ROYAL OAK, Mich. (AP) — ROYAL OAK, Mich. (AP) — Agree Realty Corp. (ADC) on Tuesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.

The Royal Oak, Michigan-based real estate investment trust said it had funds from operations of $109.5 million, or $1.04 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.03 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $43.4 million, or 41 cents per share.

The real estate investment trust posted revenue of $160.7 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $159.5 million.

For the year, the company reported funds from operations of $422.8 million, or $4.14 per share. Revenue was reported as $617.1 million.

Agree Realty expects full-year funds from operations in the range of $4.26 to $4.30 per share.

The company's shares have increased 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $72.60, a climb of 25% 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 ADC at https://www.zacks.com/ap/ADC