BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — Saul Centers Inc. (BFS) on Thursday reported a key measure of profitability in its fourth quarter.

The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $24.7 million, or 72 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 $9.1 million, or 38 cents per share.

The real estate investment trust involved mostly in shopping malls posted revenue of $62.3 million in the period.

For the year, the company reported funds from operations of $103.2 million, or $3.04 per share. Revenue was reported as $245.9 million.

The company's shares have fallen slightly since the beginning of the year. In the final minutes of trading on Thursday, shares hit $40.52, a decline of 13% in the last 12 months.

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