Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 26

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 26
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 evidenced by that certificate for any purposes
and as the person entitled to exercise the rights attaching to the units, despite any notice to the contrary.

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DESCRIPTION OF DEBT SECURITIES</div>

Please note that in this section, references to “we,” “our” and “us” refer only to our Operating Partnership and not Innovative Industrial Properties, Inc. (“IIP”) or its subsidiaries unless the context requires otherwise.

This prospectus describes general terms of our
debt securities. When we offer to sell a particular series of debt securities, we will describe the specific terms of those debt securities
in a supplement to this prospectus. Unless such prospectus supplement provides otherwise, the general terms and provisions described
in this prospectus will apply to the particular series of debt securities to which such supplement relates. To the extent the information
contained in the prospectus supplement differs from this summary description, you should rely on the information in the prospectus supplement.

The debt securities that we may issue may constitute
debentures, notes, bonds or other evidences of our indebtedness, to be issued in one or more series, which may include senior debt securities,
subordinated debt securities and senior subordinated debt securities, and, unless otherwise specified in a supplement to this prospectus,
the debt securities will be our direct, unsecured obligations and may be issued in one or more series.

Unless otherwise specified in a prospectus supplement,
the debt securities will be issued under an indenture between us and Argent Institutional Trust Company, as trustee, and Securities Transfer
Corporation, as registrar. The indenture is subject to and governed by the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act”), and may be supplemented or amended from time to time following its execution.

The following summary describes selected provisions
of the form of indenture. This summary does not describe every aspect of the debt securities or the indenture and is subject to, and
qualified in its entirety by reference to, all the provisions of the indenture, including the terms defined in the indenture. This summary
is also subject to, and qualified in its entirety by reference to, the description of the particular debt securities in the applicable
prospectus supplement. Capitalized terms used in the following summary and not defined in this prospectus have the meanings specified
in the indenture.

General

The terms of each series of debt securities will
be established by or pursuant to a