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NEW YORK ( TheStreet) -- The ex-dividend date for MI Developments (NYSE: MIM) is tomorrow, March 21, 2012. Owners of shares as of market close today will be eligible for a dividend of 50 cents per share. At a price of $34.87 as of 9:35 a.m. ET, the dividend yield is 5.5%. The average volume for MI Developments has been 171,200 shares per day over the past 30 days. MI Developments has a market cap of $1.63 billion and is part of the financial sector and real estate industry. Shares are up 10.4% year to date as of the close of trading on Monday. MI Developments Inc. engages in the acquisition, development, construction, ownership, leasing, and management of primarily industrial and commercial properties. The company has a P/E ratio of 29, above the average real estate industry P/E ratio of 10.8 and above the S&P 500 P/E ratio of 17.7.