Innovative Industrial Properties: 4Q Earnings Snapshot

·1 min read

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

The real estate investment trust, based in Park City, Utah, said it had funds from operations of $32.4 million, or $1.29 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 $21 million, or 91 cents per share.

Innovative Industrial Properties posted revenue of $37.1 million in the period.

For the year, the company reported funds from operations of $97.8 million, or $5 per share. Revenue was reported as $116.9 million.

The company's shares have risen 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $220.16, 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