BLOOMFIELD HILLS, Mich. (AP) _ Agree Realty Corp. (ADC) on Monday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.

The Bloomfield Hills, Michigan-based real estate investment trust said it had funds from operations of $43.8 million, or 80 cents per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 79 cents 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 $21.3 million, or 39 cents per share.

The real estate investment trust posted revenue of $63.8 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $61.3 million.

The company's shares have declined slightly more than 7% since the beginning of the year. In the final minutes of trading on Monday, shares hit $64.99, a drop of 14% 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 ADC at https://www.zacks.com/ap/ADC

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