Innovative Industrial Properties (NYSE:IIPR) Releases Earnings Results, Beats Estimates By $0.09 EPS

Innovative Industrial Properties (NYSE:IIPR) issued its earnings results on Monday. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.09, FiscalAI reports. The firm had revenue of $64.92 million during the quarter, compared to analyst estimates of $61.03 million. Innovative Industrial Properties had a net margin of 53.20% and a return on equity of 7.93%.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $56.64 on Wednesday. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. The firm has a market cap of $1.56 billion, a PE ratio of 12.79 and a beta of 1.33. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $65.38. The stock has a fifty day moving average price of $54.35 and a 200-day moving average price of $55.08.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.4%. The ex-dividend date was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 172.34%.

Analyst Ratings Changes

Several research analysts have commented on the company. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Stifel Nicolaus began coverage on shares of Innovative Industrial Properties in a report on Wednesday, October 14th. They issued a “buy” rating and a $56.25 target price for the company. Huntington initiated coverage on shares of Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price target for the company. Finally, Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating on the stock in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $51.31.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director Bruce Ives bought 528 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average cost of $56.70 per share, with a total value of $29,937.60. Following the transaction, the director directly owned 3,180 shares of the company’s stock, valued at approximately $180,306. This represents a 19.91% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Alan D. Gold purchased 40,000 shares of the firm’s stock in a transaction on Thursday, October 8th. The stock was acquired at an average price of $25.00 per share, with a total value of $1,000,000.00. Following the completion of the purchase, the chairman owned 40,000 shares of the company’s stock, valued at $1,000,000. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 2.30% of the stock is owned by company insiders.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.