NEW YORK — Taubman Centers Inc. on Monday reported split fourth-quarter results — a 22.1 percent drop in net income combined with a 21.3 percent surge in funds from operations, a common measuring tool among real estate investment trusts (REITs).

For the three months ended Dec. 31, net income fell to $2.8 million, translating to a loss of 3 cents per share after distribution of preferred dividends, from net income of $3.6 million, or a 1 cent loss, in the year-ago quarter.

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