Innovative Industrial Properties Declares Second Quarter 2021 Dividends

Rhea-AI Summary

Innovative Industrial Properties (IIPR) has declared a second quarter 2021 dividend of $1.40 per share, marking a 6% increase from the previous quarter and a 32% increase year-over-year. This dividend is equivalent to an annualized amount of $5.60 per share, highlighting the company's continued growth with eleven dividend increases since its IPO in December 2016. Additionally, a quarterly dividend of $0.5625 per share on its 9.00% Series A Cumulative Redeemable Preferred Stock has been declared, payable on July 15, 2021.

Positive

• Declared a second quarter 2021 dividend of $1.40 per share, a 6% increase from Q1 2021.
• Achieved a 32% increase in dividend compared to Q2 2020.
• Total annualized dividend now stands at $5.60 per share.
• Eleventh dividend increase since the IPO in December 2016.

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 second quarter 2021 dividend of $1.40 per share of common stock, representing an approximately 6% increase over IIP’s first quarter 2021 dividend of $1.32 per share of common stock, and an approximately 32% increase over IIP’s second quarter 2020 dividend of $1.06 per share of common stock. The dividend is equivalent to an annualized dividend of $5.60 per common share, and is the eleventh 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 July 15, 2021 to stockholders of record at the close of business on June 30, 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/20210615005152/en/

FAQ

What is the dividend amount declared by IIPR for Q2 2021?

IIPR declared a dividend of $1.40 per share for Q2 2021.

When will the IIPR Q2 2021 dividend be paid?

The Q2 2021 dividend will be paid on July 15, 2021.

How does the Q2 2021 dividend compare to previous quarters?

The Q2 2021 dividend of $1.40 per share represents a 6% increase from Q1 2021 and a 32% increase from Q2 2020.

What is the annualized dividend rate for IIPR?

The annualized dividend rate for IIPR is $5.60 per share.

Has IIPR increased its dividend in the past?

Yes, this is the eleventh dividend increase since IIPR's IPO in December 2016.