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IIPR Innovative Industrial Properties, Inc. — dividend yield, history & ex-dividend dates

NYSE· Quarterly dividend· Common Stock · Real Estate / REIT - Industrial

$52.86 ▼ $-0.10(-0.19%) as of Oct 29, 2026 06:20 UTC
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Innovative Industrial Properties, Inc. is an independently managed, Maryland-based corporation primarily focused on acquiring, owning, and overseeing unique real estate assets. These properties are subsequently leased to experienced, state-licensed operators who utilize them for their regulated medical cannabis facilities. For tax purposes, the company adopted the structure of a Real Estate Investment Trust (REIT) starting from the end of 2017.

Dividend Snapshot

StatusGrowing
Last Dividend$1.9000Paid Oct 15, 2026
Forward Annual$7.60From the $1.9000 dividend declared Sep 15, 2026
FrequencyQuarterly
Last Ex-DateSep 30, 2026The most recent ex-dividend date that has already passed.
1-Yr Growth1.1%Annual totals, 2024–2025

Research Scores

Scores describe this security's published financial data on a 0–100 scale using the formulas on our methodology pages. They are the same for every reader, are not a probability or a forecast, and are not a recommendation. Past dividend growth does not guarantee future increases. Report a data error.

Dividend Safety Score

63/100

Strong indicators

Complete data

Dividend Growth Score

48/100

Moderate growth record

Complete data

Dividend Value Score

94/100

Well below own historical valuation

Complete data

DividendRank

68/100

Upper middle of the scale

Complete data

How the Dividend Safety Score is built for IIPR
InputValuePointsWeight
Operating cash flow payout ratioOperating cash flow payout ratio 108% (TTM to Mar 31, 2026) 18 35%
Net debt / EBITDANet debt / EBITDA 1.3x (TTM to Mar 31, 2026) 100 20%
Interest coverageInterest coverage, EBITDA basis 9.6x (TTM to Mar 31, 2026) 88 15%
Dividend record9 years of uninterrupted regular payments 66 20%
Operating cash flow stabilityOperating cash flow positive in 5 of the last 5 fiscal years (FY2021–FY2025) 100 10%

Inputs that are not available are left out and the remaining weights are scaled up. Profile: real estate investment trust. Formula version 2026-10-19.4.

How the Dividend Growth Score is built for IIPR
InputValuePointsWeight
5-year dividend growth5-year dividend CAGR 11.2% (2020–2025) 100 25%
Consecutive annual increases7 consecutive annual increases (through 2025) 68 20%
Payout headroomHeadroom from the operating cash flow payout ratio 108% (TTM to Mar 31, 2026) 0 20%
Operating cash flow per share growth (3 years)Operating cash flow per share CAGR -6.2% (FY2022–FY2025) 11 15%
Revenue growth (3 years)Revenue CAGR -1.3% (FY2022–FY2025) 32 10%
10-year dividend growthN/A (not used) N/A 10%

Inputs that are not available are left out and the remaining weights are scaled up. Profile: real estate investment trust. Formula version 2026-10-19.4.

How the Dividend Value Score is built for IIPR
InputValuePointsWeight
Yield vs own historyCurrent yield at the 90th percentile of its 101 month-end yields 90 40%
P/OCF vs own 5-year medianP/OCF 7.7 is 0.69x its 5-year median of 11.1 91 25%
Operating cash flow yieldOperating cash flow yield 13.7% (TTM to Mar 31, 2026) 100 20%
P/OCF vs peersP/OCF 7.7 vs peer median 12.6 (0.61x; 112 reit / Real Estate securities) 98 15%

Inputs that are not available are left out and the remaining weights are scaled up. Profile: real estate investment trust. Formula version 2026-10-19.4.

Key Metrics

Current Yield

14.38%

At the Oct 29, 2026 price

The annual dividend as a percentage of the share price. A 3% yield is about $3 of dividends a year for every $100 invested at today's price.

