NEW YORK (AP) _ Ares Commercial Real Estate Corp. (ACRE) on Wednesday reported third-quarter net income of $644,000.
On a per-share basis, the New York-based company said it had net income of 1 cent. Earnings, adjusted for non-recurring costs and stock option expense, were 39 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The real estate investment trust posted revenue of $27.3 million in the period. Its adjusted revenue was $45.6 million.
Ares Commercial Real Estate shares have declined 14% since the beginning of the year. The stock has fallen 22% 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 ACRE">Zacks stock report on ACRE at https://www.zacks.com/ap/ACRE