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

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

Innovative Industrial Properties has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 4 consecutive 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

NYSE:IIPR opened at $56.28 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 50-day moving average price of $59.03 and a two-hundred day moving average price of $56.91. Innovative Industrial Properties has a twelve month low of $44.58 and a twelve month high of $65.38. The company has a market capitalization of $1.55 billion, a P/E ratio of 12.76 and a beta of 1.35.

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

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.