Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 11

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 11
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that would alter only the contract rights, as expressly set forth in the charter, of a specified class or series of stock (including
the Series A Preferred Stock) with respect to which the holders of such class or series of stock have exclusive voting rights as
provided in our charter.

Also, our operating
assets are held by our subsidiaries and these subsidiaries may be able to merge or sell all or substantially all of their assets without
the approval of our stockholders.

Preferred Stock

Our board of directors
may authorize the issuance of preferred stock in one or more series and may determine, with respect to any such series, the rights, preferences,
privileges and restrictions of the preferred stock of that series, including:

| · | distribution rights; |

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| · | conversion rights; |

| · | voting rights; |

| · | redemption rights and terms of redemptions; 
 and                                         |

| · | liquidation preferences. |

The preferred stock
we may offer from time to time under this prospectus, when issued, will be duly authorized, fully paid and nonassessable, and holders
of preferred stock will not have any preemptive rights.

The issuance of preferred
stock could have the effect of delaying, deferring or preventing a change in control or other transaction that might involve a premium
price for our common stock or otherwise be in the best interests of our stockholders. In addition, any preferred stock that we issue
could rank senior to our common stock with respect to the payment of distributions, in which case we could not pay any distributions
on our common stock until full distributions have been paid with respect to such preferred stock.

The rights, preferences,
privileges and restrictions of each series of preferred stock will be fixed by articles supplementary relating to the series. We will
describe the specific terms of the particular series of preferred stock in the prospectus supplement relating to that series, which terms
will include:

| · | the designation and par value of 
 the preferred stock;             |

| · | the voting rights, if any, of the 
 preferred stock;                  |

| · | the number of preferred stock offered,                                                        
 the liquidation preference per preferred stock and the offering price of the preferred stock; |

| · | the distribution rate(s), period(s) and                                        
 payment date(s) or method(s) of calculation applicable to the preferred stock; |

| · | whether distributions will be cumulative                                                                         
 or non-cumulative and, if cumulative