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.
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.
ACRES Commercial Realty Corp. (NYSE: ACR) reported a GAAP net loss allocable to common shares of $9.8 million, or $(1.03) per diluted share, for Q3 2021. In contrast, net income for the nine months was $10.7 million, or $1.09 per diluted share. The quarterly results included $9.0 million in extinguishment losses linked to financing transactions. The company achieved $468 million in loan originations during Q3, surpassing $1 billion for the first nine months. ACR's recent capital transactions reduced its corporate debt interest rate by 88 basis points, enhancing its financial positioning.
ACRES Commercial Realty Corp. (NYSE: ACR) will announce its third quarter 2021 results on November 4, 2021, after market close. A live conference call will take place on the same day at 5:00 p.m. Eastern Time, accessible via phone or webcast. Interested participants can dial 1-800-920-2968 (U.S.) or 1-212-231-2908 (International) with passcode 21998549. A replay will be available until November 18, 2021. ACRES Commercial Realty focuses on CRE mortgage loans and is managed by ACRES Capital, LLC.
ACRES Commercial Realty Corp. (NYSE: ACR) has announced cash dividends for its Preferred Stock. Shareholders will receive $0.5390625 per share for the 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock, and $0.4921875 for the 7.875% Series D Cumulative Redeemable Preferred Stock. Both dividends are payable on November 1, 2021, to holders of record as of October 1, 2021. This move reflects the company's ongoing commitment to returning value to its shareholders in the commercial real estate sector.
ACRES Commercial Realty Corp. (NYSE: ACR) announced the pricing of its underwritten public offering of $150 million in 5.75% Senior Unsecured Notes due 2026. The offering is expected to close around August 16, 2021. Proceeds will be used to redeem $50 million of its outstanding 12.00% Senior Unsecured Notes due 2027, costing approximately $55.3 million. Remaining funds will support loan originations consistent with the Company’s investment policies and general corporate purposes.
ACRES Commercial Realty Corp (NYSE: ACR) reported its Q2 2021 financial results, showing a net income of $10.1 million or $1.04 per diluted share for the three months ended June 30, 2021, and $20.5 million or $2.06 per diluted share for the six months. The company originated $470 million in commercial real estate loans during the quarter and closed an $803 million securitization. ACR's capital deployment has accelerated, and it plans to pursue further investment opportunities to enhance earnings.
ACRES Commercial Realty Corp. (NYSE: ACR) will release its second quarter 2021 results on August 4, 2021, after market close. A live conference call is scheduled for 5:00 p.m. Eastern Time on the same day, accessible via phone at 1-855-327-6837 (U.S.) or 1-631-891-4304 (International) using passcode 10015843. A replay will be available until August 18, 2021. The Company focuses on managing CRE mortgage loans and is external managed by ACRES Capital, LLC. Visit www.acresreit.com for more details.
ACRES Commercial Realty Corp. (NYSE: ACR) announced a successful public offering of 2,200,000 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock, priced at $25.00 per share. This offering generated approximately $53.3 million in proceeds, which will be utilized for loan originations and general corporate purposes. The offering includes an additional 200,000 shares due to the underwriter's option. The Preferred Stock is now listed under the ticker symbol 'ACR PrD' on the NYSE.
ACRES Commercial Realty Corp. (NYSE: ACR) announced a follow-on public offering of 2,000,000 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock at $25.00 per share, aiming to raise gross proceeds of $50 million. The offering is expected to close on June 30, 2021, and includes an option for underwriters to buy an additional 300,000 shares. Proceeds will be used for loan originations and general corporate purposes. Raymond James is the sole book-running manager for this offering, which is registered with the SEC.
ACRES Commercial Realty Corp. (NYSE: ACR) announced the appointment of Karen Edwards and Dawanna Williams to its Board of Directors on June 10, 2021. Edwards brings 30 years of experience in financial services, including a background in commercial mortgage REITs, while Williams has 20 years in real estate, focusing on property development in New York City. Chairman Andrew Fentress expressed optimism for their contributions toward growth and shareholder value.
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