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

Innovative Industrial Properties, Inc. (NYSE:IIPR) announced a quarterly dividend on Friday, March 13th. Investors of record on Tuesday, March 31st will be given a dividend of 1.90 per share on Wednesday, April 15th. This represents a c) dividend on an annualized basis and a yield of 14.4%. The ex-dividend date of this dividend is Tuesday, March 31st.

Innovative Industrial Properties has increased its dividend payment 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% 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 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 Down 0.8%

IIPR stock traded down $0.44 during mid-day trading on Friday, hitting $52.68. 207,397 shares of the company were exchanged, compared to its average volume of 316,950. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. Innovative Industrial Properties has a 1-year low of $44.58 and a 1-year high of $70.19. The firm’s 50 day simple moving average is $49.94 and its 200 day simple moving average is $51.90. The firm has a market cap of $1.48 billion, a P/E ratio of 13.44 and a beta of 1.45.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The company had revenue of $66.66 million during the quarter, compared to analysts’ expectations of $66.16 million. During the same quarter in the prior year, the company earned $2.03 earnings per share. The business’s quarterly revenue was down 13.1% compared to the same quarter last year. On average, sell-side analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $25,000. West Oak Capital LLC bought a new stake in Innovative Industrial Properties in the 3rd quarter valued at $27,000. FNY Investment Advisers LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter valued at $32,000. Advisory Services Network LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter valued at $34,000. Finally, Los Angeles Capital Management LLC bought a new position in Innovative Industrial Properties during the fourth quarter worth $35,000. 70.58% of the stock is currently owned by institutional investors.

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.