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 results missed Wall Street expectations.
The Park City, Utah-based real estate investment trust said it had funds from operations of $55.3 million, or $1.94 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.99 per share.
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 $30.3 million, or $1.03 per share.
Innovative Industrial Properties, based in Park City, Utah, posted revenue of $71.7 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $70.8 million.
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