Innovative Industrial Properties Announces Tax Treatment of 2024 Distributions

SAN DIEGO--(BUSINESS WIRE)-- Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) today announced the tax treatment of its 2024 distributions as follows:

Security Description: Common Stock
CUSIP: 45781V101
Ticker Symbol: IIPR

Record Date	Payable Date	Total Distribution Per Share	Allocable to 2024	Taxable Ordinary Dividend	Return of Capital	Long-Term Capital Gain	Unrecaptured Section 1250 Gain(1)	Section 199A Dividend(2)
12/29/2023	01/12/2024	$1.820000	$0.990000	$0.990000	$0.000000	$0.000000	$0.000000	$0.990000
03/28/2024	04/15/2024	$1.820000	$1.820000	$1.820000	$0.000000	$0.000000	$0.000000	$1.820000
06/28/2024	07/15/2024	$1.900000	$1.900000	$1.900000	$0.000000	$0.000000	$0.000000	$1.900000
09/30/2024	10/15/2024	$1.900000	$1.900000	$1.900000	$0.000000	$0.000000	$0.000000	$1.900000
12/31/2024	01/15/2025	$1.900000	$0.830000	$0.830000	$0.000000	$0.000000	$0.000000	$0.830000
	Totals	$9.340000	$7.440000	$7.440000	$0.000000	$0.000000	$0.000000	$7.440000

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 2024	Taxable Ordinary Dividend	Return of Capital	Long-Term Capital Gain	Unrecaptured Section 1250 Gain(1)	Section 199A Dividend(2)
03/28/2024	04/15/2024	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
06/28/2024	07/15/2024	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
09/30/2024	10/15/2024	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
12/31/2024	01/15/2025	$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, Long-Term Capital Gain amounts.
(2)	These amounts are a subset of, and included in, Taxable Ordinary Dividend amounts.

The common stock distribution with a record date of December 31, 2024 will be a split-year distribution, with $0.83 allocable to 2024 for federal income tax purposes and $1.07 allocable to 2025 for federal income tax purposes.

As previously disclosed by IIP on January 26, 2024 in its press release announcing the tax treatment of 2023 dividends, the common stock distribution with a record date of December 29, 2023 was a split-year distribution, with $0.83 allocable to 2023 for federal income tax purposes and $0.99 allocable to 2024 for federal income tax purposes, and the 9.00% Series A Cumulative Redeemable Preferred Stock distribution with a record date of December 29, 2023 was allocable entirely to 2023 for federal income tax purposes.

IIP did not incur any foreign taxes in 2024. 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/20250127494921/en/

Company Contact:

David Smith

Chief Financial Officer

Innovative Industrial Properties, Inc.

(858) 997-3332

Source: Innovative Industrial Properties, Inc.

FAQ

What is IIPR's total dividend distribution per share for common stock in 2024?

IIPR's total dividend distribution per share for common stock in 2024 is $9.34, with $7.44 allocable to 2024 as taxable ordinary dividends.

How much is IIPR's quarterly preferred stock dividend payment in 2024?

IIPR's Series A preferred stock pays quarterly dividends of $0.5625 per share throughout 2024, totaling $2.25 annually.

When did IIPR increase its common stock dividend in 2024?

IIPR increased its common stock dividend from $1.82 to $1.90 per share starting with the June 28, 2024 record date payment.

How is IIPR's December 31, 2024 dividend split for tax purposes?

The December 31, 2024 common stock distribution is split between $0.83 allocable to 2024 and $1.07 allocable to 2025 for federal income tax purposes.