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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) 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.
ACRES Commercial Realty Corp. (NYSE: ACR) announced cash dividends for its Preferred Stock on June 9, 2021. Shareholders will receive $0.5390625 per share for the 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock and $0.377344 for the 7.875% Series D Cumulative Redeemable Preferred Stock. Both dividends will be paid on July 30, 2021, to holders on record as of July 1, 2021. ACRES focuses on managing commercial real estate mortgage loans and related debt investments, primarily in multifamily, hospitality, and office properties in key US markets.
ACRES Commercial Realty Corp. (NYSE: ACR) has priced a public offering of 2,400,000 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock at $25.00 per share, potentially raising $60 million before expenses. Underwriters have a 30-day option for an additional 360,000 shares. The funds will be used for loan originations and general corporate purposes. The offering is set to close on May 21, 2021, and the Company plans to list the Preferred Stock on the NYSE under the ticker 'ACR PrD.'
ACRES Commercial Realty Corp. (NYSE: ACR) announced a public offering of its Series D Cumulative Redeemable Preferred Stock at a liquidation preference of $25.00 per share. The proceeds will be utilized for loan originations and general corporate purposes. They intend to list the Preferred Stock on the NYSE under the symbol "ACR PrD." Raymond James & Associates, Inc. is the sole book-running manager for the offering, with a shelf registration statement filed and approved by the SEC for this purpose.
ACRES Commercial Realty Corp. (NYSE: ACR) announced the issuance of $675.2 million in floating-rate notes through newly formed subsidiaries, ACRES Commercial Realty 2021-FL1 Issuer, Ltd. and ACRES Commercial Realty 2021-FL1 Co-Issuer, LLC. The notes will have a weighted average cost of LIBOR+149 basis points. Notably, $431.4 million of Class A Notes received Aaa(sf) and AAA(sf) ratings, with a coupon of LIBOR+120 basis points. The transaction is expected to close by May 12, 2021, and will be collateralized by approximately $802.6 million in commercial real estate loans.
ACRES Commercial Realty Corp. (NYSE: ACR) reported a GAAP net income of $10.5 million, or $1.03 per diluted share, for Q1 2021. The company originated $144 million in commercial real estate loans, reflecting continued progress post-2020. ACR's CEO, Mark Fogel, expressed optimism about ongoing investment opportunities, backed by a strong balance sheet and healthy loan portfolio. A conference call to discuss these results was held on May 5, 2021, and the details can be found on their website.
ACRES Commercial Realty Corp. (NYSE: ACR) will release its first quarter 2021 results on May 5, 2021, after market close. A live conference call will be held the same day at 5:00 p.m. Eastern Time, accessible via phone or webcast. Domestic callers can dial 1-877-407-0789, while international participants should use 1-201-689-8562 with the passcode 13718962. A replay will be available until May 19, 2021. ACRES primarily focuses on commercial real estate mortgage loans and is managed by ACRES Capital, LLC.
ACRES Commercial Realty Corp. (NYSE: ACR) declared a cash dividend of $0.5390625 per share on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock. This dividend is for the period from January 31, 2021 to April 30, 2021 and will be paid on April 30, 2021 to shareholders of record as of April 1, 2021. The company focuses on commercial real estate mortgage loans and related debt investments, providing strong returns to investors.
ACRES Commercial Realty Corp. (NYSE: ACR) reported its results for the year ended December 31, 2020. The company experienced a GAAP net income of $21.5 million or $1.95 per share diluted in Q4 2020. However, it reported a significant net loss of $208.1 million or $(19.33) per share for the full year. ACR announced a one-for-three reverse stock split effective February 16, 2021. The company resumed loan originations, generating $83 million in commercial loans in Q4 2020.
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