BLOOMFIELD HILLS, Mich. (AP) _ Agree Realty Corp. (ADC) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Bloomfield Hills, Michigan-based real estate investment trust said it had funds from operations of $40.9 million, or 76 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 72 cents 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 $25.3 million, or 47 cents per share.
The real estate investment trust posted revenue of $57.5 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $55.2 million.
The company's shares have dropped almost 9% since the beginning of the year. In the final minutes of trading on Monday, shares hit $64.06, a decrease of slightly more than 1% in the last 12 months.