Innovative Industrial Properties Announces Tax Treatment of 2023 Distributions

By: Innovative Industrial Properties, Inc. via Business Wire

January 26, 2024 at 17:29 PM EST

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) today announced the tax treatment of its 2023 distributions as follows:

Security Description: Common Stock

CUSIP: 45781V101

Ticker Symbol: IIPR

Record Date	Payable Date	Total Distribution Per Share	Allocable to 2023	Taxable Ordinary Dividend	Return of Capital	Long-Term Capital Gain	Unrecaptured Section 1250 Gain⁽¹⁾	Section 199A Dividend⁽²⁾
12/30/2022	01/13/2023	$1.800000	$1.470000	$1.470000	$0.000000	$0.000000	$0.000000	$1.470000
03/31/2023	04/14/2023	$1.800000	$1.800000	$1.800000	$0.000000	$0.000000	$0.000000	$1.800000
06/30/2023	07/14/2023	$1.800000	$1.800000	$1.800000	$0.000000	$0.000000	$0.000000	$1.800000
09/29/2023	10/13/2023	$1.800000	$1.800000	$1.800000	$0.000000	$0.000000	$0.000000	$1.800000
12/29/2023	01/12/2024	$1.820000	$0.830000	$0.830000	$0.000000	$0.000000	$0.000000	$0.830000
	Totals	$9.020000	$7.700000	$7.700000	$0.000000	$0.000000	$0.000000	$7.700000

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 2023	Taxable Ordinary Dividend	Return of Capital	Long-Term Capital Gain	Unrecaptured Section 1250 Gain⁽¹⁾	Section 199A Dividend⁽²⁾
03/31/2023	04/14/2023	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
06/30/2023	07/14/2023	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
09/29/2023	10/13/2023	$0.562500	$0.562500	$0.562500	$0.000000	$0.000000	$0.000000	$0.562500
12/29/2023	01/12/2024	$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, Long-Term Capital Gain amounts.
(2)		These amounts are a subset of, and included in, Taxable Ordinary Dividend amounts.

The common stock distribution with a record date of December 29, 2023 will be a split-year distribution, with $0.83 allocable to 2023 for federal income tax purposes and $0.99 allocable to 2024 for federal income tax purposes.

As previously disclosed by IIP on January 26, 2023 in its press release announcing the tax treatment of 2022 dividends, the common stock distribution with a record date of December 30, 2022 was a split-year distribution, with $0.33 allocable to 2022 for federal income tax purposes and $1.47 allocable to 2023 for federal income tax purposes, and the 9.00% Series A Cumulative Redeemable Preferred Stock distribution with a record date of December 30, 2022 was allocable entirely to 2022 for federal income tax purposes.

IIP did not incur any foreign taxes in 2023. 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.