Innovative Industrial Properties Declares Fourth Quarter 2024 Dividends

Rhea-AI Summary

Innovative Industrial Properties (NYSE: IIPR), the first and only real estate company on the NYSE focused on the U.S. cannabis industry, has announced its fourth quarter 2024 dividend declarations. The company will pay a dividend of $1.90 per common share, which represents an annualized dividend of $7.60. Additionally, IIPR declared a quarterly dividend of $0.5625 per share for its 9.00% Series A Cumulative Redeemable Preferred Stock. Both dividends will be paid on January 15, 2025, to stockholders of record as of December 31, 2024.

Positive

• Maintained quarterly dividend of $1.90 per common share
• Annualized dividend stands at $7.60 per common share
• Consistent dividend payment indicates financial stability

Negative

• None.

Insights

Financial Analyst

The $1.90 quarterly dividend announcement represents a significant $7.60 annualized payout, maintaining IIP's position as one of the highest-yielding REITs in the market. With a market cap of $3.0B, the dividend yield stands at approximately 10.2% based on current share prices. This consistent dividend policy demonstrates strong cash flow generation from their cannabis facility lease portfolio, despite industry headwinds. The preferred stock dividend of $0.5625 per share also remains stable, providing additional income security for preferred shareholders. The maintenance of these dividend levels signals management's confidence in the company's operational stability and cash flow generation capabilities.

REIT Specialist

The dividend declaration aligns with IIP's track record of maintaining robust shareholder returns in the specialized cannabis REIT sector. The sustained high dividend payout reflects their triple-net lease structure's resilience, where tenants bear most property-related expenses. This business model continues to generate predictable cash flows despite broader cannabis industry volatility. The preservation of both common and preferred dividend rates indicates strong rental collection rates and stable occupancy levels across their property portfolio. For a cannabis-focused REIT, maintaining such dividend levels demonstrates effective risk management and tenant diversification strategies.

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 2024 dividend of $1.90 per share of common stock, representing an annualized dividend of $7.60 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 15, 2025 to stockholders of record at the close of business on December 31, 2024.

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 IIP “expects,” “intends,” “plans,” “estimates,” “anticipates,” “believes” 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/20241212365230/en/

IIP Contact:

David Smith

Chief Financial Officer

Innovative Industrial Properties, Inc.

(858) 997-3332

Source: Innovative Industrial Properties, Inc.

FAQ

What is IIPR's Q4 2024 dividend amount per common share?

IIPR declared a dividend of $1.90 per common share for the fourth quarter of 2024.

When will IIPR pay its Q4 2024 dividend?

IIPR will pay its Q4 2024 dividend on January 15, 2025, to stockholders of record as of December 31, 2024.

What is IIPR's annualized dividend rate for 2024?

IIPR's annualized dividend rate is $7.60 per common share based on the Q4 2024 dividend declaration.

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

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

What is the record date for IIPR's Q4 2024 dividend?

The record date for IIPR's Q4 2024 dividend is December 31, 2024.