Understanding 2024 Tax Distributions by Innovative Industrial Properties
2024 Tax Distributions Overview
Innovative Industrial Properties, Inc. (IIP) has recently outlined the tax treatment for its distributions scheduled for 2024, providing essential details for investors and shareholders.
Security Details
The following main classifications of securities will define the distributions:
Common Stock
CUSIP: 45781V101
Ticker Symbol: IIPR
9.00% Series A Cumulative Redeemable Preferred Stock
CUSIP: 45781V200
Ticker Symbol: IIPR PR A
Distribution Breakdown
IIP has provided the key record and payable dates along with the distribution amounts:
Common Stock Distribution:
- Record Date: 12/29/2023, Payable on 01/12/2024 with a total distribution of $1.820000.
- Record Date: 03/28/2024, Payable on 04/15/2024 with a total distribution of $1.820000.
- Record Date: 06/28/2024, Payable on 07/15/2024 with a total distribution of $1.900000.
- Record Date: 09/30/2024, Payable on 10/15/2024 with a total distribution of $1.900000.
- Record Date: 12/31/2024, Payable on 01/15/2025 with a total distribution of $1.900000.
Total Distribution Per Share: $9.340000
Additionally, for the 9.00% Series A Preferred Stocks:
- Record Date: 03/28/2024, Payable on 04/15/2024 with a total of $0.562500.
- Record Date: 06/28/2024, Payable on 07/15/2024 with a total of $0.562500.
- Record Date: 09/30/2024, Payable on 10/15/2024 with a total of $0.562500.
- Record Date: 12/31/2024, Payable on 01/15/2025 with a total of $0.562500.
Total Distribution Per Share: $2.250000
Taxable Amounts and Split-Year Distribution
The common stock distribution that has a record date of December 31, 2024, will allocate $0.83 for the year 2024 and $1.07 for the year 2025, which provides a clear overview for tax handling.
Furthermore, it was previously disclosed that a common stock distribution on December 29, 2023, was allocated with $0.99 for 2024 and $0.83 for 2023 related federal income tax purposes. The preferred stock distribution allocated entirely for 2023 federal tax implications.
Advisory for Stockholders
In its activities in 2024, IIP did not incur any foreign taxes, providing a tax-efficient environment for its stakeholders. It's advisable for shareholders to consult personal tax advisors to clarify their specific tax positions regarding the distributions made by IIP.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. serves as a self-advised Maryland corporation concentrating on acquiring, owning, and managing specialized industrial properties that are leased out to state-licensed operators for their regulated cannabis facilities. This company has opted to be taxed as a real estate investment trust since the tax year ending December 31, 2017, which benefits shareholders through its structured investments in the cannabis sector.
Frequently Asked Questions
What are the key dates for the 2024 distributions?
The record and payable dates for distributions are primarily set from December 2023 through January 2025, with distinct allocations for each.
How much will the total distribution be for common stock?
The total distribution for common stock is stated at $9.340000 for 2024.
What is the significance of split-year distributions?
Split-year distributions help clarify how portions of the dividend are allocated across different tax years, impacting individual tax returns.
Are there foreign taxes incurred by IIP?
No foreign taxes were incurred by IIP in 2024, simplifying the tax situation for shareholders.
Where can I find more information about Innovative Industrial Properties?
To learn more about the company and its operations, you can visit their official website for updated information and news.
About The Author
Contact Riley Hayes here.
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