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

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Friday, September 13th, NASDAQ reports. Shareholders of record on Monday, September 30th will be paid a dividend of 1.90 per share on Tuesday, October 15th. This represents a $7.60 annualized dividend and a yield of 5.88%. The ex-dividend date of this dividend is Monday, September 30th.

Innovative Industrial Properties has raised its dividend payment by an average of 19.3% per year over the last three years. Innovative Industrial Properties has a payout ratio of 123.2% 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 $8.76 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 86.8%.

Innovative Industrial Properties Trading Up 1.8 %

NYSE:IIPR traded up $2.34 during trading hours on Friday, hitting $129.26. The stock had a trading volume of 185,975 shares, compared to its average volume of 200,158. The business’s 50 day moving average is $119.46 and its 200-day moving average is $109.07. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. Innovative Industrial Properties has a one year low of $69.08 and a one year high of $129.45. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 22.66 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The company had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same period in the prior year, the company earned $2.26 EPS. The firm’s revenue was up 4.4% on a year-over-year basis. Sell-side analysts anticipate that Innovative Industrial Properties will post 8.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on IIPR shares. Piper Sandler increased their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd.

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.