Innovative Industrial Properties, Inc.
IIPRReal Estate · Stock · quarterly payer
Forward Yield
13.37%
Annual Dividend
$7.60
Payout Ratio
172%
5-Yr Growth
11.2%
Ex-Date
Jun 30, 2026
Frequency
Quarterly
Summary
As of September 2026, Innovative Industrial Properties, Inc. (IIPR) yields 13.37% ($7.60 per share annually), with a blended fair-value estimate of $108.64 — +93% upside, so it screens as undervalued. Dividend safety grade: B (69/100). 8 years of dividend growth.
Is IIPR a good dividend stock?
Yes, with caveatsInnovative Industrial Properties, Inc. (IIPR) pays a quarterly dividend yielding 13.37% ($7.60/yr), with 8 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying.
Advantages
- Never cut its dividend on record
- Strong 11.2% 5-yr dividend growth
Risks
- Elevated payout ratio (172%)
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 13.37%
- Payout Ratio
- 172%
- Annual Dividend
- $7.60
- 5-Yr Avg Growth
- 11.2%
- Ex-Dividend Date
- Jun 30, 2026
- Years of Growth
- 8
- Frequency
- quarterly
- Beta
- 1.40
- Market Cap
- $1.6B
- P/E Ratio
- 12.9
- 5-Yr Total Return
- -76%
- 52-Week Range
- $44.58 – $65.38
- Dividend Safety
- B · 69/100
- Ever Cut?
- No
Frequently Asked Questions
IIPR Price — Last 12 Months
Daily close
Price Return
1 Year
+5%
3 Years
-26%
5 Years
-76%
52-Week Range
$44.58 – $65.38
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is IIPR worth?
Undervaluedlow confidenceOur blended fair-value estimate for Innovative Industrial Properties, Inc. is $108.64 per share, versus a market price of $56.31. That implies 93% of upside — a margin of safety of about 48%.
Fair Value
$108.64
Current Price
$56.31
Upside
+93%
Margin of Safety
48%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Assumptions: 11.3% discount rate (CAPM), 7.5% stage-1 growth, 2.5% terminal growth, $4.41 EPS, $7.60 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
IIPR Dividend Safety Score
Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Jun 30, 2026 | — | $1.9000 | regular |
| Mar 31, 2026 | — | $1.9000 | regular |
| Dec 31, 2025 | — | $1.9000 | regular |
| Sep 30, 2025 | — | $1.9000 | regular |
| Jun 30, 2025 | — | $1.9000 | regular |
| Mar 31, 2025 | — | $1.9000 | regular |
| Dec 31, 2024 | — | $1.9000 | regular |
| Sep 30, 2024 | — | $1.9000 | regular |
| Jun 28, 2024 | — | $1.9000 | regular |
| Mar 27, 2024 | — | $1.8200 | regular |
| Dec 28, 2023 | — | $1.8200 | regular |
| Sep 28, 2023 | — | $1.8000 | regular |
| Jun 29, 2023 | — | $1.8000 | regular |
| Mar 30, 2023 | — | $1.8000 | regular |
Income Calculator
At $7.60 / yr per share
