This Stock Has Nearly Tripled Its Dividend in 3 Years

If you're looking for safe dividend stocks to buy and hold, you might be tempted to load up on big names like McDonald's or Coca-Cola. While they have great track records, the former has increased its dividend by just 19% in three years, and the latter has grown its payouts by 10% during that period.

By comparison, one stock that has been far more aggressive in its payout hikes is Innovative Industrial Properties (NYSE: IIPR). In just three years, it has more than doubled its dividend payments. Could this be an underrated dividend stock, or is it growing too fast for its own good?

Innovative Industrial Properties (IIP) is a real estate investment trust (REIT) that helps provide funding for cannabis producers, which otherwise might have trouble raising money due to the federal ban on marijuana in the U.S. Through sale-and-leaseback agreements, the REIT gets a potential long-term tenant, while the producer gets an influx of cash to help grow its operations.

Source Fool.com