ACRES Commercial Realty Corp. Declares Quarterly Cash Dividends for its Preferred Stock

Rhea-AI Summary

ACRES Commercial Realty Corp. (NYSE: ACR) announced the declaration of cash dividends on its preferred stock. The 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock will yield a dividend of $0.5390625 per share, while the 7.875% Series D Cumulative Redeemable Preferred Stock will provide $0.4921875 per share. Both dividends are payable on May 1, 2023, to shareholders on record as of April 3, 2023.

This announcement underscores the company’s ongoing commitment to returning value to shareholders while reinforcing its position as a significant player in the commercial real estate sector.

Positive

• Declaration of cash dividends on preferred stock enhances shareholder confidence.
• Dividends of $0.5390625 (Series C) and $0.4921875 (Series D) reflect stable income for investors.
• Scheduled dividend payments on May 1, 2023, provide clarity for financial planning.

Negative

• None.

UNIONDALE, N.Y., March 21, 2023 /PRNewswire/ -- ACRES Commercial Realty Corp. (NYSE: ACR) (the "Company") announced today that its Board of Directors declared cash dividends on its Preferred Stock.

The Company will pay a cash dividend on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock in the amount of $0.5390625 per share. The dividend will be paid on May 1, 2023, to holders of record on April 3, 2023.

The Company will also pay a cash dividend on its 7.875% Series D Cumulative Redeemable Preferred Stock in the amount of $0.4921875 per share. The dividend will be payable on May 1, 2023, to holders of record on April 3, 2023.

About ACRES Commercial Realty Corp.

ACRES Commercial Realty Corp. is a real estate investment trust that is primarily focused on originating, holding and managing commercial real estate ("CRE") mortgage loans and equity investments in commercial real estate property through direct ownership and joint ventures. The Company is externally managed by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, industrial and office property in top U.S. markets. For more information, please visit the Company's website at www.acresreit.com or contact investor relations at IR@acresreit.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "trend," "will," "continue," "expect," "intend," "anticipate," "estimate," "believe," "look forward" or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Factors that can affect future results are discussed in the documents filed by the Company from time to time with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

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SOURCE ACRES Commercial Realty Corp.

FAQ

What is the dividend amount declared by ACRES Commercial Realty Corp. for its preferred stock?

ACRES Commercial Realty Corp. declared a dividend of $0.5390625 for its 8.625% Series C Preferred Stock and $0.4921875 for its 7.875% Series D Preferred Stock.

When will ACRES Commercial Realty Corp. pay the declared dividends?

The dividends will be paid on May 1, 2023.

What is the record date for the dividend payment from ACRES Commercial Realty Corp.?

The record date for the dividend payment is April 3, 2023.

How often does ACRES Commercial Realty Corp. pay dividends on its preferred stock?

ACRES Commercial Realty Corp. typically pays dividends quarterly on its preferred stock.

What are the implications of the dividend announcement for ACRES Commercial Realty Corp.'s shareholders?

The dividend announcement signifies the company's commitment to providing returns to its shareholders and reflects its financial stability.