Innovative Industrial Properties Declares Third Quarter 2021 Dividends

Rhea-AI Summary

Innovative Industrial Properties (IIPR) has announced a third quarter 2021 dividend of $1.50 per share, marking a 7% increase from the previous quarter and a 28% increase from Q3 2020. This is the twelfth increase since its IPO in December 2016, and the annualized dividend now stands at $6.00. The dividends are payable on October 15, 2021, to shareholders on record as of September 30, 2021. The board plans to review dividend levels every six months.

Positive

• Third quarter 2021 dividend raised to $1.50 per share, a 7% increase from Q2 2021.
• Annualized dividend now at $6.00 per share, signaling strong shareholder income.
• Consistent dividend increases show management's confidence in business stability.

Negative

• None.

7% Increase from Prior Quarter Represents Twelfth Increase in Common Stock Dividend

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 third quarter 2021 dividend of $1.50 per share of common stock, representing an approximately 7% increase over IIP’s second quarter 2021 dividend of $1.40 per share of common stock, and an approximately 28% increase over IIP’s third quarter 2020 dividend of $1.17 per share of common stock. The dividend is equivalent to an annualized dividend of $6.00 per common share, and is the twelfth 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 October 15, 2021 to stockholders of record at the close of business on September 30, 2021.

In addition, IIP announced today that, going forward as a general matter, its board of directors expects to evaluate 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 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/20210915005054/en/

IIP Contact:

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 Q3 2021?

IIPR has declared a dividend of $1.50 per share for Q3 2021.

When will the dividend be paid to shareholders?

The dividend will be paid on October 15, 2021, to shareholders of record by September 30, 2021.

How often does IIPR evaluate its dividend?

IIPR's board of directors plans to evaluate the dividend level every six months.

What was the percentage increase in IIPR's dividend compared to the previous year?

The dividend has increased by approximately 28% compared to Q3 2020.