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

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 21
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These restrictions on ownership and transfer
of our stock could delay, defer or prevent a transaction or a change in control that might involve a premium price for our common stock
or otherwise be in the best interest of our stockholders.

Transfer Agent and Registrar

The transfer agent and registrar for our common
stock and the Series A Preferred Stock is Continental Stock Transfer & Trust.

Listings

Our common stock is traded on the NYSE under
the ticker symbol “IIPR.” Our Series A Preferred Stock is traded on the NYSE under the ticker symbol “IIPR Pr
A.”

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DESCRIPTION OF DEPOSITARY SHARES</div>

We may, at our option, elect to offer fractional
shares of preferred stock, or “depositary shares,” rather than full shares of preferred stock. In that event, we will issue
receipts for depositary shares, and each receipt will represent a fraction of a share of a particular series of preferred stock as described
in the applicable prospectus supplement.

The shares of any series of preferred stock represented
by depositary shares will be deposited under a deposit agreement to be entered into between us and the depositary named in the applicable
prospectus supplement. The deposit agreement will contain terms applicable to the holders of depositary shares in addition to the terms
stated in the depositary receipts. Subject to the terms of the deposit agreement, each owner of a depositary share will be entitled,
in proportion to the applicable fraction of the preferred share represented by such depositary share, to all the rights and preferences
of the preferred share, including dividend, voting, redemption, subscription and liquidation rights. The terms of any depositary shares
will be described in the applicable prospectus supplement and the provisions of the deposit agreement, which will be filed with the SEC.
You should carefully read the deposit agreement and the depositary receipt attached to the deposit agreement for a more complete description
of the terms of the depositary shares.

If any series of preferred stock underlying the
depositary shares may be converted or redeemed, each record holder of depositary receipts representing the shares of preferred stock
being converted or redeemed will have the right or obligation to convert or redeem the depositary shares represented by the depositary
receipts.

Whenever we redeem or convert shares of preferred
stock held by the depositary, the depositary will redeem or convert, at the same time, the number of depositary shares representing the
preferred stock to be redeemed or converted. The depositary