Innovative Industrial Properties, Inc. (IIPR) To Go Ex-Dividend on June 30th

Innovative Industrial Properties, Inc. (NYSE:IIPR) declared a quarterly dividend on Monday, June 15th. Investors 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 12.7%. The ex-dividend date of this dividend is Tuesday, June 30th.

Innovative Industrial Properties has raised 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 dividend 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 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 Trading Down 1.4%

NYSE:IIPR opened at $59.67 on Wednesday. The firm has a market cap of $1.72 billion, a PE ratio of 15.26 and a beta of 1.42. The stock has a fifty day moving average price of $55.68 and a 200 day moving average price of $52.48. Innovative Industrial Properties has a 12-month low of $44.58 and a 12-month high of $62.30. 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 (NYSE:IIPR) last released its earnings results on Monday, May 4th. The company reported $1.02 earnings per share (EPS) 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 analysts’ expectations of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted $1.94 earnings per share. Sell-side analysts anticipate that Innovative Industrial Properties will post 7.1 earnings per share for the current fiscal year.

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.