Innovative Industrial Properties (NYSE: IIPR) has been on investors' radar since its initial public offering (IPO) in late 2016. This is partly because for a time, it was unique: a real estate investment trust (REIT) that specializes only in properties of interest to marijuana companies. 

A larger part of its appeal today, though, is its high-yield dividend. It approaches double-digit territory with a yield at a shade over 9%, which is very far above the 1.5% average yield in the S&P 500 index. So Innovative is quite the generous company when it comes to renumerating shareholders. Let's find out how the REIT manages this impressive feat.

Success begets imitators, and Innovative is no longer the sole marijuana-focused REIT on the stock exchange. It remains the largest and the most significant one, however. For proof, look no further than its tenant list, which contains a clutch of names known to anyone even glancingly familiar with publicly traded pot businesses. Prominent multi-state operators (MSOs) Green Thumb Industries and Curaleaf Holdings are in that lineup, as is Trulieve Cannabis. 

Continue reading

Source Fool.com