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

Key Points

• Innovative Industrial Properties, Inc. has declared a quarterly dividend of $1.90 per share, with a dividend yield of 13.3%, payable on October 15th to investors of record by September 30th.
• The company's payout ratio is 176.7%, indicating that it currently relies on its balance sheet to fund dividends, but projected earnings suggest future payouts will be sustainable at an 86% ratio.
• Shares opened at $57.03, and despite a recent decline, equities analysts maintain a consensus average rating of "Hold" for the stock with a price target of $78.67.

Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report) announced a quarterly dividend on Monday, September 15th, RTT News reports. Investors of record on Tuesday, September 30th will be given a dividend of 1.90 per share on Wednesday, October 15th. This represents a c) annualized dividend and a yield of 13.3%.

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 $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 Trading Down 0.1%

NYSE:IIPR opened at $57.03 on Monday. Innovative Industrial Properties has a one year low of $45.44 and a one year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. The company's 50-day simple moving average is $53.91 and its 200 day simple moving average is $56.38. The firm has a market capitalization of $1.60 billion, a P/E ratio of 12.34 and a beta of 1.61.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The business had revenue of $62.89 million for the quarter, compared to analyst estimates of $64.36 million. During the same quarter in the previous year, the firm posted $2.06 earnings per share. Innovative Industrial Properties's quarterly revenue was down 21.2% on a year-over-year basis. As a group, analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $78.67.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

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