Innovative Industrial Properties (IIPR) will raise its quarterly dividend by 6.5 percent to $1.32 per share in 2021. This is the first dividend hike announced this year and comes after a 6.0 percent hike to $1.24 per share announced in Q4 of 2020. This was 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 April 15, 2021 to stockholders of record at the close of business on March 31, 2021. A new annual rate of $5.28 per share yields 2.9% at a stock price of $183.54. This new dividend is the 10th 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. The total dividend increase in 2020 was exactly 24.0 percent as mentioned above. Innovative Industrial Properties pays an estimated annual dividend of $117 million to its shareholders after this new dividend hike just announced.

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.