Welcome to our dedicated page for ACRES Commercial Realty news (Ticker: ACR), a resource for investors and traders seeking the latest updates and insights on ACRES Commercial Realty stock.
ACRES Commercial Realty Corp. (NYSE: ACR) is a prominent real estate investment trust (REIT) that specializes in originating, holding, and managing commercial real estate (CRE) mortgage loans and equity investments in commercial real estate properties. The company operates through direct ownership and joint ventures, targeting a diverse range of commercial real estate assets. ACRES Commercial Realty Corp.'s investment portfolio includes whole loans, A notes, B notes, mezzanine loans, and mortgage-related securities. They also engage in commercial finance assets such as asset-backed securities, senior secured corporate loans, equipment leases and notes, trust preferred securities, debt tranches of collateralized debt obligations, and private equity investments.
ACRES Commercial Realty Corp. is externally managed by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., which focuses on nationwide middle-market CRE lending. The company's primary markets include multifamily, student housing, hospitality, industrial, and office properties, particularly in top U.S. markets.
In recent news, the company announced financial results for various quarters, highlighting a GAAP net income allocable to common shares of $2.9 million or $0.33 per share-diluted for the quarter ended September 30, 2023. The results underscore the company's effective asset management strategies and commitment to maintaining a high-quality investment portfolio. Additionally, the company declared cash dividends on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock and 7.875% Series D Cumulative Redeemable Preferred Stock.
Moreover, ACRES Commercial Realty Corp. continues to focus on enhancing shareholder value through strategic initiatives, including share repurchase programs. The board recently authorized the repurchase of up to an additional $10 million of outstanding shares of both common and preferred stock, demonstrating their proactive approach to capital management.
As part of its leadership transition, ACRES announced the retirement of David J. Bryant, the Senior Vice President, Chief Financial Officer, and Treasurer, effective December 31, 2023. Eldron C. Blackwell will succeed him, ensuring a seamless transition and continued stability in the company's financial operations.
ACRES Commercial Realty Corp. consistently prioritizes maintaining strong credit quality and leveraging market opportunities to maximize shareholder returns. Their detailed quarterly presentations and earnings calls provide comprehensive insights into the company's financial health and operational strategies, reinforcing their commitment to transparency and investor engagement.
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