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

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Tuesday, September 15th. Investors of record on Wednesday, September 30th will be paid a dividend of 1.90 per share on Thursday, October 15th. This represents a c) annualized dividend and a yield of 13.5%. The ex-dividend date is Wednesday, September 30th.

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 every year for the last 4 years. Innovative Industrial Properties has a payout ratio of 176.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Innovative Industrial Properties to earn $7.69 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 98.8%.

Innovative Industrial Properties Stock Performance

IIPR traded down $0.15 during trading on Tuesday, reaching $56.28. 242,288 shares of the company’s stock were exchanged, compared to its average volume of 338,047. The company has a market capitalization of $1.55 billion, a P/E ratio of 12.76 and a beta of 1.35. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. The business has a 50 day moving average price of $59.14 and a 200 day moving average price of $56.88. Innovative Industrial Properties has a fifty-two week low of $44.58 and a fifty-two week high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. As a group, analysts predict that Innovative Industrial Properties will post 7.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IIPR. Weiss Ratings raised Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Piper Sandler increased their target price on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $48.00.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc (NYSE: IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.