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 $38.4 million, or $1.47 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 $25.6 million, or $1.05 per share.

Innovative Industrial Properties posted revenue of $42.9 million in the period.

The company’s shares have decreased 5.5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $173.07, more than doubling in the last 12 months.

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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