NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Thursday reported a third-quarter loss of $5.9 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of 11 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 7 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The real estate investment trust posted revenue of $16.7 million in the period. Its adjusted revenue was $39.3 million.
Ares Commercial Real Estate shares have fallen 37% since the beginning of the year. The stock has fallen 33% 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 ACRE at https://www.zacks.com/ap/ACRE
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