Trailing Dividend / Share
$7.62
Innovative Industrial Properties, Inc. (IIPR) Dividend History
Income profile from 2017 to 2026 with payout safety and yield-on-cost trend
Dividend Yield
12.8%
Payout Ratio
1.9%
Sustainable
Dividend Streak
9 years
IIPR Dividend Income Check
Safety
1.9% payout ratio with sustainable safety profile.
Consistency
9 straight years of dividend increases.
Income Trend
Yield on cost is 4.3% and trend is rising.
IIPR Dividend Scorecard
Yield & Income
Dividend Yield12.8%
Trailing DPS$7.62
FrequencySemi-Annual
Payments / 12M5
Payout Safety
Earnings Payout1.9%
Earnings SafetySustainable
FCF Payout151.3%
FCF SafetyStretched
Piotroski F-Score4/9
Growth
Growth Streak9 years
3Y CAGR2.3%
5Y CAGR11.2%
Yield on Cost (5Y)4.3%
YOC Trendrising
Total Returns
Buyback Yield1.2%
Total Shareholder Yield14.0%
1Y Total Return16.1%
5Y Total Return-48.3%
Div Contribution (5Y)19.4%
Estimated $10K growth (return + dividends):
5Y ago$5,17110Y ago$55,20120Y ago$55,201
Uses precomputed total return metrics from screening data (not lot-by-lot dividend reinvestment transactions). Different time windows can produce different outcomes depending on market regime and entry point.
IIPR Income Growth Story
Dividend per share and yield on cost over time (10 years of payments)
IIPR Dividend Safety Story
EPS is the container — dividend is what's drawn out
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Dividend Analysis
Payout Safety
Innovative Industrial Properties, Inc. distributes 1.9% of earnings as dividends (Sustainable). When measured against free cash flow—a stricter test—the payout ratio stands at 151.3%, rated "Stretched".
Piotroski F-Score: 4/9 — moderate financial health.
Growth Track Record
IIPR has raised its dividend for 9 consecutive years, with a 3-year CAGR of 2.3% and 5-year CAGR of 11.2%.
Total Shareholder Returns
Beyond cash dividends, IIPR returns capital through share repurchases. The combined picture: 12.8% dividend yield, 1.2% buyback yield, 14.0% total shareholder yield.
Income Trend & Total Return
Yield on cost (5-year basis) has reached 4.3% and is currently rising. The 5-year total return is -48.3%, with dividends contributing 19.4% of that performance.
DRIP Growth
A $10,000 investment made 10 years ago with dividends reinvested would have grown to approximately $55,201 today.
FCF payout is stretched — the dividend consumes a large share of free cash flow.
IIPR Recent Dividend Payments
Last 20 payments · Semi-Annual
TTM Total$36.24
Avg/Payment$1.8120
| Ex-Date | Amount | Change | Yield % | Payment Date |
|---|---|---|---|---|
| Jun 30, 2026Latest | $1.9000 | — | 12.69% | Jul 15, 2026 |
| Mar 31, 2026 | $1.9000 | — | 15.15% | Apr 15, 2026 |
| Dec 31, 2025 | $1.9000 | — | 16.05% | Jan 15, 2026 |
| Sep 30, 2025 | $1.9000 | — | 14.18% | Oct 15, 2025 |
| Jun 30, 2025 | $1.9000 | — | 13.76% | Jul 15, 2025 |
| Mar 31, 2025 | $1.9000 | — | 12.52% | Apr 15, 2025 |
| Dec 31, 2024 | $1.9000 | — | 11.28% | Jan 15, 2025 |
| Sep 30, 2024 | $1.9000 | — | 5.53% | Oct 15, 2024 |
IIPR Dividend vs Peers
Comparable companies in the same industry
#3 yield in peer group
Div Yield
12.8%
#3 of 9
Safety
Sustainable
1.9% payout
Streak
9Y
11.2% 5Y CAGR
Total Shareholder
14.0%
#3 of 9
| Company | Mkt Cap | Yield | Payout | Streak | Safety |
|---|---|---|---|---|---|
3rd IIPRInnovative Industria… | $1.7B | 12.8% | 1.9% | 9 | Sustainable |
