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

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Monday, June 15th. Investors of record on Tuesday, June 30th will be paid a dividend of 1.90 per share on Wednesday, July 15th. This represents a c) annualized dividend and a dividend yield of 12.5%. The ex-dividend date of this dividend is Tuesday, June 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 every year for the last 4 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. Equities 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 Stock Up 0.1%

NYSE IIPR traded up $0.07 during trading hours on Monday, reaching $60.56. 378,173 shares of the company’s stock were exchanged, compared to its average volume of 342,074. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. The company has a market capitalization 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 $55.28 and its two-hundred day moving average is $52.33. Innovative Industrial Properties has a one year low of $44.58 and a one year high of $62.30.

Innovative Industrial Properties (NYSE:IIPR) last announced 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 company had revenue of $69.00 million during the quarter, compared to the consensus estimate of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.94 EPS. On average, analysts forecast that Innovative Industrial Properties will post 7.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IIPR. International Assets Investment Management LLC bought a new position in Innovative Industrial Properties in the fourth quarter valued at $25,000. FNY Investment Advisers LLC bought a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $32,000. Advisory Services Network LLC bought a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $34,000. Los Angeles Capital Management LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $35,000. Finally, Huntington National Bank increased its position in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after acquiring an additional 366 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

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.