Annualized Dividend

$7.6000

Declared Sep 15, 2026

The latest declared regular dividend scaled to a full year by how often it's paid (for semi-annual payers, the latest two payments), adjusted for stock splits. A $0.25 quarterly dividend annualizes to $1.00. Special dividends are excluded.

Frequency

Q Quarterly

How often the dividend is paid, read from the dates of recent payments: Q = quarterly (4x a year), M = monthly, S = semi-annual, A = annual.

RSI (14)

47

As of Oct 29, 2026

Relative Strength Index (0-100), a price-momentum gauge. Above 70 is often called 'overbought', below 30 'oversold'. A technical signal, not a dividend metric.

52-Week Range

$44.58 – $64.67

Closes through Oct 23, 2026

The lowest and highest price over the past year, showing where today's price sits in its recent range.

Payout Ratio (TTM)

160.71% (EPS-based)

12 months to Jun 30, 2026 (Q2 FY2026)

The share of earnings paid out as dividends over the trailing twelve months (TTM): dividends paid divided by net income across the company's four most recent reported quarters, dated by the latest quarter end. A fiscal-year tag such as FY2025 means only annual figures were available. Lower leaves more cushion; above 100% means paying out more than the company earned. It shows n/a for funds and when net income over the period was negative; for REITs and BDCs it is marked EPS-based, since they are judged on FFO/AFFO or net investment income instead.

Years Paying

9

How many years of payments we have on record. This can understate very long histories where our data doesn't reach far enough back.

Price / Book (TTM)

0.83

Price as of Oct 25, 2026; latest reported book value

Price-to-book ratio: the share price on the date shown divided by the latest reported book value per share. A rough valuation gauge, most useful for asset-heavy sectors like REITs, banks and insurers.

S.A.F.E. Dividend Read

S.A.F.E. is a set of four checks on a dividend's record and the company's data, the same test used across the screener and our ranked lists. Solid: a Dividend Safety Score of 70+ and a yield of 2%+. Accelerating: at least three consecutive completed calendar years of higher total regular dividends. Flawless: since 1990, no calendar year whose total regular dividend fell more than 20% below the year before, and no suspension. Enduring: at least 20 years between the first and latest dividend in our records. All four met earns the S.A.F.E. flag.
S Solid
Below the Solid check (Dividend Safety Score 70+ and yield 2%+): Dividend Safety Score 63/100, yield 14.38%.
A Accelerating
7 consecutive years of dividend increases.
F Flawless
No calendar year's regular dividend total fell more than 20% below the year before, and no suspension of the regular dividend is on record.
E Enduring
9 year(s) of payments on record, under the 20 this check looks for.

Quote & Key Data

ExchangeNYSEThe stock exchange where the shares trade, such as NYSE or Nasdaq.
Volume219,328Oct 23, 2026 sessionHow many shares changed hands in the trading session dated beside this figure, a rough read on trading activity. Daily bars are refreshed on a slower cycle than the quoted price, so this session can be older than the price above.
Open$54.25Oct 23, 2026 sessionThe price at the start of the trading session dated beside this figure, which can be earlier than the session the quoted price comes from.
Day Range$53.92 – $54.78Oct 23, 2026 sessionThe lowest and highest price during the trading session dated beside this figure, which can be earlier than the session the quoted price comes from.
Prev Close$54.56Close of Oct 22, 2026The closing price from the session before the one dated beside these figures.
Market Cap$1.46BAs of Oct 29, 2026The company's total market value (share price times shares outstanding) on the date shown.
Shares Out27.57MImplied by market cap, Oct 29, 2026Shares outstanding implied by the market cap and share price on the date shown.
EPS (TTM)$4.8412 months to Jun 30, 2026 (Q2 FY2026)Earnings per share over the trailing twelve months (TTM), labeled with the end date of the latest reported quarter and shown in the company's reporting currency. Dividends are paid out of these earnings.
P/E (TTM)12.0Price as of Oct 25, 2026; earnings to Jun 30, 2026Price-to-earnings ratio: the share price on the date shown divided by trailing-twelve-month earnings per share. A rough gauge of how richly the stock is valued.
Last Ex-DateSep 30, 2026Paid Oct 15, 2026The most recent ex-dividend date that has already passed.
Next Ex-DateN/ANone declared yetThe ex-dividend date of the next payment the company has declared, or that is scheduled when no declaration is on file. Future dates our data provider only projects are not shown.

