Shares of Innovative Industrial Properties Inc (NYSE: IIPR) are trading higher on Monday after the real estate investment trust said Friday it will hike its quarterly dividend yield.
What Happened
Innovative Industrial Properties said it will pay a second-quarter dividend of 60 cents per share, which represents an increase of 33% from the previous one. The dividend also went up by 140% from the second quarter of 2018. The dividends are payable on July 15 to stockholders of record on June 28.
This represents the ninth consecutive quarterly dividend the REIT is paying since its IPO in December 2016.
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In addition, Innovative Industrial Properties' board declared a regular quarterly dividend of $0.5625 per share of its 9% Series A Cumulative Redeemable Preferred Stock.
Why It's Important
Innovative Industrial Properties is one of the largest real estate companies catering to the U.S. cannabis industry. In the last couple of months, the REIT has expanded its presence in Pennsylvania.
In April, the company acquired a 51,000 square foot property in Pittsburgh for which it had signed a long-term lease agreement with Maitri Genetics. In May, it acquired two buildings in Saxton with a total footage of 266,000 square feet and leased it to Green Leaf Medical.
The stock traded higher by 7.6% to $116.75 per share at time of publication.
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