ACRES Commercial Realty Corp. Reauthorizes a $20 Million Share Repurchase Program

Rhea-AI Summary

ACRES Commercial Realty Corp. (NYSE:ACR) has reauthorized its existing share repurchase program for up to $20 million of its outstanding common stock. Initially approved in March 2016, the program allows shares to be repurchased through various methods in compliance with federal securities laws. The exact timing and amount of share repurchases will be determined by management based on market conditions. This initiative aims to enhance shareholder value, although no specific timeline for repurchase has been established.

Positive

• Reauthorization of a $20 million share repurchase program aimed at enhancing shareholder value.

Negative

• Uncertainty in the timing and amount of share repurchases may pose risks to investor confidence.

UNIONDALE, N.Y., Nov. 5, 2021 /PRNewswire/ -- ACRES Commercial Realty Corp. (NYSE:ACR) (the "Company") announced today that its board of directors (the "Board") authorized and approved the continued use of its existing share repurchase program, originally authorized by the Board in March 2016, in order to repurchase up to $20 million of the currently outstanding shares of its common stock. Under the share repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Securities Exchange Act of 1934 (the "Exchange Act").

The Company cannot predict when or if it will repurchase any shares of common stock and the timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors.

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 other commercial real estate-related debt investments. 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 Exchange Act, 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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/acres-commercial-realty-corp-reauthorizes-a-20-million-share-repurchase-program-301417833.html

SOURCE ACRES Commercial Realty Corp.

FAQ

What is the purpose of ACRES Commercial Realty's $20 million share repurchase program?

The share repurchase program aims to enhance shareholder value by buying back outstanding shares.

When was the share repurchase program for ACRES Commercial Realty originally authorized?

The share repurchase program was originally authorized by the Board in March 2016.

How will ACRES Commercial Realty execute its share repurchase program?

The company intends to repurchase shares through open market purchases and other negotiated transactions in compliance with federal securities laws.

What are the potential impacts of the share repurchase program on ACRES Commercial Realty's stock price?

The share repurchase program could potentially increase stock price by reducing the number of outstanding shares, thereby enhancing earnings per share.