Dividend Growth

3-Yr Growth (CAGR)2.3%Annual totals, 2022–2025The dividend's average annual growth rate over the period, compounded.
5-Yr Growth (CAGR)11.2%Annual totals, 2020–2025The dividend's average annual growth rate over the period, compounded.
Consecutive Increases7 yrsAnnual totals through 2025The number of consecutive years the dividend has increased.

Why the Yield Moved (90 Days)

IIPR's dividend yield rose from 12.92% to 14.38% over the past ~90 days (+1.45 pp). Of that move, +0.00 pp came from changes in the dividend rate and +1.45 pp from the share price ($58.81 on Jul 31, 2026 → $52.86 on Oct 29, 2026). A yield that rises because the price fell is not an improvement in the payout itself.

Yield vs Its Own History

Current14.38%
1-Yr Average14.14%
Low / High11.75% – 17.05%
Percentile58%

Across 273 daily observations over the past 13 months (through Oct 23, 2026), IIPR's current yield is higher than approximately 58% of them. Our stored price history for IIPR covers the past 13 months; 3- and 5-year averages are not yet computable from it and are deliberately not shown.

Adjusted Price History

Dividend History

Dividend Payment History

Ex-dividend calendar →
Amount Type Declared Ex-Date Record Pay
$1.9000 Q Regular Sep 15, 2026 Sep 30, 2026 Sep 30, 2026 Oct 15, 2026
$1.9000 Q Regular Jun 15, 2026 Jun 30, 2026 Jun 30, 2026 Jul 15, 2026
$1.9000 Q Regular Mar 13, 2026 Mar 31, 2026 Mar 31, 2026 Apr 15, 2026
$1.9000 Q Regular Dec 15, 2025 Dec 31, 2025 Dec 31, 2025 Jan 15, 2026
$1.9000 Q Regular Sep 15, 2025 Sep 30, 2025 Sep 30, 2025 Oct 15, 2025
$1.9000 Q Regular Jun 13, 2025 Jun 30, 2025 Jun 30, 2025 Jul 15, 2025
$1.9000 Q Regular Mar 14, 2025 Mar 31, 2025 Mar 31, 2025 Apr 15, 2025
$1.9000 Q Regular Dec 13, 2024 Dec 31, 2024 Dec 31, 2024 Jan 15, 2025
$1.9000 Q Regular Sep 13, 2024 Sep 30, 2024 Sep 30, 2024 Oct 15, 2024
$1.9000 Q Regular Jun 14, 2024 Jun 28, 2024 Jun 28, 2024 Jul 15, 2024
$1.8200 Q Regular Mar 15, 2024 Mar 27, 2024 Mar 28, 2024 Apr 15, 2024
$1.8200 Q Regular Dec 15, 2023 Dec 28, 2023 Dec 29, 2023 Jan 12, 2024
$1.8000 Q Regular Sep 15, 2023 Sep 28, 2023 Sep 29, 2023 Oct 13, 2023
$1.8000 Q Regular Jun 15, 2023 Jun 29, 2023 Jun 30, 2023 Jul 14, 2023
$1.8000 Q Regular Mar 15, 2023 Mar 30, 2023 Mar 31, 2023 Apr 14, 2023
$1.8000 Q Regular Dec 15, 2022 Dec 29, 2022 Dec 30, 2022 Jan 13, 2023
$1.8000 Q Regular Sep 15, 2022 Sep 29, 2022 Sep 30, 2022 Oct 14, 2022
$1.7500 Q Regular Jun 15, 2022 Jun 29, 2022 Jun 30, 2022 Jul 15, 2022
$1.7500 Q Regular Mar 14, 2022 Mar 30, 2022 Mar 31, 2022 Apr 14, 2022
$1.5000 Q Regular Dec 15, 2021 Dec 30, 2021 Dec 31, 2021 Jan 14, 2022
$1.5000 Q Regular Sep 15, 2021 Sep 29, 2021 Sep 30, 2021 Oct 15, 2021
$1.4000 Q Regular Jun 15, 2021 Jun 29, 2021 Jun 30, 2021 Jul 15, 2021
$1.3200 Q Regular Mar 15, 2021 Mar 30, 2021 Mar 31, 2021 Apr 15, 2021
$1.2400 Q Regular Dec 14, 2020 Dec 30, 2020 Dec 31, 2020 Jan 15, 2021
$1.1700 Q Regular Sep 15, 2020 Sep 29, 2020 Sep 30, 2020 Oct 15, 2020
$1.0600 Q Regular Jun 15, 2020 Jun 29, 2020 Jun 30, 2020 Jul 15, 2020
$1.0000 Q Regular Mar 13, 2020 Mar 30, 2020 Mar 31, 2020 Apr 15, 2020
$1.0000 Q Regular Dec 10, 2019 Dec 30, 2019 Dec 31, 2019 Jan 15, 2020
$0.7800 Q Regular Sep 13, 2019 Sep 27, 2019 Sep 30, 2019 Oct 15, 2019
$0.6000 Q Regular Jun 14, 2019 Jun 27, 2019 Jun 28, 2019 Jul 15, 2019
$0.4500 Q Regular Mar 12, 2019 Mar 28, 2019 Mar 29, 2019 Apr 15, 2019
$0.3500 Q Regular Dec 14, 2018 Dec 28, 2018 Dec 31, 2018 Jan 15, 2019
$0.3500 Q Regular Sep 14, 2018 Sep 27, 2018 Sep 28, 2018 Oct 15, 2018
$0.2500 Q Regular Jun 15, 2018 Jun 28, 2018 Jun 29, 2018 Jul 16, 2018
$0.2500 Q Regular Mar 15, 2018 Mar 28, 2018 Mar 29, 2018 Apr 16, 2018
$0.2500 Q Regular Dec 15, 2017 Dec 28, 2017 Dec 29, 2017 Jan 16, 2018
$0.1500 Q Regular Sep 15, 2017 Sep 28, 2017 Sep 29, 2017 Oct 13, 2017
$0.1500 Q Regular May 30, 2017 Jun 28, 2017 Jun 30, 2017 Jul 14, 2017