2nd  REFIChicago Atlantic Rea… | $231M | 18.8% | 1.2% | 1 | Sustainable |
1st  SACHSachem Capital Corp. | $44M | 21.8% | — | 0 | Unknown |
 ORealty Income Corpor… | $56.5B | 5.3% | 2.8% | 32 | Sustainable |
 STAGSTAG Industrial, Inc… | $7.4B | 3.9% | 1.0% | 15 | Sustainable |
 COLDAmericold Realty Tru… | $4.0B | 6.5% | — | 1 | Unknown |
 GTYGetty Realty Corp. | $2.0B | 5.9% | 1.4% | 11 | Sustainable |
 EPRTEssential Properties… | $6.4B | 3.9% | 92.5% | 8 | At Risk |
 ADCAgree Realty Corpora… | $8.8B | 4.2% | 1.7% | 13 | Sustainable |
IIPR Annual Dividend History (2016–2026)
11 years of dividend data
GrowthDecline
| Year | DPS | YoY | Pmts | EPS | Payout | Coverage | YOC |
|---|---|---|---|---|---|---|---|
| 2026YTD | $3.80 | — | 2 | — | — | — | 2.1% |
| 2025 | $7.60 | 1.1% | 4 | $3.93 | 193.4% | 0.52x | 4.3% |
| 2024 | $7.52 | 4.2% | 4 | $5.52 | 136.2% | 0.73x | 4.2% |
| 2023 | $7.22 | 1.7% | 4 | $5.77 | 125.1% | 0.80x | 4.1% |
| 2022 | $7.10 | 24.1% | 4 | $5.52 | 128.6% | 0.78x | 4.0% |
| 2021 | $5.72 | 28.0% | 4 | $4.55 | 125.7% | 0.80x | 3.2% |
| 2020 | $4.47 | 58.0% | 4 | $3.27 | 136.7% | 0.73x | 2.5% |
| 2019 | $2.83 | 135.8% | 4 | $1.61 | 175.8% | 0.57x | 1.6% |
| 2018 | $1.20 | 118.2% | 4 | $0.96 | 125.0% | 0.80x | 0.7% |
| 2017 | $0.55 | — | 3 | $-0.02 | — | — | 0.3% |
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
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Historical Returns
9+ years return with dividends reinvested.
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DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
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IIPR — Frequently Asked Questions
Quick answers to the most common questions about buying IIPR stock.
How much dividend does IIPR pay per share?
Innovative Industrial Properties, Inc. (IIPR) pays a trailing 12-month dividend of $7.62 per share, with a current dividend yield of +12.8%. Payments are made Semi-Annual.
When is IIPR's next ex-dividend date?
IIPR's most recent ex-dividend date is N/A. You must own shares before the ex-dividend date to receive the next payment. IIPR typically pays dividends Semi-Annual.
Is IIPR's dividend safe?
IIPR's dividend safety is rated "Sustainable" based on an earnings payout ratio of +1.9% and FCF payout ratio of +151.3%. The 9-year growth streak provides moderate confidence.
Is IIPR a Dividend Payer?
Yes, Innovative Industrial Properties, Inc. is classified as a Dividend Payer with 9 consecutive years of dividend increases. The 5-year dividend CAGR is +11.2%, demonstrating above-inflation dividend growth.
How often does IIPR pay dividends?
Innovative Industrial Properties, Inc. pays dividends Semi-Annual. The trailing 12-month total is $7.62 per share. Dividend data on this page covers 9+ years from 2017 to 2026.
How much would $10,000 invested in IIPR grow with dividend reinvestment?
With dividends reinvested (DRIP), $10,000 invested in IIPR five years ago would be worth approximately $5,171 today. This includes both price appreciation and compounded dividend reinvestment. Use the DRIP calculator above for other time periods.
What is IIPR's yield on cost for long-term holders?
IIPR's yield on cost — the current dividend divided by the original purchase price — is +4.3% for a 5-year holding period. This means long-term holders earn a higher effective yield than today's +12.8% market yield, thanks to consistent dividend growth.