Some investors turn up their noses at dividend stocks. Why? They don't think the stocks will generate enough growth to make them attractive.

Admittedly, that is the case for many dividend stocks. However, there are some notable exceptions. Here are three dividend stocks that could deliver monster returns.

1. Brookfield Renewable

Brookfield Renewable (BEP -0.13%) (BEPC 0.44%) offers an attractive dividend yield of over 3%. The company has also increased its dividend by a compound annual growth rate of 6% since 2013.

If I could buy only one dividend stock, Brookfield Renewable would be it. However, the dividend isn't the main attraction for this stock. Brookfield Renewable is a major player in renewable energy, one of the biggest growth areas over the next several decades.

The shift from fossil fuels to energy sources such as solar and wind appears to be an unstoppable trend. Governments across the world have committed to major carbon emission reductions by 2030. Those goals can't be achieved without significantly increasing the adoption of renewable energy.

Brookfield Renewable is preparing to meet this higher demand. The company's development pipeline capacity of 69 gigawatts is more than triple its current capacity. The recent passage of the Inflation Reduction Act -- which, in part, addresses climate change -- should serve as a catalyst for the stock over the near term.

2. Innovative Industrial Properties

If you're looking for an even juicier yield, check out Innovative Industrial Properties (IIPR -0.70%) (IIP). The dividend yield for the cannabis-focused real estate investment trust (REIT) currently tops 6.8%. IIP has also increased its dividend payout by over 10x since 2017.

IIP is riskier than Brookfield Renewable. Its shares have plunged this year due to investors' worries about the stability of some of its major tenants. In particular, Kings Garden remains in default on rents.

However, IIP's revenue soared 44% year over year in the second quarter, and its earnings jumped more than 37%. The company's normalized funds from operations rose 36%. IIP also acquired additional properties that should boost growth going forward.

U.S. cannabis operators face headwinds right now due in large part to a supply-demand imbalance. However, these issues should only be temporary. The long-term prospects for the cannabis market remain strong. IIP should return to its winning ways.

3. Medical Properties Trust

Medical Properties Trust (MPW 5.56%) (MPT) stands out as another REIT with an especially attractive dividend yield of over 7%. The company has increased its dividend for 10 consecutive years.

There have been some concerns about MPT's biggest tenant, Steward. Rising interest rates have also caused investors to be skittish about MPT stock. On the bright side, the sell-off this year has given MPT a bargain valuation, with shares trading at only nine times expected earnings.

Medical Properties Trust CEO Ed Aldag noted in the company's Q2 call that Steward's financial performance has improved. More importantly, MPT is confident the hospital properties it leases would be relatively easily leased to another operator. Also, the company still expects to complete acquisitions of at least $1 billion this year.

I think the recent decline sets MPT up for a monster rebound. Over the longer term, I expect the healthcare REIT will continue to expand both in the U.S. and international markets.