SmarterDividends
IIPR

Innovative Industrial Properties, Inc.

IIPR

Real Estate · REIT - Industrial · Stock · quarterly payer

$51.55

Undervalued · +123% Add to Portfolio

Forward Yield

14.74%

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 14, 2026, Innovative Industrial Properties, Inc. (IIPR) has a forward dividend yield of 14.74%, based on an annual dividend of $7.60 per share and a share price of $51.55.
  • As of Oct 14, 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 14, 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 14, 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 14, 2026, IIPR's 14.74% yield is 96% above its five-year average yield of 7.51%.
  • As of Oct 14, 2026, SmarterDividends' blended fair-value estimate for IIPR is $115.17 per share, 123% above the $51.55 share price, so IIPR screens as undervalued.
  • Innovative Industrial Properties, Inc. (IIPR) pays its dividend quarterly, 4 times a year.
Cite this page

SmarterDividends, "IIPR Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 14, 2026, https://smarterdividends.com/stocks/IIPR

Summary

As of Oct 14, 2026, Innovative Industrial Properties, Inc. (IIPR) yields 14.74% ($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 caveats

Innovative Industrial Properties, Inc. (IIPR) pays a quarterly dividend yielding 14.74% ($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
14.74%
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
$1.4B
P/E Ratio
11.7
5-Yr Total Return
-80%
52-Week Range
$44.58 – $65.38
Dividend Safety
B · 70/100
Ever Cut?
No
IIPR ex-dividend date & scheduleNext ex-date Sep 30, 2026 · full ex-dividend historyView →IIPR dividend historyEvery payment, totals by year, raises and cutsView →

Frequently Asked Questions

Is IIPR a good dividend stock?

Yes, with caveats. Innovative Industrial Properties, Inc. (IIPR) pays a quarterly dividend yielding 14.74% ($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 $51.55 share price — so it looks undervalued (+123% 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 123% above the current $51.55 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 14.74% ($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 14.74%.

What is IIPR's dividend yield?

As of Oct 14, 2026, IIPR's forward dividend yield is 14.74%, based on a $7.60 annual dividend and a $51.55 share price.

What is IIPR's dividend per share?

As of Oct 14, 2026, IIPR pays $7.60 per share per year, distributed on a quarterly basis.

What is IIPR's dividend payout ratio?

As of Oct 14, 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 14, 2026, IIPR has increased its dividend for 8 consecutive years.

When is the next IIPR ex-dividend date?

As of Oct 14, 2026, IIPR's next ex-dividend date hasn't been announced. The most recent was Sep 30, 2026, for $1.90 per share.

Income Calculator

At $7.60 / yr per share

Per payment (quarterly)$190.00
Annual$760.00
Monthly avg$63.33

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