Innovative Industrial Properties, Inc.
IIPRReal Estate · REIT - Industrial · Stock · quarterly payer
Forward Yield
14.16%
Annual Dividend
$7.60
Payout Ratio
172%
5-Yr Growth
11.2%
Ex-Date
Sep 30, 2026
Frequency
Quarterly
Key facts about IIPR's dividend
Data as of · Source: SmarterDividends data
- As of Oct 27, 2026, Innovative Industrial Properties, Inc. (IIPR) has a forward dividend yield of 14.16%, based on an annual dividend of $7.60 per share and a share price of $53.68.
- As of Oct 27, 2026, IIPR's dividend safety grade from SmarterDividends is B (70 out of 100), which rates the dividend as safe.
- By SmarterDividends' count, Innovative Industrial Properties, Inc. (IIPR) has raised its dividend for 8 consecutive years as of Oct 27, 2026.
- IIPR has never cut its regular dividend in the payment history SmarterDividends has on record.
- IIPR's most recent ex-dividend date was Sep 30, 2026, for a dividend of $1.90 per share.
- As of Oct 27, 2026, IIPR pays out 172% of its trailing 12-month earnings as dividends (its payout ratio).
- IIPR's dividend has grown at an average rate of 11.2% a year over the past five years.
- As of Oct 27, 2026, IIPR's 14.16% yield is 88% above its five-year average yield of 7.51%.
- As of Oct 27, 2026, SmarterDividends' blended fair-value estimate for IIPR is $115.17 per share, 115% above the $53.68 share price, so IIPR screens as undervalued.
- Innovative Industrial Properties, Inc. (IIPR) pays its dividend quarterly, 4 times a year.
- Innovative Industrial Properties, Inc. (IIPR) has raised its regular dividend 16 times and cut it 0 times across the 38 payments on record since 2017. Its most recent change was a 4.4% increase to $1.90 per share, going ex-dividend on Jun 28, 2024.
Cite this page
SmarterDividends, "IIPR Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 27, 2026, https://smarterdividends.com/stocks/IIPR
Summary
As of Oct 27, 2026, Innovative Industrial Properties, Inc. (IIPR) yields 14.16% ($7.60 a year per share), has a dividend safety grade of B (70/100) and has 8 consecutive years of dividend increases on record.
Is IIPR a good dividend stock?
Yes, with caveatsInnovative Industrial Properties, Inc. (IIPR) pays a quarterly dividend yielding 14.16% ($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
- 14.16%
- Payout Ratio
- 172%
- Annual Dividend
- $7.60
- 5-Yr Avg Growth
- 11.2%
- Ex-Dividend Date
- Sep 30, 2026
- Years of Growth
- 8
- Frequency
- quarterly
- Beta
- 1.42
- Market Cap
- $1.5B
- P/E Ratio
- 12.1
- 5-Yr Total Return
- -79%
- 52-Week Range
- $44.58 – $65.38
- Dividend Safety
- B · 70/100
- Ever Cut?
- No
IIPR dividend raises and cuts
Innovative Industrial Properties, Inc. (IIPR) has raised its regular dividend 16 times and cut it 0 times across the 38 payments on record since 2017. Its most recent change was a 4.4% increase to $1.90 per share, going ex-dividend on Jun 28, 2024.
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Jun 28, 2024 | Raise | $1.82 → $1.90 | +4.4% |
| Dec 28, 2023 | Raise | $1.80 → $1.82 | +1.1% |
| Sep 29, 2022 | Raise | $1.75 → $1.80 | +2.9% |
| Mar 30, 2022 | Raise | $1.50 → $1.75 | +16.7% |
| Sep 29, 2021 | Raise | $1.40 → $1.50 | +7.1% |
| Jun 29, 2021 | Raise | $1.32 → $1.40 | +6.1% |
| Mar 30, 2021 | Raise | $1.24 → $1.32 | +6.5% |
| Dec 30, 2020 | Raise | $1.17 → $1.24 | +6.0% |
| Sep 29, 2020 | Raise | $1.06 → $1.17 | +10.4% |
| Jun 29, 2020 | Raise | $1.00 → $1.06 | +6.0% |
| Dec 30, 2019 | Raise | $0.780 → $1.00 | +28.2% |
| Sep 27, 2019 | Raise | $0.600 → $0.780 | +30.0% |
Show all 16 changes since 2017
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Jun 27, 2019 | Raise | $0.450 → $0.600 | +33.3% |
| Mar 28, 2019 | Raise | $0.350 → $0.450 | +28.6% |
| Sep 27, 2018 | Raise | $0.250 → $0.350 | +40.0% |
| Dec 28, 2017 | Raise | $0.150 → $0.250 | +66.7% |
Frequently Asked Questions
Is IIPR a good dividend stock?
