Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 2

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 2
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(our “Operating Partnership”), may offer from time to time debt securities in one or more series. The debt securities issued
by our Operating Partnership may be fully and unconditionally guaranteed by us. This prospectus may also be used to offer and sell any
of the securities for the account of persons other than us as provided in an applicable prospectus supplement.

This prospectus describes
some of the general terms and conditions that may apply to the securities. Each time we, our Operating Partnership, or our selling security
holders offer and sell securities, we will provide a supplement to this prospectus that contains specific terms and conditions of any
securities being offered. The specific amounts and terms of any securities to be offered, issued or sold, and the identity of any selling
security holders, will also be described in the applicable prospectus supplement. It is important that you read both this prospectus
and the applicable prospectus supplement before you invest in any of the securities.

We, our Operating Partnership,
or our selling security holders may offer the securities directly to investors, through agents designated from time to time by them or
us, or to or through underwriters or dealers on a continuous or delayed basis. If any agents, underwriters or dealers are involved in
the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount arrangement with, between
or among them, will be set forth, or will be calculable from the information set forth, in an accompanying prospectus supplement. For
more detailed information, see “Plan of Distribution” beginning on page 54. No securities may be sold without delivery
of a prospectus supplement describing the method and terms of the offering of those securities.

Our common stock is
traded on the New York Stock Exchange (the “NYSE”) under the symbol “IIPR.” The last reported sale price of our
common stock on the NYSE on February 20, 2025 was $72.90 per share.

Our 9.0% Series A
Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) is traded on the NYSE under the symbol “IIPR
Pr A.”

Investing in our securities involves risks. Before making a decision to invest in our securities, you should carefully consider the risks described on page 6 of this prospectus and in any accompanying prospectus supplement, as well as the risks described under the section entitled “Risk Factors” included in our most recent Annual Report on