Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 104

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 104
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 in cross trades, in which the same broker or dealer acts as agent on both sides of the trade. Any such
dealer may be deemed to be an underwriter, as such term is defined in the Securities Act, of the securities so offered and sold.

Offers to purchase securities may be solicited
directly by us and the sale thereof may be made by us directly to institutional investors or others, who may be deemed to be underwriters
within the meaning of the Securities Act with respect to any resale thereof.

Agents, underwriters and dealers may be entitled
under relevant agreements with us to indemnification by us against certain liabilities, including liabilities under the Securities Act,
or to contribution with respect to payments which such agents, underwriters and dealers may be required to make in respect thereof. The
terms and conditions of any indemnification or contribution will be described in the applicable prospectus supplement and/or other offering
material.

We may enter into derivative, sale or forward
sale transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions.
If the applicable prospectus supplement and/or other offering material indicates, in connection with those transactions, the third parties
may sell securities covered by this prospectus and the applicable prospectus supplement and/or other offering material, including in
short sale transactions and by issuing securities not covered by this prospectus but convertible into, exchangeable for or representing
beneficial interests in securities covered by this prospectus, or the return of which is derived in whole or in part from the value of
such securities. The third parties may use securities received under derivative, sale or forward sale transactions or securities pledged
by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities
received from us in settlement of those transactions to close out any related open borrowings of stock. The third party in such sale
transactions will be an underwriter and will be identified in the applicable prospectus supplement (or a post-effective amendment) and/or
other offering material.

Underwriters, broker-dealers or agents may receive
compensation in the form of commissions, discounts or concessions from us. Underwriters, broker-dealers or agents may also receive compensation
from the purchasers of shares for whom they act as agents or to whom they sell as principals, or both. Compensation as to a particular
underwriter, broker-dealer or agent will be in amounts to be negotiated in connection with transactions involving shares and might