Innovative Industrial Properties Falls Ahead of Earnings Disclosure

Shares of Innovative Industrial Properties (IIPR) fell 1.27% to $54.51 at Tuesday’s close, underperforming the S&P 500, which lost 0.17%. The Dow fell 0.26%, while the Nasdaq slipped 0.09%.

The decline comes ahead of the company’s upcoming earnings disclosure. Zacks Consensus estimates call for quarterly earnings of $1.84 a share, up 7.6% from the same quarter last year, and revenue of $66.07 million, a 2.15% increase.

For the full year, Zacks’ consensus estimates project earnings of $7.42 a share and revenue of $264.72 million. Those forecasts represent year-over-year changes of 2.49% and a 0.47% decline, respectively.

Zacks said its consensus estimate for quarterly earnings per share has not changed over the past month. IIPR’s forward price-to-earnings ratio is 7.45, compared with an 11.8 industry average.