ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR THIRD QUARTER 2023

Rhea-AI Summary

ACRES Commercial Realty Corp. reported GAAP net income of $2.9 million, or $0.33 per share-diluted, for the quarter ended September 30, 2023. The company emphasized its commitment to maintaining a high-quality portfolio and safeguarding shareholder value.

UNIONDALE, N.Y., Nov. 1, 2023 /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 September 30, 2023. ACR's GAAP net income allocable to common shares was $2.9 million, or $0.33 per share-diluted, for the quarter ended September 30, 2023.

"The ACRES team continually reviews and actively manages our investments to ensure that we maintain the highest quality portfolio. The Company has always maintained a strong commitment to an asset management infrastructure that is conditioned for challenging environments. Safeguarding and enhancing shareholder value remain our top priorities," said ACRES Commercial Realty Corp. President & CEO Mark Fogel.

ACR issued a full, detailed presentation of its results for the quarter ended September 30, 2023 that can be viewed at www.acresreit.com.

Earnings Call Details

ACR will host a live conference call on November 2, 2023 at 11:00 a.m. Eastern Time to discuss its third quarter 2023 operating results. The conference call can be accessed by dialing 1-833-816-1421 (U.S. domestic) or 1-412-317-0514 (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 November 16, 2023 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), with the passcode 10182231.

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 is the GAAP net income reported by ACRES Commercial Realty Corp. for the quarter ended September 30, 2023?

ACRES Commercial Realty Corp. reported GAAP net income of $2.9 million.

What is the earnings per share-diluted for ACRES Commercial Realty Corp. for the quarter ended September 30, 2023?

ACRES Commercial Realty Corp. reported earnings per share-diluted of $0.33.

What is the focus of ACRES Commercial Realty Corp. as a real estate investment trust?

ACRES Commercial Realty Corp. 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.

When will ACRES Commercial Realty Corp. host a conference call to discuss its third quarter 2023 operating results?

ACRES Commercial Realty Corp. will host a live conference call on November 2, 2023 at 11:00 a.m. Eastern Time.

How can I access the conference call hosted by ACRES Commercial Realty Corp.?

The conference call can be accessed by dialing 1-833-816-1421 (U.S. domestic) or 1-412-317-0514 (International) or from the investor relations section of the Company's website at www.acresreit.com.

How long will the replay of the conference call be available?

The replay of the conference call will be available through November 16, 2023.