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Innovative Industrial Properties Inc. (NYSE: IIPR) Offers Operations Updates and Declares Q2 2021 Dividends

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Innovative Industrial Properties Inc. (NYSE: IIPR) has announced its investment, capital markets, and operating activities since April 1, 2021, to date. 

Innovative Industrial Properties offers operations update 

Since April 1, 2021, the company has acquired four properties in Michigan, Pennsylvania, and Massachusetts. It also executed three lease amendments offering additional tenant enhancements to properties in Pennsylvania and Florida. In the transactions, the company established a new tenant relationship with Temescal Wellness of Massachusetts, Sozo Companies Inc. In addition, it expanded its relationship with Harvest Health & recreation, Green peak industries Parallel, and Jushi Holdings. 

As of July 6, 2021, the company had 72 properties located in Colorado, California, Arizona, Michigan, Minnesota, Maryland, Illinois, New jersey6, Nevada, Ohio, Pennsylvania, Washington, Texas, and New York. The properties represent rentable space of 6.6 million sq. ft., which was fully leased. 

During the period, the company, through its operating partnership subsidiary, issued $300 million of unsecured notes bearing an interest of 5.5 per year payable semi-yearly on May and November 15. The notes generated $293 in net proceeds, which the company will use to invest in industrial real estate assets supporting the regulated marijuana sector consistent with IIPR’s strategy. 

Innovative Industrial Properties declares Q2 2021 dividend

Recently, the company’s board declared a Q2 2021 dividend of $1.4 per share of its common stock, a 6% QoQ increase and around 32% YoY increase. The declared dividend is comparable to an annualized dividend of around $5.6 per share of common stock. It will be the eleventh time the company is paying the dividend since it went public in 2016. 

Equally, the board declared a quarterly dividend of around $0.5625 per share of the 9.00% Series A Cumulative Redeemable Preferred Stock. The dividends will be payable on July 15, 2021, to holders on record as of June 30, 2021. 

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