Innovative Industrial Properties (IIPR) will raise its quarterly dividend by another 33.3 percent to $0.60 per share. The cannabis facilities REIT initiated its dividend in 2017.

The next dividend is payable on July 15, 2019 to stockholders of record at the close of business on June 28, 2019. A new annual rate of $2.40 per share yields 2.2% at a stock price of $108.48.

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. The company completed its initial public offering in December 2016.