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

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Monday, June 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of 1.90 per share on Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 12.5%. The ex-dividend date is Tuesday, June 30th.

Innovative Industrial Properties has increased its dividend by an average of 0.1%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% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Innovative Industrial Properties to earn $7.43 per share next year, which means the company may not be able to cover its $7.60 annual dividend with an expected future payout ratio of 102.3%.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $60.56 on Tuesday. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $62.30. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 15.49 and a beta of 1.42. The company’s 50 day moving average is $55.48 and its two-hundred day moving average is $52.41.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). The firm had revenue of $69.00 million during the quarter, compared to the consensus estimate of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.94 earnings per share. As a group, research analysts anticipate that Innovative Industrial Properties will post 7.1 earnings per share for the current year.

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.