Innovative Industrial Properties is a NYSE Listed Company with a Unique Business Model

Innovative Industrial Properties (IIP) is the first publicly traded company on the New York Stock Exchange (NYSE: IIPR) to provide real estate capital to the medical-use cannabis industry.

IIP is based in San Diego and founded in 2016, is a real estate investment trust (REIT) focused solely on properties used for growing and processing cannabis. The fast-growing company currently owns 22 fully leased properties in 11 U.S. states where medical marijuana is legal.

A REIT is a corporation that combines the capital of many investors to acquire income producing real estate.

IIP is unique, as profitable pure-play marijuana companies are quite rare, and ones that also pay a dividend are rarer yet. REITs are required to pay out at least 90% of their income in the form of dividends to shareholders.

In the first quarter of 2019, IIP continued its growth, with revenue, earnings per share (EPS), and adjusted funds from operations (AFFO) per share soaring 146%, 267%, and 135%, respectively, year over year.

In the second quarter 2019, the company announced a dividend of $0.60 per share of common stock, representing an approximately 33% increase over its first quarter 2019 dividend of $0.45 per share of common stock, and a 140% increase over IIP's second quarter 2018 dividend of $0.25 per share of common stock.

The dividend is equivalent to an annualized dividend of $2.40 per common share, and is the ninth consecutive quarterly dividend payable to common stockholders declared since IIP completed its initial public offering in December 2016.

IIP's portfolio is comprised of specialized industrial and greenhouse buildings, and is 100% leased to state-licensed medical-use cannabis growers.

The company's CEO is Paul Smithers, a licensed real estate broker and member of the California Bar. As an attorney with 33 years experience, Smithers has been involved with countless commercial and residential real estate transactions.

The company's properties combine an aggregate of approximately 1.6 million rentable square feet in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Ohio and Pennsylvania.