Innovative Industrial Properties: Preferred Shares Offering Attractive 8.5% Dividend Yield

filo Introduction Innovative Industrial Properties (NYSE:IIPR) is a real estate investment trust (REIT) that focuses on the leasing of properties to support the cannabis industry. Back in late 2022, a situation emerged where the company's debt maturing in 2026 was trading at a higher yield than its preferred shares (NYSE:IIPR.PR.A). Today, the bond price is a bit higher, but still yielding a respectable 7.7%. However, a recent sell-off in the preferred shares has the dividend yield rising to over 8.5%, to w ...