Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 107

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 107
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20549. Information
about the operation of the public reference room may be obtained by calling the SEC at 1-800-SEC-0300. Copies of all or a portion of
the registration statement can be obtained from the public reference room of the SEC upon payment of prescribed fees. Our SEC filings,
including our registration statement, are also available to you, free of charge, on the SEC’s website, www.sec.gov.

<div align='center'>56

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 14.

Other Expenses of Issuance and Distribution.

The following table itemizes the expenses incurred
by us in connection with the issuance and registration of the securities being registered hereunder.

| SEC registration fee          |     | $ | (1 | ) |
| FINRA filing fees             |     |   | (2 | ) |
| NYSE listing fees             |     |   | (2 | ) |
| Printing and mailing expenses |     |   | (2 | ) |
| Legal fees and expenses       |     |   | (2 | ) |
| Accounting fees and expenses  |     |   | (2 | ) |
| Transfer agent fees           |     |   | (2 | ) |
| Miscellaneous                 |     |   | (2 | ) |
| Total                         |     | $ | (2 | ) |

| (1) | Deferred in accordance with Rule 456(b) and                                        
 457(r).                                                                            |
| (2) | These fees are calculated based on the number of issuances                         
 and amount of securities offered and accordingly cannot be estimated at this time. |

Item 15.

Indemnification of Directors and Officers.

Maryland Registrant

For purposes of this section, references to “we,” “our,” “us,” and “our company” refer to Innovative Industrial Properties, Inc., a Maryland corporation.

Maryland law permits a Maryland corporation to
include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for
money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active
and deliberate dishonesty that was established by a final judgment and was material to the cause of action. Our charter contains a provision
that eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law.

The MGCL requires us (unless our charter provides
otherwise, which our charter does not) to indemnify