Innovative Industrial Properties Announces Quarterly Dividend Details
Innovative Industrial Properties' Quarterly Dividend Announcement
Innovative Industrial Properties, Inc. (IIP), recognized as the first and only real estate company on the New York Stock Exchange focusing specifically on the regulated U.S. cannabis sector, has announced an exciting update regarding its dividends for shareholders. This announcement was made public during an official statement, showcasing the company’s commitment to returning value to its investors.
Details of the Declared Dividends
The board of directors of Innovative Industrial Properties has declared a substantial third quarter 2024 dividend of $1.90 per share of common stock. This translates into an impressive annualized dividend of $7.60 per share. This marks a significant milestone for the company, representing the 30th consecutive quarterly dividend since its inception in 2016.
Leadership Insights on Dividend Declarations
Paul Smithers, the President and Chief Executive Officer of Innovative Industrial Properties, expressed pride in the company’s ability to maintain consistent dividend payments. “Since our inception, we have continued to share our growing cash flows with our stockholders by declaring over $830 million of common stock dividends,” he stated. This consistent performance showcases the company's strong financial foundation and ongoing success in the industry.
Preferred Stock Dividend Declaration
In addition to the common stock dividends, Innovative Industrial Properties announced that they have also declared a regular quarterly dividend of $0.5625 per share for their 9.00% Series A Cumulative Redeemable Preferred Stock. This step underscores the company’s overall commitment to providing value across all types of shares.
Payment Schedule for Dividends
The dividends are set to be payable on October 15, 2024, to stockholders on record at the close of business on September 30, 2024. This timeline allows investors to plan accordingly and emphasizes the company's reliability and punctuality in dividend payments.
About Innovative Industrial Properties, Inc.
Innovative Industrial Properties, Inc. is a self-advised Maryland corporation dedicated to the acquisition, ownership, and management of specialized industrial properties that are leased to experienced, state-licensed operators in the cannabis sector. The company has established itself as a key player in the niche market by being taxed as a real estate investment trust since the year ended December 31, 2017.
The commitment of Innovative Industrial Properties to the cannabis industry demonstrates a pioneering approach, providing not just properties but solutions tailored to the needs of regulated cannabis operations.
Frequently Asked Questions
What is the dividend declared for the third quarter of 2024?
The dividend declared for the third quarter of 2024 is $1.90 per share of common stock.
How many consecutive quarterly dividends has IIP declared?
Innovative Industrial Properties has declared 30 consecutive quarterly dividends since its inception.
When will the dividends be payable to stockholders?
The dividends will be payable on October 15, 2024, to stockholders of record as of September 30, 2024.
What type of company is Innovative Industrial Properties?
Innovative Industrial Properties, Inc. focuses on the acquisition and management of properties leased to operators in the cannabis industry.
What is the significance of being taxed as a REIT?
Being taxed as a real estate investment trust allows IIP to provide special financial treatments and obligations that can lead to tax advantages for both the company and its shareholders.
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