PARK CITY, Utah (AP) — PARK CITY, Utah (AP) — Innovative Industrial Properties, Inc. (IIPR) on Monday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Park City, Utah, said it had funds from operations of $53.4 million, or $1.88 per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.87 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 $30.2 million, or $1.02 per share.

Innovative Industrial Properties, based in Park City, Utah, posted revenue of $69 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $66.9 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IIPR at https://www.zacks.com/ap/IIPR