Innovative Industrial Properties, Inc. to Issue Quarterly Dividend of $1.90 (NYSE:IIPR)

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Friday, March 13th. Shareholders of record on Tuesday, March 31st will be paid a dividend of 1.90 per share on Wednesday, April 15th. This represents a c) dividend on an annualized basis and a yield of 14.4%. The ex-dividend date of this dividend is Tuesday, March 31st.

Innovative Industrial Properties has raised its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Innovative Industrial Properties has a dividend payout ratio of 176.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Innovative Industrial Properties to earn $8.84 per share next year, which means the company should continue to be able to cover its $7.60 annual dividend with an expected future payout ratio of 86.0%.

Innovative Industrial Properties Trading Down 0.8%

NYSE IIPR opened at $52.68 on Friday. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 13.44 and a beta of 1.45. Innovative Industrial Properties has a 52 week low of $44.58 and a 52 week high of $70.19. The business has a 50 day moving average price of $50.00 and a 200-day moving average price of $51.89. The company has a quick ratio of 4.38, a current ratio of 4.38 and a debt-to-equity ratio of 0.22.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, February 23rd. The company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The company had revenue of $66.66 million for the quarter, compared to analyst estimates of $66.16 million. During the same period in the prior year, the firm earned $2.03 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 13.1% on a year-over-year basis. As a group, equities analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.