Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 4

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 4
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 tenants; |

| · | the                                                                                
 estimated growth in and evolving market dynamics of the regulated cannabis market; |

| · | the                                                                  
 demand for regulated cannabis cultivation and processing facilities; |

| · | inflation 
 dynamics; |

| · | the                                                                             
 impact of pandemics on us, our business, our tenants, or the economy generally; |

| · | war                                                                   
 and other hostilities, including the conflicts in Ukraine and Israel; |

| · | our                               
 business and investment strategy; |

| · | our                          
 projected operating results; |

| · | actions                                                                                     
 and initiatives of the U.S. or state governments and changes to government policies and the 
 execution and impact of these actions, initiatives and policies, including the fact that    
 cannabis remains illegal under federal law;                                                 |

| · | availability                                                             
 of suitable investment opportunities in the regulated cannabis industry; |

| · | our                                                                                        
 understanding of our competition and our potential tenants’ alternative financing sources; |

| · | the                                                                        
 expected medical-use or adult-use cannabis legalization in certain states; |

| · | shifts                                          
 in public opinion regarding regulated cannabis; |

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| · | the                                                                                      
 potential impact on us from litigation matters, including rising liability and insurance 
 costs;                                                                                   |

| · | the                                                                                         
 additional risks that may be associated with certain of our tenants cultivating, processing 
 and/or dispensing adult-use cannabis in our facilities;                                     |

| · | the                                                                  
 state of the U.S. economy generally or in specific geographic areas; |

| · | economic                        
 trends and economic recoveries; |

| · | our                                       
 ability to access equity or debt capital; |

| · | financing                    
 rates for our target assets; |

| · | our                                                                                       
 level of indebtedness, which could reduce funds available for other business purposes and 
 reduce our operational flexibility;                                                       |

| · | covenants                                                                                   
 in our debt instruments, which may limit our flexibility and adversely affect our financial 
 condition;                                                                                  |

| · | our                                                     
 ability to maintain our investment grade credit rating; |

| · | changes                      
 in the values of our assets; |

| · | our                           
 expected portfolio of assets; |

| · | our                   
 expected investments; |

| · | interest                                                                             
 rate mismatches between our assets and our borrowings used to fund such investments; |

| · | changes                                               
 in interest rates and the market value of our assets; |

| · | the