Arbor Realty Trust, a Uniondale-based real estate investment trust, reported higher net income for the quarter ended Dec. 31.

Arbor, which makes short-term loans for commercial properties, reported net income attributable to common stockholders of $20.5 million for the fourth quarter, up from $5 million during the same quarter a year ago.

Funds from operations, an industry measure of earnings that excludes gains or losses from property sales, rose to $29.4 million for the quarter, or 40 cents per share, from $2.6 million, or 5 cents per share, during the year-earlier period.

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Real estate investment trusts, or REITs, must return at least 90 percent of profits to investors. Some REITs, such as Arbor Realty, are publicly traded.

Shares of Arbor Realty rose 22 cents to close at $7.64 in Friday trading on the New York Stock Exchange.