NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Thursday reported a fourth-quarter loss of $39.4 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of 73 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 20 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.
The real estate investment trust posted revenue of $14.4 million in the period. Its adjusted revenue was $44.3 million.
For the year, the company reported a loss of $38.9 million, or 72 cents per share, swinging to a loss in the period. Revenue was reported as $198.6 million.
Ares Commercial Real Estate shares have dropped 21% since the beginning of the year. The stock has fallen 28% 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