Innovative Industrial Properties, Inc. to Issue 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. Stockholders of record on Tuesday, September 30th will be given a dividend of 1.90 per share on Wednesday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 13.2%. The ex-dividend date of this dividend is Tuesday, September 30th.

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 research 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 Price Performance

Shares of NYSE:IIPR traded down $0.68 during trading on Friday, reaching $57.58. 217,998 shares of the company's stock traded hands, compared to its average volume of 318,467. Innovative Industrial Properties has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.61 billion, a PE ratio of 12.47 and a beta of 1.61. The company has a 50-day simple moving average of $54.04 and a 200-day simple moving average of $56.20.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IIPR. Osaic Holdings Inc. boosted its position in Innovative Industrial Properties by 87.5% during the second quarter. Osaic Holdings Inc. now owns 20,608 shares of the company's stock worth $1,139,000 after acquiring an additional 9,615 shares during the last quarter. Centaurus Financial Inc. raised its stake in shares of Innovative Industrial Properties by 2.5% in the 2nd quarter. Centaurus Financial Inc. now owns 12,942 shares of the company's stock valued at $715,000 after acquiring an additional 312 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Innovative Industrial Properties by 20.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 156,852 shares of the company's stock valued at $8,662,000 after acquiring an additional 26,847 shares during the period. Wellington Capital Management Inc. purchased a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at $258,000. Finally, Public Sector Pension Investment Board raised its stake in shares of Innovative Industrial Properties by 9.9% in the 2nd quarter. Public Sector Pension Investment Board now owns 115,529 shares of the company's stock valued at $6,380,000 after acquiring an additional 10,416 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.