ACRES Commercial Realty Corp. Reauthorizes an Additional $5 Million Share Repurchase Program
Rhea-AI Summary
ACRES Commercial Realty Corp. (NYSE: ACR) has announced that its board of directors has authorized an additional $5 million share repurchase program for both common and preferred stock. The company plans to execute these repurchases through various methods including open market purchases, privately-negotiated transactions, and block purchases, in compliance with federal securities laws, specifically Rules 10b-18 and 10b5-1 of the Securities Exchange Act of 1934. The timing and volume of repurchases will be determined by management based on market conditions and other factors.
Positive
- Authorization of $5 million for share repurchases indicates financial capacity for capital return
- Flexibility in repurchase methods (open market, private negotiations, block purchases) allows for optimal execution
- Program includes both common and preferred shares, providing broader capital management options
Negative
- No guaranteed timeline or commitment to actually execute the repurchases
- Repurchase amount is relatively modest and may have impact on share price
News Market Reaction 1 Alert
On the day this news was published, ACR gained 4.25%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The Company cannot predict when or if it will repurchase any shares of common and preferred 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 equity investments in commercial real estate properties 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
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.
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SOURCE ACRES Commercial Realty Corp.
FAQ
How much is ACRES Commercial Realty's new share repurchase authorization worth?
What methods will ACR use to execute its share repurchase program?
When will ACRES Commercial Realty begin its $5 million share buyback program?
Which types of shares are included in ACR's repurchase authorization?
