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ROYAL OAK, Mich. (AP) — ROYAL OAK, Mich. (AP) — Agree Realty Corp. (ADC) on Tuesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Royal Oak, Michigan-based real estate investment trust said it had funds from operations of $100.3 million, or $1 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1 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 $44.1 million, or 44 cents per share.
The real estate investment trust posted revenue of $144.2 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $141.7 million.
The company's shares have fallen 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $57.31, a drop of 21% 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