Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 7

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 7
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19 states. As of December 31, 2024, we had invested an aggregate of $2.4 billion across our property portfolio (consisting of
purchase price and funding of draws for improvements submitted by tenants, if any, but excluding transaction costs) and had committed
an additional $38.3 million to fund draws to certain tenants and vendors for improvements at our properties. Of the $38.3 million committed
to fund draws to certain tenants and vendors for improvements at our properties, $11.4 million was incurred but not funded as of December 31,
2024.

Of these 109 properties, we include 106 properties in our operating portfolio, which were 98.3% leased as of December 31, 2024, with a weighted-average remaining lease term of 13.7 years.

We do not include in
our operating portfolio the following properties (all of which were under development/redevelopment as of December 31, 2024, and
together are expected to comprise 491,000 rentable square feet upon completion of development/redevelopment):

| · | 63795                                                 
 19th Avenue in Palm Springs, California (pre-leased); |
| · | Inland                                                
 Center Drive in San Bernardino, California; and       |
| · | Leah                                                  
 Avenue in San Marcos, Texas.                          |

Corporate Information

For a complete discussion
of our business and operations, see our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q,
which are incorporated by reference in this prospectus.

Our principal executive
offices are located at 1389 Center Drive, Suite 200, Park City, Utah 84098. Our telephone number is (858) 997-3332. Our website
is . The information found on, or otherwise accessible through, our website is not
incorporated into, and does not form a part of, this prospectus or any other report or document we file with or furnish to the SEC.

<div align='center'>5

RISK FACTORS</div>

An investment in our
securities involves various risks. You should carefully consider the risk factors incorporated by reference to our most recent Annual
Report on Form 10-K and the other information contained in this prospectus, as updated by our Quarterly Reports on Form 10-Q
and subsequent filings under the Exchange Act and the risk factors and other information contained in the applicable prospectus supplement
before acquiring any of our securities.