Innovative Industrial Properties, Inc. (IIPR) to Issue Quarterly Dividend of $1.90 on January 15th

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Monday, December 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of 1.90 per share on Thursday, January 15th. This represents a c) annualized dividend and a yield of 14.9%. The ex-dividend date is Wednesday, December 31st.

Innovative Industrial Properties has increased its dividend payment by an average of 0.2%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Innovative Industrial Properties has a dividend 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. Equities 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 Stock Performance

Shares of NYSE:IIPR opened at $50.91 on Monday. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19. The firm has a market cap of $1.43 billion, a PE ratio of 12.06 and a beta of 1.50. The company’s 50 day moving average price is $51.24 and its two-hundred day moving average price is $53.57. Innovative Industrial Properties has a 12-month low of $44.58 and a 12-month high of $75.71.

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). The firm had revenue of $64.69 million during the quarter, compared to the consensus estimate of $63.72 million. Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. Innovative Industrial Properties’s quarterly revenue was down 15.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.25 earnings per share. Equities research analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Innovative Industrial Properties in a report on Monday, December 22nd. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Reduce” and an average target price of $68.20.

Innovative Industrial Properties Company Profile

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.