Innovative Industrial Properties (NYSE:IIPR) Posts Earnings Results

Innovative Industrial Properties (NYSE:IIPR) issued its quarterly earnings results on Monday. The company reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $1.06, Zacks reports. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. The company had revenue of $64.92 million for the quarter, compared to analyst estimates of $61.03 million.

Innovative Industrial Properties Trading Up 5.0%

Shares of IIPR stock traded up $2.59 on Monday, reaching $54.63. 397,614 shares of the stock were exchanged, compared to its average volume of 349,335. The stock has a market cap of $1.51 billion, a P/E ratio of 12.39 and a beta of 1.37. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $54.42 and a two-hundred day moving average of $55.04. Innovative Industrial Properties has a 1-year low of $44.58 and a 1-year high of $65.38.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.9%. The ex-dividend date was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 172.34%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Piper Sandler lowered their price target on Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating for the company in a report on Monday, October 12th. Huntington started coverage on Innovative Industrial Properties in a report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price target for the company. Finally, Stifel Nicolaus initiated coverage on shares of Innovative Industrial Properties in a research note on Wednesday, October 14th. They set a “buy” rating and a $56.25 price objective for the company. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and an average price target of $51.31.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director Scott Shoemaker sold 611 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the sale, the director directly owned 2,000 shares in the company, valued at $112,720. This represents a 23.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Alan D. Gold purchased 40,000 shares of the company’s stock in a transaction on Thursday, October 8th. The shares were purchased at an average price of $25.00 per share, with a total value of $1,000,000.00. Following the completion of the purchase, the chairman directly owned 40,000 shares of the company’s stock, valued at $1,000,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.30% of the stock is owned by insiders.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.