NEW YORK (AP) _ Vornado Realty Trust (VNO) on Tuesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.

The New York-based real estate investment trust said it had funds from operations of $171 million, or 89 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 83 cents 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 $193.2 million, or $1.01 per share.

The real estate investment trust, based in New York, posted revenue of $461 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $463 million.

For the year, the company reported funds from operations of $666.2 million. Revenue was reported as $1.92 billion.

The company's shares have risen roughly 2% since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 4%. In the final minutes of trading on Tuesday, shares hit $67.78, a drop of 1.5% in the last 12 months.

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

Automated Insights, source Associated Press News