NEW YORK (AP) — NEW YORK (AP) — Urban Edge Properties (UE) on Wednesday reported a key measure of profitability in its fourth quarter.

The real estate investment trust, based in New York, said it had funds from operations of $37.9 million, or 31 cents 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 $221.2 million, or $1.88 per share.

The real estate investment trust that owns and manages shopping centers, based in New York, posted revenue of $116.6 million in the period. Its adjusted revenue was $106.3 million.

For the year, the company reported funds from operations of $153.1 million. Revenue was reported as $406.1 million.

Urban Edge Properties expects full-year funds from operations in the range of $1.24 to $1.29 per share.

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