NEW YORK (AP) _ Ares Commercial Real Estate Corp. (ACRE) on Thursday reported fourth-quarter earnings of $10 million.
The New York-based company said it had net income of 35 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 38 cents per share.
The results surpassed 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 $30.9 million in the period.
For the year, the company reported profit of $38.6 million, or $1.35 per share. Revenue was reported as $118.3 million.
Ares Commercial Real Estate shares have increased almost 8 percent since the beginning of the year. The stock has increased 11 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