Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 111

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 111
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 below.

Item 17.

Undertakings.

| (a) | The undersigned registrant hereby undertakes: |

| (1) | To file, during any period in which offers or sales                        
 are being made, a post-effective amendment to this registration statement: |

| (i) | To include any prospectus required by Section 10(a)(3) of 
 the Securities Act;                                       |

| (ii) | To reflect in the prospectus any facts or events arising                                                                              
 after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually      
 or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the   
 foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed 
 that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in     
 the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and              
 price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration       
 Fee” table in the effective registration statement; and                                                                               |

| (iii) | To include any material information with respect to                                                                                
 the plan of distribution not previously disclosed in the registration statement or any material change to such information in this 
 registration statement;                                                                                                            |

provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the
registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement.

| (2) | That, for the purpose of determining any liability                                                                                         
 under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities 
 offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.            |

| (3) | To remove from registration by means of a post-effective                                                 
 amendment any of the securities being registered which remain unsold