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

The Park City, Utah-based real estate investment trust said it had funds from operations of $53 million, or $1.83 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.78 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 $40.7 million, or $1.36 per share.

Innovative Industrial Properties, based in Park City, Utah, posted revenue of $63.3 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $66.5 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