Innovative Industrial Properties Declares Fourth Quarter 2021 Dividends

Rhea-AI Summary

Innovative Industrial Properties (IIPR) declared a fourth quarter 2021 dividend of $1.50 per common share, equivalent to an annualized rate of $6.00 per share. This dividend is payable on January 14, 2022, to stockholders of record as of December 31, 2021. Additionally, a quarterly dividend of $0.5625 per share for the Series A Cumulative Redeemable Preferred Stock was also announced. The board reviews dividends every six months, but adjustments are at their discretion.

Positive

• Fourth quarter dividend of $1.50 indicates strong cash flow.
• Annualized dividend of $6.00 reflects commitment to returning value to shareholders.
• Diversification in dividend offerings with a preferred stock dividend.

Negative

• None.

Common Stock Dividend Equates to Annualized Dividend of $6.00 per Share

SAN DIEGO--(BUSINESS WIRE)-- 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 2021 dividend of $1.50 per share of common stock. The dividend is equivalent to an annualized dividend of $6.00 per common share.

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 14, 2022 to stockholders of record at the close of business on December 31, 2021.

As previously disclosed, IIP’s board of directors evaluates adjustments to the level of IIP’s quarterly common stock dividend every six months, with any adjustments expected to be declared in the first quarter and third quarter of each year. However, the decision to declare and pay dividends in any quarter continues to be at the sole discretion of IIP’s board of directors.

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.

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/20211214006079/en/

Catherine Hastings

Chief Financial Officer

Innovative Industrial Properties, Inc.

(858) 997-3332

Source: Innovative Industrial Properties, Inc.

FAQ

What is the dividend amount declared by Innovative Industrial Properties (IIPR) for Q4 2021?

The declared dividend for Q4 2021 is $1.50 per common share.

When is the dividend payable for IIPR?

The dividend is payable on January 14, 2022.

What is the annualized dividend for IIPR?

The annualized dividend is $6.00 per common share.

What is the frequency of IIPR's quarterly dividend evaluations?

IIPR's board evaluates dividends every six months.

What is the amount of the quarterly dividend for IIP's Series A Preferred Stock?

The quarterly dividend for the Series A Cumulative Redeemable Preferred Stock is $0.5625 per share.