PARK CITY, Utah (AP) — PARK CITY, Utah (AP) — Innovative Industrial Properties, Inc. (IIPR) on Wednesday reported a key measure of profitability in its first quarter.

The Park City, Utah-based real estate investment trust said it had funds from operations of $63 million, or $2.21 per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $39.1 million, or $1.36 per share.

Innovative Industrial Properties, based in Park City, Utah, posted revenue of $75.5 million in the period.

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