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

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Monday, December 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of 1.90 per share on Thursday, January 15th. This represents a c) annualized dividend and a yield of 13.5%. The ex-dividend date is Wednesday, December 31st.

Innovative Industrial Properties has increased its dividend payment by an average of 0.2%per year over the last three years and has raised 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 $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 0.5%

Shares of Innovative Industrial Properties stock traded down $0.29 during trading hours on Monday, reaching $56.48. 723,157 shares of the company’s stock were exchanged, compared to its average volume of 320,471. Innovative Industrial Properties has a 52-week low of $44.58 and a 52-week high of $104.64. The company has a fifty day moving average of $51.29 and a 200-day moving average of $53.72. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 13.38 and a beta of 1.50.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing the consensus estimate of $1.73 by ($0.02). Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The business had revenue of $64.69 million during the quarter, compared to analyst estimates of $63.72 million. During the same quarter in the previous year, the company posted $2.25 earnings per share. The business’s revenue for the quarter was down 15.4% compared to the same quarter last year. Sell-side analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.