Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 105

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 105
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 be
in excess of customary commissions. In effecting sales, broker-dealers engaged by us may arrange for other broker-dealers to participate
in the resales.

Any securities offered other than common stock
will be a new issue and, other than the common stock, which is listed on the New York Stock Exchange, will have no established trading
market. We may elect to list any series of securities on an exchange, and in the case of the common stock, on any additional exchange,
but, unless otherwise specified in the applicable prospectus supplement and/or other offering material, we shall not be obligated to
do so. No assurance can be given as to the liquidity of the trading market for any of the securities.

Agents, underwriters and dealers may engage in
transactions with, or perform services for, us and/or our subsidiaries in the ordinary course of business.

Any underwriter may engage in overallotment,
stabilizing transactions, short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Overallotment
involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the securities
in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters to reclaim a selling
concession from a dealer when the securities originally sold by the dealer are purchased in a covering transaction to cover short positions.
Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue
any of the activities at any time. An underwriter may carry out these transactions on the New York Stock Exchange, in the over-the-counter market
or otherwise.

The place and time of delivery for securities
will be set forth in the accompanying prospectus supplement and/or other offering material for such securities.

<div align='center'>55

LEGAL MATTERS</div>

The validity of the securities covered by this
prospectus, and certain tax matters will be passed upon for us by Foley & Lardner LLP, Tampa, Florida.

<div align='center'>EXPERTS</div>

The consolidated financial statements and schedule
of Innovative Industrial Properties, Inc. as of December 31, 2024 and 2023, and for each of the three years in the period ended
December 31, 2024, and management’s assessment