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Ex-Div Reminder for Innovative Industrial Properties Series A Cumulative Redeemable Preferred Stock

By Preferred Stock Channel Staff, Monday, March 25, 1:37 PM ET

On 3/27/24, Innovative Industrial Properties Inc's 9.00% Series A Cumulative Redeemable Preferred Stock (NYSE:IIPR.PRA) will trade ex-dividend, for its quarterly dividend of $0.5625, payable on 4/15/24. As a percentage of IIPR.PRA's recent share price of $27.36, this dividend works out to approximately 2.06%, so look for shares of IIPR.PRA to trade 2.06% lower — all else being equal — when IIPR.PRA shares open for trading on 3/27/24. On an annualized basis, the current yield is approximately 7.94%, which compares to an average yield of 7.67% in the "Real Estate" preferred stock category, according to Preferred Stock Channel.

As of last close, IIPR.PRA was trading at a 13.36% premium to its liquidation preference amount. The chart below shows the one year performance of IIPR.PRA shares, versus IIPR:

Performance Comparison Chart

Below is a dividend history chart for IIPR.PRA, showing historical dividends prior to the most recent $0.5625 on Innovative Industrial Properties Inc's 9.00% Series A Cumulative Redeemable Preferred Stock:

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In Monday trading, Innovative Industrial Properties Inc's 9.00% Series A Cumulative Redeemable Preferred Stock (NYSE:IIPR.PRA) is currently down about 3.4% on the day, while the common shares (NYSE:IIPR) are up about 2.1%.

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