NEW YORK (AP) _ Ares Commercial Real Estate Corp. (ACRE) on Tuesday reported third-quarter net income of $10 million.
On a per-share basis, the New York-based company said it had profit of 35 cents. Earnings, adjusted for stock option expense, came to 36 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The real estate investment trust posted revenue of $30.4 million in the period.
Ares Commercial Real Estate shares have increased 8 percent since the beginning of the year. The stock has risen 7 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 ACRE at https://www.zacks.com/ap/ACRE