NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Friday reported third-quarter earnings of $9.2 million.
On a per-share basis, the New York-based company said it had net income of 17 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 25 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The real estate investment trust posted revenue of $23.9 million in the period. Its adjusted revenue was $52.8 million.
Ares Commercial Real Estate shares have declined nearly 6% since the beginning of the year. The stock has dropped 20% in the last 12 months.
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