BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Boston, said it had funds from operations of $1.23 billion, or $2.63 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.54 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 $820.7 million, or $1.75 per share.

The wireless communications infrastructure company posted revenue of $2.74 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $2.68 billion.

For the year, the company reported funds from operations of $5.04 billion, or $10.76 per share. Revenue was reported as $10.64 billion.

American Tower expects full-year funds from operations in the range of $10.78 to $10.95 per share.

The company’s shares have increased 8% since the beginning of the year, while the S&P’s 500 index has stayed nearly flat. The stock has dropped nearly 1% 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 AMT at https://www.zacks.com/ap/AMT