Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 23

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 23
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 a description of that series of our preferred stock; |

| · | the exercise price for shares of our common stock and              
 the number of shares of common stock to be received upon exercise; |

| · | the expiration date for exercising the warrant; |

| · | the minimum or maximum amount of warrants that may 
 be exercised at any time;                          |

| · | a discussion of federal income tax consequences; |

| · | whether the warrants shall be issued in book-entry 
 form; and                                          |

| · | any other material terms of the warrants. |

After the warrants expire they will become void.
The prospectus supplement will describe how to exercise warrants. A holder must exercise warrants for our preferred stock or common stock
through payment in U.S. dollars. The prospectus supplement may provide for the adjustment of the exercise price of the warrants.

Until a holder exercises warrants to purchase
our preferred stock or common stock, that holder will not have any rights as a holder of our preferred stock or common stock by virtue
of ownership of warrants.

<div align='center'>14

DESCRIPTION OF RIGHTS</div>

We may issue rights to purchase our common stock
or preferred stock. The following description of rights to purchase such securities provides certain general terms and provisions of
such rights that we may offer. Our rights may be issued independently or together with any other security offered hereby and may or may
not be transferable by the person receiving the rights in such offering. In connection with any offering of rights, we may enter into
a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be
required to purchase all or a portion of any securities remaining unsubscribed for after such offering. Certain other terms of any rights
will be described in the applicable prospectus supplement. To the extent that any particular terms of any rights described in a prospectus
supplement differ from any of the terms described in this prospectus, then those particular terms described in this prospectus shall
be deemed to have been superseded by that prospectus supplement. The description in the applicable prospectus supplement of any rights
we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable rights certificate and
the applicable rights agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part or
to a document that is incorporated or deemed to be incorporated by reference in this prospectus. For more information on how you may
obtain copies