ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR FIRST QUARTER 2024

Rhea-AI Summary

ACRES Commercial Realty Corp. reported its first quarter 2024 results, with GAAP net income of $556,000, or $0.07 per share-diluted. President & CEO Mark Fogel emphasized portfolio stability and shareholder value enhancement opportunities. A detailed presentation is available on the company's website. A live conference call to discuss operating results will be held on May 2, 2024.

Insights

Financial Analyst

Evaluating ACRES Commercial Realty Corp.'s recent financial results showcases a company navigating through a potentially volatile real estate market. The reported GAAP net income of $556,000, or $0.07 per share-diluted, indicates a level of profitability, albeit modest and provides an immediate snapshot of the company's financial health. Investors should consider this in light of the overall sector performance and the company's past financial trends. While stability in the portfolio is emphasized, as an investor one should also be mindful of the company's strategies for growth, especially through identifying and acting upon new opportunities in the commercial real estate market. This balance between stability and proactive growth can be pivotal for long-term value creation.

Real Estate Market Analyst

The emphasis on portfolio stability by the CEO of ACRES Commercial Realty Corp. can be seen as an attempt to reassure investors of the company's resilience in a fluctuating commercial real estate environment. The performance must be contextualized within broader market trends, such as interest rates, supply and demand dynamics and the health of the commercial mortgage-backed securities (CMBS) market. Moreover, the proactive approach to enhance shareholder value through market evaluation could hint at a strategic positioning to capitalize on potential commercial real estate market shifts. Investors should keep an eye on ensuing market analyses and the company's agility in adapting to the opportunities or challenges they present.

UNIONDALE, N.Y., May 1, 2024 /PRNewswire/ -- ACRES Commercial Realty Corp. (NYSE: ACR) ("ACR" or the "Company"), a real estate investment trust that is primarily focused on originating, holding and managing commercial real estate mortgage loans and equity investments in commercial real estate property through direct ownership and joint ventures, today reported results for the quarter ended March 31, 2024. ACR's GAAP net income allocable to common shares was $556,000, or $0.07 per share-diluted, for the quarter ended March 31, 2024.

Mark Fogel, ACRES Commercial Realty Corp. President & CEO, said: "Our primary objective is to ensure that our portfolio remains stable. At the same time, we continually evaluate the commercial real estate market to identify opportunities to enhance shareholder value."

ACR issued a full, detailed presentation of its results for the quarter ended March 31, 2024 that can be viewed at www.acresreit.com.

Earnings Call Details

ACR will host a live conference call on May 2, 2024 at 10:00 a.m. Eastern Time to discuss its first quarter 2024 operating results. The conference call can be accessed by dialing 1-888-886-7786 (U.S. domestic) or 1-416-764-8658 (International) or from the investor relations section of the Company's website at www.acresreit.com.

For those unable to listen to the live conference call, a replay will be available on the Company's website and telephonically through May 16, 2024 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), with the passcode 22439207.

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 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 commercial real estate 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," "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, including, without limitation, factors impacting whether we will be able to maintain our sources of liquidity and whether we will be able to identify sufficient suitable investments to increase our originations. 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 were ACRES Commercial Realty Corp.'s first quarter 2024 GAAP net income and earnings per share?

ACRES Commercial Realty Corp. reported GAAP net income of $556,000 and earnings per share of $0.07 for the first quarter 2024.

When will ACRES Commercial Realty Corp. host a live conference call to discuss its first quarter 2024 operating results?

ACRES Commercial Realty Corp. will host a live conference call on May 2, 2024, at 10:00 a.m. Eastern Time to discuss its first quarter 2024 operating results.

Where can the detailed presentation of ACRES Commercial Realty Corp.'s results for the first quarter 2024 be viewed?

The detailed presentation of ACRES Commercial Realty Corp.'s results for the first quarter 2024 can be viewed at www.acresreit.com.