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 first quarter 2021 dividend of $1.32 per share of common stock, representing an approximately 6% increase over IIP’s fourth quarter 2020 dividend of $1.24 per share of common stock, and a 32% increase over IIP’s first quarter 2020 dividend of $1.00 per share of common stock. The dividend is equivalent to an annualized dividend of $5.28 per common share, and is the tenth 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 April 15, 2021 to stockholders of record at the close of business on March 31, 2021.
