BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.

The Boston-based real estate investment trust said it had funds from operations of $286.2 million, or $1.82 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.81 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 $119.9 million, or 76 cents per share.

The real estate investment trust posted revenue of $828.9 million in the period. Its adjusted revenue was $768.9 million, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $762.3 million.

For the year, the company reported funds from operations of $1.14 billion, or $7.28 per share. Revenue was reported as $3.05 billion.

Boston Properties expects full-year funds from operations to be $7 to $7.20 per share.

The company's shares have dropped slightly since the beginning of the year, while the S&P's 500 index has climbed slightly more than 3%. In the final minutes of trading on Tuesday, shares hit $70, a drop of 3% in the last 12 months.

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