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

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ACRES Commercial Realty Corp (NYSE: ACR) has announced quarterly cash dividends for its preferred stock. The company will pay $0.6988981 per share on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock, reflecting a rate of 11.18237%. This rate is based on the three-month Term SOFR plus a spread of 5.927% per annum. Additionally, ACR will pay $0.4921875 per share on its 7.875% Series D Cumulative Redeemable Preferred Stock. Both dividends are payable on October 30, 2024, to shareholders of record as of October 1, 2024. The floating rate period for Series C Preferred Stock dividends began on July 30, 2024.

Positive

• Declared quarterly cash dividends for preferred stockholders
• Series C Preferred Stock dividend rate increased to 11.18237%
• Consistent dividend payments indicate financial stability

Negative

• None.

UNIONDALE, N.Y., Sept. 17, 2024 /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 ("Series C Preferred Stock") in the amount of $0.6988981 per share, which reflects a rate of 11.18237%, equal to three-month Term SOFR on the dividend determination date plus a spread of 5.927% per annum. The floating rate period for dividends on the Series C Preferred Stock began on July 30, 2024. The dividend will be payable on October 30, 2024, to holders of record on October 1, 2024.

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 October 30, 2024, to holders of record on October 1, 2024.

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 for ACRES Commercial Realty Corp's Series C Preferred Stock?

ACRES Commercial Realty Corp will pay $0.6988981 per share on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock.

When is the payment date for ACR's preferred stock dividends?

The payment date for both Series C and Series D Preferred Stock dividends is October 30, 2024.

What is the dividend rate for ACR's Series C Preferred Stock?

The dividend rate for Series C Preferred Stock is 11.18237%, based on three-month Term SOFR plus a spread of 5.927% per annum.

What is the dividend amount for ACRES Commercial Realty Corp's Series D Preferred Stock?

ACRES Commercial Realty Corp will pay $0.4921875 per share on its 7.875% Series D Cumulative Redeemable Preferred Stock.