NEW YORK (AP) — NEW YORK (AP) — Adamas Trust, Inc. (ADAM) on Wednesday reported fourth-quarter net income of $53.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had net income of 45 cents. Earnings, adjusted for non-recurring gains, came to 23 cents per share.
The real estate investment trust posted revenue of $170.7 million in the period. Its adjusted revenue was $43.2 million.
For the year, the company reported net income of $149 million, or $1.10 per share, swinging to a profit in the period. Revenue was reported as $149.3 million.
Adamas Trust shares have increased 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.04, an increase of 33% in the last 12 months.
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