Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 0

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 0
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<div align='center'>As filed with the Securities and Exchange Commission on February 21, 2025</div>

Registration No. 333-

<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-3

REGISTRATION STATEMENT

UNDER THE SECURITIES ACT OF 1933

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

IIP OPERATING PARTNERSHIP, LP

(Exact Name of Registrant as Specified in its Governing Instruments)</div>

| Maryland (Innovative Industrial 
 Properties, Inc.)               
 Delaware (IIP Operating         
 Partnership, LP)                |     | 81-2963381            
 61-1800557            |
| (State                          
 or other jurisdiction of        
 incorporation or organization)  |     | -I.R.S.               
 Employer              
 Identification Number |

<div align='center'>1389 Center Drive, Suite 200
Park City, UT 84098
(858) 997-3332

(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant’s Principal Executive Offices)

Paul E. Smithers

President and Chief Executive Officer
INNOVATIVE INDUSTRIAL PROPERTIES, INC.
1389 Center Drive, Suite 200
Park City, UT 84098
(858) 997-3332

(Name, Address, Including Zip Code, and Telephone Number,
Including Area Code, of Agent for Service)

With copies to:

Carolyn Long, Esq.
Curt Creely, Esq.
FOLEY & LARDNER LLP
100 N. Tampa Street
Suite 2700
Tampa, Florida 33602
Tel: (813) 229-2300

Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this registration statement.</div>

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box:¨

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box:x

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list