Innovative Industrial Properties hikes dividend by 2.9%

On September 15, 2022, Innovative Industrial Properties (IIPR) announced a 2.9% dividend hike to $1.80 quarterly per share. This marks the second dividend increase by the cannabis REIT in 2022 for a total dividend hike of 20%. In both 2021 and 2020 IIPR announced three dividend hikes. 

The next IIPR dividends are payable on October 14, 2022 to stockholders of record at the close of business on September 30, 2022. A new annual dividend rate of $7.20 per share yields 8.0% to IIPR shareholders at a stock price of $90.

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers under long-term, triple-net leases. The company's properties are located in in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, Ohio and Pennsylvania. The company completed its initial public offering in December 2016 and paid its first quarterly dividend in 2017.