Yes, with caveats. Innovative Industrial Properties, Inc. (IIPR) pays a quarterly dividend yielding 14.16% ($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.
Is IIPR undervalued?
Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, IIPR's fair value is about $115.17 versus a $53.68 share price — so it looks undervalued (+115% vs. fair value).
Is IIPR's dividend safe?
IIPR has a dividend-safety grade of B (70/100), based on its payout coverage, free-cash-flow, 8-year growth streak, a clean no-cut history, debt and yield-versus-history.
What is IIPR's fair value?
Our blended fair-value estimate for IIPR is about $115.17 per share, roughly 115% above the current $53.68 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.
Is IIPR a buy, hold, or sell?
We don't issue formal ratings, but on the data IIPR screens as "yes, with caveats" and undervalued. Innovative Industrial Properties, Inc. (IIPR) pays a quarterly dividend yielding 14.16% ($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. This is research for your own analysis, not investment advice.
Will IIPR cut its dividend?
IIPR earns a dividend-safety grade of B (70/100), with no dividend cut on record. A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.
Does IIPR pay a dividend?
Yes. Innovative Industrial Properties, Inc. pays a quarterly dividend of about $7.60 per share annually, a forward yield of roughly 14.16%.
What is IIPR's dividend yield?
As of Oct 27, 2026, IIPR's forward dividend yield is 14.16%, based on a $7.60 annual dividend and a $53.68 share price.
What is IIPR's dividend per share?
As of Oct 27, 2026, IIPR pays $7.60 per share per year, distributed on a quarterly basis.
What is IIPR's dividend payout ratio?
As of Oct 27, 2026, IIPR's payout ratio is 172% of trailing 12-month earnings — an elevated level worth watching, as it leaves less cushion if earnings dip.
How many years has IIPR grown its dividend?
As of Oct 27, 2026, IIPR has increased its dividend for 8 consecutive years.
When is the next IIPR ex-dividend date?
As of Oct 27, 2026, IIPR's next ex-dividend date hasn't been announced. The most recent was Sep 30, 2026, for $1.90 per share.
IIPR Price — Last 12 Months
Daily close
Price Return
1 Year
+10%
3 Years
-34%
5 Years
-79%
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 $115.17 per share, versus a market price of $53.68. That implies 115% of upside — a margin of safety of about 53%.
Fair Value
$115.17
Current Price
$53.68
Upside
+115%
Margin of Safety
53%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Assumptions: 11.4% discount rate (CAPM), 7.6% growth for five years fading to 2.5% over the next five, $4.42 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
Full IIPR dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 30, 2026 | Oct 15, 2026 | $1.9000 | regular |
| Jun 30, 2026 | Jul 15, 2026 | $1.9000 | regular |
| Mar 31, 2026 | Apr 15, 2026 | $1.9000 | regular |
| Dec 31, 2025 | Jan 15, 2026 | $1.9000 | regular |
| Sep 30, 2025 | Oct 15, 2025 | $1.9000 | regular |
| Jun 30, 2025 | Jul 15, 2025 | $1.9000 | regular |
| Mar 31, 2025 | Apr 15, 2025 | $1.9000 | regular |
| Dec 31, 2024 | Jan 15, 2025 | $1.9000 | regular |
| Sep 30, 2024 | Oct 15, 2024 | $1.9000 | regular |
| Jun 28, 2024 | Jul 15, 2024 | $1.9000 | regular |
| Mar 27, 2024 | Apr 15, 2024 | $1.8200 | regular |
| Dec 28, 2023 | Jan 12, 2024 | $1.8200 | regular |
| Sep 28, 2023 | Oct 13, 2023 | $1.8000 | regular |
| Jun 29, 2023 | Jul 14, 2023 | $1.8000 | regular |
Income Calculator
At $7.60 / yr per share
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