IIPR - Innovative Industrial Properties: 7% Dividend Yield As U.S. Cannabis Looks For Euphoria

2024-05-16 14:07:44 ET

Summary

• Innovative Industrial Properties raised its dividend in December and currently offers a 7% dividend yield.
• The dividend is 121% covered by fiscal 2024 first quarter adjusted FFO that dipped by 16 cents sequentially.
• IIPR faces no maturing debt until 2026 and has a weighted average remaining lease term of approximately 14.8 years.

Innovative Industrial Properties, Inc.'s (IIPR) stock price has been on a tear. The cannabis REIT also last declared a quarterly cash dividend of $1.82 per share , kept unchanged sequentially and $7.28 per share when annualized for a roughly 7% dividend yield. IIPR hiked the dividend by 1.1% in December, a remarkable feat against broader industry angst, higher interest rates, and tenant issues that had cratered investor sentiment in the only cannabis REIT not trading over the counter. IIPR reported a fiscal 2024 first quarter adjusted funds from operations ("AFFO") of $2.21 per share beating consensus by $0.16 but down from $2.28 per share in the prior fourth quarter....

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