Real estate investment trusts, or REITs (pronounced "reets"), aren't known for being the most exciting investments, but Innovative Industrial Properties (NYSE: IIPR) is a big exception. This REIT specializes in commercial properties occupied by state-licensed operators of legal marijuana facilities.

After terrible stock performance in 2022, this solid business is looking like a bargain as we head into 2023, and not just for growth investors. Here's a bit about Innovative Industrial Properties and why I plan to add this high-dividend stock to my portfolio in 2023.

Innovative Industrial Properties serves a unique niche by providing real estate capital to the legal cannabis industry. As of September 2022, the company owned 111 properties in 19 states, most of which are industrial in nature (such as production facilities).

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Source Fool.com