Innovative Industrial Properties Announces Tax Treatment of 2021 Distributions

Rhea-AI Summary

Innovative Industrial Properties, Inc. (IIPR) announced the tax treatment for its 2021 distributions. Total distribution per share amounted to $6.960000, with $5.340000 allocable to 2021 as taxable ordinary dividends. The press release details several quarterly distributions, with the most significant being $1.500000 per share for the last quarter of 2021. Notably, IIPR did not incur foreign taxes in 2021 and encourages shareholders to consult personal tax advisors regarding their specific tax situations.

Positive

• Total distribution per share for 2021 was $6.960000.
• Allocable to 2021 tax purposes is $5.340000 as taxable ordinary dividends.
• No foreign taxes incurred in 2021.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) today announced the tax treatment of its 2021 distributions as follows:

Security Description: Common Stock CUSIP: 45781V101 Ticker Symbol: IIPR
Record Date	Payable Date	Total Distribution Per Share	Allocable to 2021	Taxable Ordinary Dividend	Return of Capital	Long-Term Capital Gain	Unrecaptured Section 1250 Gain	Section 199A Dividend(1)
12/31/2020	01/15/2021	$1.240000	$1.020000	$1.020000	$0.000000	$0.000000	$0.000000	$1.020000
03/31/2021	04/15/2021	$1.320000	$1.320000	$1.320000	$0.000000	$0.000000	$0.000000	$1.320000
06/30/2021	07/15/2021	$1.400000	$1.400000	$1.400000	$0.000000	$0.000000	$0.000000	$1.400000
09/30/2021	10/15/2021	$1.500000	$1.500000	$1.500000	$0.000000	$0.000000	$0.000000	$1.500000
12/31/2021	01/14/2022	$1.500000	$0.100000	$0.100000	$0.000000	$0.000000	$0.000000	$0.100000
	Totals	$6.960000	$5.340000	$5.340000	$0.000000	$0.000000	$0.000000	$5.340000

Security Description: 9.00% Series A Cumulative Redeemable Preferred Stock CUSIP: 45781V200 Ticker Symbol: IIPR PR A
Record Date	Payable Date	Total Distribution Per Share	Allocable to 2020	Taxable Ordinary Dividend	Return of Capital	Long-Term Capital Gain	Unrecaptured Section 1250 Gain	Section 199A Dividend(1)
03/31/2021	04/15/2021	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
06/30/2021	07/15/2021	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
09/30/2021	10/15/2021	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
12/31/2021	01/14/2022	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
	Totals	$2.250000	$2.250000	$2.250000	$0.000000	$0.000000	$0.000000	$2.250000

(1) These amounts are a subset of, and included in, Taxable Ordinary Dividend amounts.

The common stock distribution with a record date of December 31, 2021 will be a split-year distribution, with $0.10 allocable to 2021 for federal income tax purposes and $1.40 allocable to 2022 for federal income tax purposes.

As previously disclosed by IIP on February 1, 2021 in its press release announcing the tax treatment of 2020 dividends, the common stock distribution with a record date of December 31, 2020 was a split-year distribution, with $0.22 allocable to 2020 for federal income tax purposes and $1.02 allocable to 2021 for federal income tax purposes, and the 9.00% Series A Cumulative Redeemable Preferred Stock distribution with a record date of December 31, 2020 was allocable entirely to 2020 for federal income tax purposes.

IIP did not incur any foreign taxes in 2021. Stockholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of IIP’s distributions.

About Innovative Industrial Properties

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 cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005513/en/

Company Contact:

Catherine Hastings

Chief Financial Officer

Innovative Industrial Properties, Inc.

(858) 997-3332

Source: Innovative Industrial Properties, Inc.

FAQ

What are the tax implications of IIPR's 2021 distributions?

For 2021, IIPR's total distribution per share was $6.960000, with $5.340000 categorized as taxable ordinary dividends.

When will IIPR's 2021 distributions be payable?

The payable date for IIPR's 2021 distributions is scheduled for January 14, 2022.

What was the amount of IIPR's last distribution in 2021?

The last distribution in 2021 was $1.500000 per share.

Did IIPR incur any foreign taxes in 2021?

IIPR did not incur any foreign taxes in 2021.

What is the record date for IIPR's 2021 distributions?

The record date for IIPR's 2021 distributions was December 31, 2021.