It can be tempting to invest in a high-yielding dividend. Above the 10% level, you're collecting a significant chunk of your original investment back in the form of dividends. But there's a big risk because if that dividend is unsustainable, a reduction to the payout may not only reduce the amount of dividends you collect, but it could also send the stock price into a tailspin. A couple of dividend stocks that investors should be wary of today are Innovative Industrial Properties (IIPR 4.75%) and Medical Properties Trust (MPW -3.77%).

1. Innovative Industrial Properties

Innovative Industrial Properties (IIP) is a real estate investment trust (REIT) that helps provide cannabis producers with funding through sale-and-leaseback agreements. However, marijuana producers don't often make for the safest tenants, which is why IIP is a bit of a risky REIT to be investing in. While the marijuana industry has been growing, competition is fierce, particularly with the black market, and many producers are struggling to turn a profit and are burning through cash.

Over the past 12 months, shares of IIP have nosedived 56% as investors have grown bearish on this once-promising REIT. As a result of the decline, the stock now yields an incredible 11.2% -- that's more than 6 times the S&P 500 average of 1.7%. At such a high yield, you would only need to invest a little over $8,900 to earn $1,000 in annual dividends.

The problem, however, is that multiple tenants have defaulted, including Kings Garden, which is one of its largest. For now, IIP has been continuing paying its dividend, but how long it's able to do so at the current rate is questionable. In 2022, its funds from operations (FFO) per share totaled $7.64, which is only slightly higher than its annualized dividend of $7.20 per share.

Relying on cannabis producers was a risky prospect to start with. Now, with inflation and a potential recession on the way, the risk is even higher for companies and REITs that rely on the industry. That makes IIP a particularly dangerous dividend stock to be holding, and one that I would steer clear of.

2. Medical Properties Trust

Another REIT that has been having problems is Medical Properties Trust. Although its tenants include hospitals and behavioral health facilities, it's still a risky investment to be holding right now. The company noted on its earnings call in February that one of its top tenants, Prospect Medical, didn't pay its full rent, and investors weren't told if it paid any rent at all.

Medical Properties' stock has endured a similar fall to IIP, as it is down 57% over the past 12 months. Hospitals have been dealing with staffing shortages due to the pandemic and rising costs. Plus, inflation hasn't been making things easier. Because of the sell-off, Medical Properties' shares now yield 14% on the dividend. You would need to invest even less -- $7,150 to collect $1,000 in annual dividend payments from this REIT.

But as is the case with IIP, it's debatable whether Medical Properties won't need to cut its dividend at some point in the future. Last year, the company's FFO per share was $1.56, which would put its payout ratio based on that metric at 74%. That may not appear alarming, but the company only recently announced the problem with Prospect Medical. Although things may be fine for now, there is still plenty of risk with the stock. And even if you're tempted to buy the stock, you should consider its abysmal track record; Medical Properties has often underperformed the S&P 500 over the past decade.

While these yields may be attractive, they come with a significant amount of risk and likely aren't suitable for most investors.