Common Stock Dividend Increased 28% From Prior Quarter and 186% from Q4 2018
Innovative Industrial Properties (NYSE: IIPR), the first and only real estate company on the New York Stock Exchange (NYSE) focused on the regulated U.S. cannabis industry, announced today that its board of directors has declared a fourth quarter 2019 dividend of $1.00 per share of common stock, representing an approximately 28% increase over IIP’s third-quarter 2019 dividend of $0.78 per share of common stock, and an approximately 186% increase over IIP’s fourth-quarter 2018 dividend of $0.35 per share of common stock. The dividend is equivalent to an annualized dividend of $4.00 per common share and is the sixth 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 January 15, 2020, to stockholders of record at the close of business on December 31, 2019.
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 the IIP website here.
Innovative Industrial Properties | Catherine Hastings CFO, CAO & Treasurer | (858) 997-3332 | email@example.com
Today’s IIPR Price Action
Shares of IIPR closed trading today at $74.10 per share, up 1.76% on the day. In after-hours trading, IIPR jumped an additional 1.9% to close the after-hours session at $74.98.
Taking a glance at the IIPR chart below, the stock looks to be putting in a solid bottom after forming a new higher low at the end of last week. Look for the stock to trend higher into 2020.
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