NEW YORK (AP) _ Ares Commercial Real Estate Corp. (ACRE) on Wednesday reported third-quarter profit of $11.1 million.
On a per-share basis, the New York-based company said it had net income of 39 cents. Earnings, adjusted for stock option expense, came to 40 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The real estate investment trust posted revenue of $28.6 million in the period.
Ares Commercial Real Estate shares have fallen 5.5 percent since the beginning of the year. The stock has declined 1 percent 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 ACRE at https://www.zacks.com/ap/ACRE