IIPR vs WELL: Which Is the Better Dividend Stock?
As of September 2026, IIPR (Innovative Industrial Properties, Inc.) screens as the stronger dividend stock, winning 6 of 8 head-to-head metrics. IIPR offers the higher yield at 13.67%, IIPR has the higher dividend-safety score, and IIPR trades at the larger discount to fair value (+90%).
| Metric | IIPR | WELL |
|---|---|---|
| Forward yield | 13.67% | 1.44% |
| Annual dividend | $7.60 | $3.40 |
| Payout ratio | 172% | 133% |
| Years of growth | 8 yr | 2 yr |
| 5-yr dividend growth | 11.2% | 0.9% |
| 5-yr total return | -76% | 186% |
| Dividend safety score | 69 (B) | 66 (B) |
| Fair value estimate | $108.96 | $93.23 |
| Upside to fair value | +90% | -61% |
| Frequency | quarterly | quarterly |
| Market cap | $1.6B | $169.8B |
| P/E ratio | 12.7 | 105.2 |
Higher yield
IIPR
13.67%
Safer dividend
IIPR
Grade B
Faster growth
IIPR
11.2%
Better value
IIPR
+90% upside
IIPR vs WELL — FAQ
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