Innovative Industrial Properties Declares First Quarter 2021 Dividends

Rhea-AI Summary

Innovative Industrial Properties (IIPR) announced a first quarter 2021 dividend of $1.32 per share, a 6% increase from the previous quarter's $1.24 and a 32% increase year-over-year from $1.00. This marks the tenth dividend increase since its IPO in December 2016. Additionally, a regular quarterly dividend of $0.5625 per share of 9.00% Series A Preferred Stock was declared. These dividends will be payable on April 15, 2021, to shareholders of record by March 31, 2021.

Positive

• First quarter 2021 dividend increased to $1.32, a 6% rise from Q4 2020.
• Year-over-year dividend growth of 32% from $1.00 in Q1 2020.
• Tenth dividend increase since IPO in December 2016.
• Regular quarterly dividend of $0.5625 declared for Series A Preferred Stock.

Negative

• None.

Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that its board of directors has declared a first quarter 2021 dividend of $1.32 per share of common stock, representing an approximately 6% increase over IIP’s fourth quarter 2020 dividend of $1.24 per share of common stock, and a 32% increase over IIP’s first quarter 2020 dividend of $1.00 per share of common stock. The dividend is equivalent to an annualized dividend of $5.28 per common share, and is the tenth dividend increase since IIP completed its initial public offering in December 2016.

Additionally, IIP announced today that its board of directors has declared a regular quarterly dividend of $0.5625 per share of IIP’s 9.00% Series A Cumulative Redeemable Preferred Stock.

The dividends are payable on April 15, 2021 to stockholders of record at the close of business on March 31, 2021.

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 medical-use 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.

This press release contains statements that IIP believes to be “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts are forward-looking statements. When used in this press release, words such as we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. IIP disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005053/en/

FAQ

What is the IIPR first quarter 2021 dividend amount?

The first quarter 2021 dividend for IIPR is $1.32 per share.

When is the IIPR dividend payment date?

The dividend is payable on April 15, 2021.

What is the dividend increase percentage for IIPR in 2021?

The dividend increased by 6% from the fourth quarter of 2020.

What was IIPR's dividend amount in the first quarter of 2020?

In the first quarter of 2020, IIPR's dividend was $1.00 per share.