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

The real estate investment trust, based in Royal Oak, Michigan, said it had funds from operations of $138 million, or $1.14 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.13 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 $52.8 million, or 44 cents per share.

The real estate investment trust posted revenue of $205.1 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $201.7 million.

Agree Realty expects full-year funds from operations in the range of $4.57 to $4.59 per share.

The company's shares have increased nearly 9% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $78.41, a rise of nearly 8% 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