BLOOMFIELD HILLS, Mich. (AP) _ Agree Realty Corp. (ADC) on Thursday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The Bloomfield Hills, Michigan-based real estate investment trust said it had funds from operations of $16.6 million, or 64 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 64 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 $12.7 million, or 50 cents per share.
The real estate investment trust posted revenue of $25.3 million in the period, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $24.8 million.
For the year, the company reported funds from operations of $59.2 million, or $2.54 per share. Revenue was reported as $91.5 million.
The company's shares have increased roughly 6 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $48.62, an increase of 30 percent in the last 12 months.
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
Keywords: Agree Realty, Earnings Report