Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 17

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 17
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 board of directors may require such opinions of counsel, affidavits,
undertakings or agreements as it may deem necessary or advisable in order to determine or ensure our qualification as a REIT.

Our charter further prohibits:

| · | any person from beneficially or constructively owning,                                                                 
 applying certain attribution rules of the Code, shares of our stock that would result in us failing the “closely held” 
 test under Section 856(h) of the Code (without regard to whether the stockholder’s interest is held during the last    
 half of a taxable year) or otherwise cause us to fail to qualify as a REIT; and                                        |

| · | any person from transferring shares of our stock if                                                                                
 such transfer would result in shares of our stock to be beneficially owned by fewer than 100 persons (determined without reference 
 to any rules of attribution).                                                                                                      |

Any person who acquires or attempts or intends
to acquire beneficial or constructive ownership of shares of our stock that will or may violate the ownership limits or any of the other
foregoing restrictions on ownership and transfer of our stock will be required to immediately give written notice to us or, in the case
of a proposed or attempted transaction, give at least 15 days’ prior written notice to us, and provide us with such other information
as we may request in order to determine the effect of such transfer on our qualification as a REIT. The ownership limits and the other
restrictions on ownership and transfer of our stock will not apply if our board of directors determines that it is no longer in our best
interests to continue to qualify as a REIT or that compliance with the restrictions on ownership and transfer of our stock is no longer
required in order for us to qualify as a REIT.

If any transfer of shares of our stock would
result in shares of our stock to be beneficially owned by fewer than 100 persons, such transfer will be void from the time of such purported
transfer and the intended transferee will acquire no rights in such shares. In addition, if any purported transfer of shares of our stock
or any other event would otherwise result in:

| · | any person violating the ownership limits or such other 
 limit established by our board of directors; or         |

| · | our company to be “closely held” under                                                                           
 Section 856(h) of the Code (without regard to whether the stockholder’s interest is held during the last half of 
 a taxable year)