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

Key Points

• Innovative Industrial Properties declared a $1.90 quarterly dividend, payable October 15 to shareholders of record September 30. The dividend equates to $7.60 annually and a 13.5% yield.
• The dividend carries coverage risk: IIPR’s current payout ratio is 176.7%, meaning earnings do not fully cover the payment, though analysts expect next year’s payout ratio to improve to 98.8%.
• IIPR shares slipped 0.3% to $56.28, while the company’s latest quarterly earnings of $1.36 per share exceeded estimates of $1.02; institutional investors own 70.58% of the stock.

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) announced a quarterly dividend on Tuesday, September 15th. Investors of record on Wednesday, September 30th will be given a dividend of 1.90 per share on Thursday, October 15th. This represents a c) dividend on an annualized basis and a yield of 13.5%. The ex-dividend date is Wednesday, September 30th.

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% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Innovative Industrial Properties to earn $7.69 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 98.8%.

Innovative Industrial Properties Stock Down 0.3%

NYSE IIPR traded down $0.15 on Tuesday, reaching $56.28. The stock had a trading volume of 242,288 shares, compared to its average volume of 338,047. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. Innovative Industrial Properties has a 1 year low of $44.58 and a 1 year high of $65.38. The business has a 50 day moving average price of $59.14 and a 200 day moving average price of $56.88. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.76 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The business had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. On average, analysts forecast that Innovative Industrial Properties will post 7.05 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Bruce Ives purchased 528 shares of the company's stock in a transaction dated Monday, August 31st. The shares were bought at an average price of $56.70 per share, with a total value of $29,937.60. Following the completion of the transaction, the director directly owned 3,180 shares in the company, valued at $180,306. This trade represents a 19.91% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Innovative Industrial Properties

Large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new stake in Innovative Industrial Properties in the 2nd quarter valued at $211,000. NewEdge Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 6.7% in the second quarter. NewEdge Advisors LLC now owns 6,793 shares of the company's stock valued at $421,000 after buying an additional 424 shares during the period. Nykredit A S acquired a new stake in Innovative Industrial Properties during the second quarter worth about $25,000. Corient Private Wealth LP acquired a new stake in Innovative Industrial Properties during the second quarter worth about $1,364,000. Finally, Amundi increased its stake in Innovative Industrial Properties by 2.2% during the second quarter. Amundi now owns 19,029 shares of the company's stock valued at $1,179,000 after acquiring an additional 413 shares during the period. 70.58% of the stock is owned by institutional investors.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc NYSE: IIPR is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.

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