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

The real estate investment trust, based in Park City, Utah, said it had funds from operations of $64.3 million, or $2.25 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 $39.7 million, or $1.37 per share.

Innovative Industrial Properties, based in Park City, Utah, posted revenue of $76.5 million in the period.

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