Peer Comparison

Selected REIT - Industrial dividend payers we cover, strongest DividendRank first — for context, not a recommendation.

TickerNameYield5-Yr GrowthStreakRank
FR First Industrial Realty Trust, Inc. 3.68% 12.2% 12 yrs 84
EGP EastGroup Properties, Inc. 3.59% 13.9% 14 yrs 84
TRNO Terreno Realty Corporation 3.58% 12.5% 14 yrs 81
PLD Prologis, Inc. 3.42% 11.7% 12 yrs 76

Related Guides & Lists

IIPR dividend — frequently asked questions

Does Innovative Industrial Properties, Inc. pay a dividend?

Yes. Innovative Industrial Properties, Inc. (IIPR) currently pays a dividend. The annualized dividend is about $7.60 per share, a yield of approximately 14.38%.

What is Innovative Industrial Properties, Inc.'s dividend yield?

Innovative Industrial Properties, Inc.'s dividend yield is approximately 14.38%, based on the most recent regular payment annualized against the current share price. Yields move as the share price changes.

How often does Innovative Industrial Properties, Inc. pay dividends?

Innovative Industrial Properties, Inc. pays dividends quarterly — 4 times per year.

How long has Innovative Industrial Properties, Inc. paid dividends?

Innovative Industrial Properties, Inc. has 9 years of dividend payments on record, and has increased its dividend for 7 consecutive years.

Data updated Oct 29, 2026. This research page is generated from Dividendly's structured market and dividend dataset using the approach described on our methodology and data sources pages. Data is automatically validated using defined rules and may also be periodically reviewed. Research only, not investment advice. Spotted a data error? Report it.