Innovative Industrial Properties Declares Fourth Quarter 2020 Dividends

Rhea-AI Summary

Innovative Industrial Properties (IIPR) has declared a fourth quarter 2020 dividend of $1.24 per share, a 6% increase from the prior quarter and a 24% increase from the same quarter in 2019. This marks the ninth consecutive dividend increase since IIP's IPO in December 2016, equating to an annualized dividend of $4.96 per common share. Additionally, a quarterly dividend of $0.5625 per share for the 9.00% Series A Cumulative Redeemable Preferred Stock was also declared, payable on January 15, 2021, to stockholders of record on December 31, 2020.

Positive

• Fourth quarter dividend increased to $1.24, 6% higher than Q3 2020.
• Annualized dividend amount of $4.96 per common share.
• Ninth consecutive dividend increase since IPO.

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 fourth quarter 2020 dividend of $1.24 per share of common stock, representing an approximately 6% increase over IIP's third quarter 2020 dividend of $1.17 per share of common stock, and a 24% increase over IIP’s fourth quarter 2019 dividend of $1.00 per share of common stock. The dividend is equivalent to an annualized dividend of $4.96 per common share, and is the ninth 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 January 15, 2021 to stockholders of record at the close of business on December 31, 2020.

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/20201214005850/en/

FAQ

What is the dividend per share declared by IIPR for Q4 2020?

Innovative Industrial Properties declared a dividend of $1.24 per share for the fourth quarter of 2020.

When will the IIPR dividend be payable?

The dividends are payable on January 15, 2021.

How much has IIPR increased its dividend compared to Q3 2020?

The dividend is approximately 6% higher than the third quarter 2020 dividend of $1.17.

What is the annualized dividend amount for IIPR?

The annualized dividend for IIPR is $4.96 per common share.

What is the dividend for IIPR's Series A Preferred Stock?

IIPR declared a dividend of $0.5625 per share for its 9.00% Series A Cumulative Redeemable Preferred Stock.