ROYAL OAK, Mich. (AP) — ROYAL OAK, Mich. (AP) — Agree Realty Corp. (ADC) on Thursday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Royal Oak, Michigan-based real estate investment trust said it had funds from operations of $117.7 million, or $1.06 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.06 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 $47.3 million, or 43 cents per share.
The real estate investment trust posted revenue of $175.5 million in the period, exceeding Street forecasts. Six analysts surveyed by Zacks expected $173.7 million.
Agree Realty expects full-year funds from operations in the range of $4.29 to $4.32 per share.
The company's shares have risen nearly 2% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $71.60, a climb of nearly 4% 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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