ROYAL OAK, Mich. (AP) — ROYAL OAK, Mich. (AP) — Agree Realty Corp. (ADC) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Royal Oak, Michigan-based real estate investment trust said it had funds from operations of $137.6 million, or $1.14 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.12 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 $60.2 million, or 50 cents per share.
The real estate investment trust posted revenue of $200.8 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $196.1 million.
Agree Realty expects full-year funds from operations in the range of $4.54 to $4.58 per share.
The company's shares have increased 9.5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $78.86, increasing slightly 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
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