Innovative Industrial Properties (IIPR) will raise its quarterly dividend by another 6.0 percent to $1.24 per share in Q4. This comes after a 10.4 percent to $1.17 per share in the third quarter of 2020. This is the third hike announced by the cannabis facilities REIT in 2020 for a total increase of 24.0 percent.

The next dividend is payable on January 15, 2021 to stockholders of record at the close of business on December 31, 2020. A new annual rate of $4.96 per share yields 2.6% at a closing price of $188.54. This new dividend is the ninth dividend increase since IIP completed its initial public offering in December 2016.

Innovative Industrial Properties initiated its dividend in 2017 and hiked its dividend by a total of 185.7 percent in 2019. Including this latest dividend hike announced today the dividend increase in 2020 is exactly 24.0 percent.

The stock price of Innovative Industrial Properties touched an all time high of $193.24 earlier this month, being up 148.5 percent year-to-date. The company's market cap currently is $4.2 billion and Innovative Industrial Properties pays an estimated annual dividend of $108 million to its shareholders after this new dividend hike.

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.