PARK CITY, Utah (AP) — PARK CITY, Utah (AP) — Innovative Industrial Properties, Inc. (IIPR) on Monday reported a key measure of profitability in its fourth quarter.
The Park City, Utah-based real estate investment trust said it had funds from operations of $59.6 million, or $2.12 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 $41.2 million, or $1.46 per share.
Innovative Industrial Properties posted revenue of $70.5 million in the period.
For the year, the company reported funds from operations of $233.7 million, or $8.45 per share. Revenue was reported as $276.4 million.
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