Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 5

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 5
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 degree to which any interest rate or other hedging strategies may or may not protect us from 
 interest rate volatility;                                                                    |

| · | the                                                                                       
 impact of and changes in governmental regulations, tax law and rates, accounting guidance 
 and similar matters;                                                                      |

| · | how                                           
 and when any forward equity sales may settle; |

| · | our                                                                              
 ability to maintain our qualification as a real estate investment trust (“REIT”) 
 for U.S. federal income tax purposes;                                            |

| · | our                                                                                           
 ability to maintain our exemption from registration under the Investment Company Act of 1940; |

| · | availability                
 of qualified personnel; and |

| · | market                                                                                    
 trends in our industry, interest rates, real estate values, the securities markets or the 
 general economy.                                                                          |

Any forward-looking
statement made by us speaks only of the date on which we make it. We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be required by law. Stockholders and investors
are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this prospectus and
any documents incorporated by reference.

Market data and industry
forecasts and projections used in this prospectus and documents incorporated by reference have been obtained from independent industry
sources. Forecasts, projections and other forward-looking information obtained from such sources are subject to similar qualifications
and uncertainties as other forward-looking statements in this prospectus and documents incorporated by reference.

<div align='center'>3

INCORPORATION BY REFERENCE</div>

The Securities and Exchange
Commission (the “SEC”) allows us to “incorporate by reference” the information that we file with it, which means
that we can disclose important information to you by referring you to other documents. The information incorporated by reference is an
important part of this prospectus. We incorporate by reference the following documents (other than information furnished rather than
filed):

All reports and other
documents we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) (other than information furnished rather than filed), will also be incorporated by reference into this
prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents.

We will provide without
charge, upon