Innovative Industrial Properties Announces Tax Treatment of 2023 Distributions
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
(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
(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.
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