Innovative Industrial Properties Declares Second Quarter 2022 Dividends

Rhea-AI Summary

Innovative Industrial Properties (IIPR) has declared a second quarter 2022 dividend of $1.75 per share, equating to an annualized dividend of $7.00 per share. The dividend will be payable on July 15, 2022 to stockholders of record by June 30, 2022. The company also announced a quarterly dividend of $0.5625 per share on its 9.00% Series A Cumulative Redeemable Preferred Stock. Dividend evaluations are conducted bi-annually, though payment decisions remain at the discretion of the board.

Positive

• Declaration of a common stock dividend of $1.75 per share, signaling strong cash flow and shareholder returns.
• Annualized dividend equates to $7.00 per share, demonstrating commitment to dividend payouts.

Negative

• None.

Common Stock Dividend Equates to Annualized Dividend of $7.00 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 second quarter 2022 dividend of $1.75 per share of common stock. The dividend is equivalent to an annualized dividend of $7.00 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 July 15, 2022 to stockholders of record at the close of business on June 30, 2022.

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 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/20220615005131/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 IIPR for Q2 2022?

The dividend amount declared by Innovative Industrial Properties for Q2 2022 is $1.75 per share.

When will the IIPR dividend be paid?

The IIPR dividend will be paid on July 15, 2022.

What is the annualized dividend for IIPR shares?

The annualized dividend for IIPR shares is $7.00 per share.

What is the frequency of IIPR's dividend assessments?

IIPR evaluates adjustments to its quarterly common stock dividend every six months.

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

The dividend for IIPR's Series A Cumulative Redeemable Preferred Stock is $0.5625 per share.