Innovative Industrial Properties (IIPR) will raise its quarterly dividend by 6.0 percent to $1.06 per share in 2020. The cannabis facilities REIT initiated its dividend in 2017 and hiked its dividend by a total of 185.7 percent last year.

The next dividend is payable on July 15, 2020 to stockholders of record at the close of business on June 30, 2020. A new annual rate of $4.24 per share yields 4.3% at a stock price of $98.85.

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 targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers under long-term, triple-net leases. The company's properties are located in in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, Ohio and Pennsylvania. The company completed its initial public offering in December 2016 and paid its first quarterly dividend in 2017.