Benzinga | Dec 16, 2021 08:23AM EST

Marijuana REIT IIP Declares Q4 Dividends Of $1.50 Per Share

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced Wednesday that its board of directors has declared a fourth quarter 2021 dividend of $1.50 per share of common stock. The dividend is equivalent to an annualized dividend of $6.00 per common share.

The dividend announcement comes on heels of the company's $72.7 million acquisition of a portfolio of 27 properties in Colorado, Pennsylvania and North Dakota that are 100% leased for use as regulated cannabis dispensing, processing and/or cultivation facilities.

The San Diego, California-based cannabis REIT additionally revealed that its board 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 Jan. 14, 2022 to stockholders of record at the close of business on December 31, 2021.

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.

More recent news from IIP:

This Cannabis REIT Stock Outperformed Nvidia, Amazon, Square And Pfizer

Cannabis REIT IIP Acquires Property in California, Undertakes Long-Term Lease With Gold Flora

Cannabis REIT IIP To Fund $56.2M Goodness Growth Development In New York

Price Action

IIPR's shares traded 2.27% higher at $250.70 during Thursday's pre-market session.

Photo: Courtesy of Daniel Norin on Unsplash