Life is full of trade-offs. However, there are some trade-offs that you might think are necessary but really aren't.

For example, some investors think that to obtain great dividends they have to give up the opportunity for strong growth. That's not always true, though. Here are two high-yield dividend stocks that could realistically double within the next five years.

1. Innovative Industrial Properties

Innovative Industrial Properties (IIPR -0.70%) (IIP) is a real estate investment trust (REIT) that focuses on the regulated cannabis industry in the U.S. It currently owns 111 properties in 19 states. 

The company offers a dividend yield of nearly 7%. IIP has increased its dividend by 12x since 2017.

To double within the next five years, IIP's share price would only have to regain its level from late 2021. The stock has plunged due to investors' worries about the weakness in the U.S. cannabis industry. 

However, IIP continues to deliver solid growth. The company's revenue jumped 32% year over year in the third quarter of 2022. Its earnings rose 25%. Normalized funds from operations (FFO) increased by nearly 22%.

The headwinds that the U.S. cannabis industry faces primarily relate to a supply demand imbalance. This kind of situation resolves itself over time. 

Meanwhile, the number of states with legal cannabis markets continues to grow. In the recent elections, Maryland and Missouri voters approved the legalization of recreational marijuana. Virginia's recreational pot market is scheduled to open for business in 2024.

IIP executive chairman Alan Gold noted in the company's Q3 call that total U.S. cannabis revenue is expected to double by 2026. If IIP matches that growth rate, the stock could easily double or more within the next five years.

2. Medical Properties Trust

Medical Properties Trust (MPW 5.56%) (MPT) is another REIT that income investors should check out. The company owns 435 hospital facilities with 44,000 licensed beds in 10 countries.

MPT stock has plummeted nearly 50% this year. But this steep decline has pushed the company's dividend yield to 9.6%. The yield topped 10% in recent months. MPT has increased its dividend for eight years in a row.

The hospital REIT stock could nearly double merely by recapturing its 52-week high. Achieving this goal seems quite doable over the next few years.

Hospital operators have incurred higher costs due to skyrocketing inflation. However, relief should be in sight with reimbursement increases on the way. The improving outlook for MPT's tenants should reassure investors.

In the meantime, MPT's financial position remains strong. The company's net income increased nearly 30% year over year in the third quarter of 2022. Normalized FFO rose a little over 3%. MPT's net debt was 16% lower in Q3 than at the end of 2021. 

Double trouble?

There are some things that could prevent either of these high-yield dividend stocks from doubling. The most obvious potential roadblock is that IIP's and MPT's lease revenue could be in jeopardy.

One of IIP's tenants, Kings Garden, has already missed making lease payments this year. Another of the cannabis REIT's tenants, Vertical, is making partial lease payments.

MPT faces some troubles as well. Pipeline, a hospital operator that leases four facilities from MPT, recently filed for Chapter 11 bankruptcy. MPT's biggest tenant, Steward, has also experienced financial challenges. 

Higher interest rates could also put a damper on growth for both of these REITs. MPT CFO Steven Hammer acknowledged in his company's Q3 conference call that "any additional acquisitions will require compelling economics."

However, both IIP and MPT appear to be well-positioned to weather the storms that they face. The idea that these stocks could double over the next five years isn't farfetched at all.