Innovative Industrial Properties Declares Third Quarter 2023 Dividends, Payable on October 13, 2023
September 15, 2023 at 12:00 pm
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Innovative Industrial Properties, Inc. announced that its board of directors has declared a third quarter 2023 dividend of $1.80 per share of common stock. The common stock dividends declared for the last twelve months of $7.20 per common share represent an increase of $0.40, or 6%, over dividends declared for the prior twelve months. The dividends are payable on October 13, 2023 to stockholders of record at the close of business on September 29, 2023.
Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated cannabis facilities. The Company is engaged in the business of providing real estate for the regulated cannabis industry. It acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately d 108 properties comprising an aggregate of approximately 8.9 million rentable square feet (including approximately 1.4 million rentable square feet under development/redevelopment) in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiaries include IIP-AZ 1 LLC, IIP-AZ 2 LLC, IIP-AZ 3 LLC, IIP-CA 2 LP, and IIP-CA 1 LP.