Agree Realty: Q2 Earnings Snapshot

BLOOMFIELD HILLS, Mich. (AP) — BLOOMFIELD HILLS, Mich. (AP) — Agree Realty Corp. (ADC) on Tuesday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.

The Bloomfield Hills, Michigan-based real estate investment trust said it had funds from operations of $91.8 million, or 98 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 98 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 $39 million, or 42 cents per share.

The real estate investment trust posted revenue of $129.9 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $130.6 million.

The company's shares have dropped almost 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $64.65, a decrease of 18% 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 ADC at https://www.zacks.com/ap/ADC