Company: IIPR
Filing Date: 2025-02-21
Form Type: S-3ASR
Source: 0001104659-25-016184
Chunk: 8

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-02-21
Form: S-3ASR
Chunk 8
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<div align='center'>ABOUT THIS PROSPECTUS</div>

This prospectus is part
of a shelf registration statement. We may sell, from time to time, in one or more offerings, any combinations of the securities described
in this prospectus. This prospectus only provides you with a general description of the securities we may offer. Each time we sell securities
under this prospectus, we will provide a prospectus supplement that contains specific information about the terms of the securities.
The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus
and any prospectus supplement together with the additional information described below under the heading “Where You Can Find Additional
Information.”

<div align='center'>GUARANTOR DISCLOSURES</div>

Innovative Industrial
Properties, Inc. may guarantee debt securities of the Operating Partnership as described in the section entitled “Description
of Debt Securities.” Any such guarantees will be full and unconditional and joint and several guarantees to the holders of each
series of such outstanding guaranteed debt securities. Innovative Industrial Properties, Inc. owns all of its assets and conducts
all of its operations through the Operating Partnership, and the Operating Partnership is consolidated into the financial statements
of Innovative Industrial Properties, Inc.

We have filed this prospectus
with the SEC registering, among other securities, debt securities of the Operating Partnership, which may be fully and unconditionally
guaranteed by Innovative Industrial Properties, Inc. Pursuant to Rule 3-10 of Regulation S-X, subsidiary issuers of obligations
guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated
into the parent company’s consolidated financial statements, the parent guarantee is “full and unconditional” and,
subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 of Regulation S-X is provided,
which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of
the Operating Partnership have not been presented.

Furthermore, as permitted
under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for the Operating
Partnership because the assets, liabilities and results of operations of the Operating Partnership are not materially different than
the corresponding amounts in Innovative Industrial Properties, Inc.’s consolidated financial statements incorporated by reference
herein, and management believes such summarized financial information would be repetitive and would not provide incremental value to