INNOVATIVE INDUSTRIAL PROPERTIES, INC. 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
|
Payable
|
Total
|
Allocable
|
Taxable
|
Return of
|
Long-Term
|
Unrecaptured
|
Section
|
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
|
Payable
|
Total
|
Allocable
|
Taxable
|
Return of
|
Long-Term
|
Unrecaptured
|
Section
|
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.
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