Vornado Realty Trust, owner and operator of office and retail properties and the firm behind the stalled Filene’s redevelopment project in Boston’s Downtown Crossing, reported fourth-quarter funds from operations that rose, in part on lower non-cash charges for land impairments.

FFO for the quarter was $20,000, compared with negative $88.2 million a year earlier, the real estate investment trust said on Tuesday.

Excluding non-cash items such as property impairments and income from property sales items, adjusted FFO was $189.5 million, or $1.04 per share, compared with $165.4 million, or $1.07 per share, a year earlier.

FFO, a REIT performance measure, removes the profit-reducing effect of depreciation, a noncash accounting item.

Shares of the New Jersey-based REIT closed at $65.68 Monday on the New York Stock Exchange and fell 1.6 percent in premarket trade.