Innovative Industrial Properties Announces Amended Tax Treatment of 2021 Distributions

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) today announced an amendment to its initial tax treatment of its 2021 distributions that was provided in a press release dated January 28, 2022. The amended tax treatment of its 2021 distributions is as follows:

Security Description: Common Stock

CUSIP: 45781V101

Ticker Symbol: IIPR

 

 

Record

Date

 

Payable

Date

Total

Distribution

Per Share

 

Allocable

to 2021

Taxable

Ordinary

Dividend

 

Return of

Capital

 

Long-Term

Capital Gain

Unrecaptured

Section 1250

Gain

Section

199A

Dividend(1)

12/31/2020

01/15/2021

$1.240000

$1.020000

$1.020000

$0.000000

$0.000000

$0.000000

$1.020000

03/31/2021

04/15/2021

$1.320000

$1.320000

$1.320000

$0.000000

$0.000000

$0.000000

$1.320000

06/30/2021

07/15/2021

$1.400000

$1.400000

$1.400000

$0.000000

$0.000000

$0.000000

$1.400000

09/30/2021

10/15/2021

$1.500000

$1.500000

$1.500000

$0.000000

$0.000000

$0.000000

$1.500000

12/31/2021

01/14/2022

$1.500000

$0.100000

$0.100000

$0.000000

$0.000000

$0.000000

$0.100000

 

Totals

$6.960000

$5.340000

$5.340000

$0.000000

$0.000000

$0.000000

$5.340000

Security Description: 9.00% Series A Cumulative Redeemable Preferred Stock

CUSIP: 45781V200

Ticker Symbol: IIPR PR A

 

 

Record

Date

 

Payable

Date

Total

Distribution

Per Share

 

Allocable

to 2021

Taxable

Ordinary

Dividend

 

Return of

Capital

 

Long-Term

Capital Gain

Unrecaptured

Section 1250

Gain

Section

199A

Dividend(1)

03/31/2021

04/15/2021

$0.562500

$0.562500

$0.562500

$0.000000

$0.000000

$0.000000

$0.562500

06/30/2021

07/15/2021

$0.562500

$0.562500

$0.562500

$0.000000

$0.000000

$0.000000

$0.562500

09/30/2021

10/15/2021

$0.562500

$0.562500

$0.562500

$0.000000

$0.000000

$0.000000

$0.562500

12/31/2021

01/14/2022

$0.562500

$0.562500

$0.562500

$0.000000

$0.000000

$0.000000

$0.562500

 

Totals

$2.250000

$2.250000

$2.250000

$0.000000

$0.000000

$0.000000

$2.250000

(1)

These amounts are a subset of, and included in, Taxable Ordinary Dividend amounts.

The common stock distribution with a record date of December 31, 2021 will be a split-year distribution, with $0.10 allocable to 2021 for federal income tax purposes and $1.40 allocable to 2022 for federal income tax purposes.

As previously disclosed by IIP on February 1, 2021 in its press release announcing the tax treatment of 2020 dividends, the common stock distribution with a record date of December 31, 2020 was a split-year distribution, with $0.22 allocable to 2020 for federal income tax purposes and $1.02 allocable to 2021 for federal income tax purposes, and the 9.00% Series A Cumulative Redeemable Preferred Stock distribution with a record date of December 31, 2020 was allocable entirely to 2020 for federal income tax purposes.

IIP did not incur any foreign taxes in 2021. Stockholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of IIP’s distributions.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc. has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017. Additional information is available at www.innovativeindustrialproperties.com.

Contacts

Catherine Hastings

Chief Financial Officer

Innovative Industrial Properties, Inc.

(858) 997-3332

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