Shares of Innovative Industrial Properties (NYSE: IIPR) jumped 18.4% last month, according to data provided by S&P Global market Intelligence, after the real estate investment trust (REIT) expanded its property portfolio and boosted its dividend.
IIP entered July with momentum. The REIT raised its quarterly cash payout to investors in mid-June by 6% sequentially -- and 77% year over year -- to $1.06 per share. That made its yield, which was already sizable in today's low interest rate environment, even more attractive to income investors. That remains true today: even after its recent gains, IIP's stock yields a solid 3.7%.
Innovative Industrial Properties' share price rose sharply in July. Image source: Getty Images.