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SAN DIEGO - Innovative Industrial Properties, Inc. (NYSE: IIPR), a real estate company focused on the regulated U.S. cannabis industry, announced Friday its board of directors has declared a second quarter 2025 dividend of $1.90 per share of common stock. The company, currently trading at attractive valuations according to InvestingPro data, offers an impressive 13.4% dividend yield and has maintained dividend growth for eight consecutive years.
The dividend represents an annualized rate of $7.60 per common share and will be payable on July 15, 2025, to stockholders of record as of June 30, 2025.
The company also declared a regular quarterly dividend of $0.5625 per share for its 9.00% Series A Cumulative Redeemable Preferred Stock, with the same payment date and record date as the common stock dividend.
Since its founding in 2016, IIPR has distributed over $940 million in common stock dividends to shareholders, according to the press release statement.
Innovative Industrial Properties operates as a real estate investment trust (REIT) that acquires, owns and manages specialized industrial properties leased to state-licensed operators for regulated cannabis facilities.
The company is the first and only real estate company focused on the regulated U.S. cannabis industry to be listed on the New York Stock Exchange.
In other recent news, Innovative Industrial Properties reported its first-quarter 2025 earnings, revealing a miss on both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $1.03, which was below the expected $1.21, and revenue of $71.72 million, falling short of the anticipated $72.98 million. Despite these financial setbacks, the company maintains a strong liquidity position with $220 million available. Additionally, Innovative Industrial Properties has expanded its at-the-market (ATM) equity offering program, engaging Stifel, Nicolaus & Company, Incorporated and A.G.P. / Alliance Global Partners as new sales agents. This expansion is part of the company’s strategy to support growth initiatives and strengthen its balance sheet.
In other developments, the company held its annual meeting where stockholders approved the election of five directors and ratified the appointment of BDO USA, P.C. as the independent accounting firm for the fiscal year ending December 31, 2025. During this period, Innovative Industrial Properties also issued default notices to several tenants and is undertaking a strategic tenant refresh program. The company remains focused on managing its tenant base and optimizing its portfolio amid challenging market conditions.
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