated debt securities at any office we maintain for this purpose
in accordance with the terms of the indenture. No service charge will be made for any transfer or exchange of certificated debt securities,
but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or
exchange.

You may effect the transfer of certificated debt
securities and the right to receive the principal of, and any premium and interest on, certificated debt securities only by surrendering
the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate to the
new holder or the issuance by us or the trustee of a new certificate to the new holder.

Global Debt Securities and Book-Entry