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Ares Commercial Real Estate Corporation (NYSE: ACRE) is a specialty finance company that focuses on originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, ACRE offers a wide range of flexible and reliable financing solutions for commercial real estate owners and operators. The company's primary products include senior mortgage loans, subordinate financings, mezzanine debt, and preferred equity, targeting a diversity of property types in liquid markets across the United States.
As a Real Estate Investment Trust (REIT), ACRE is externally managed by a subsidiary of Ares Management Corporation, a global alternative asset manager. The company has demonstrated resilience and adaptability in a challenging economic landscape, maintaining a strong balance sheet and significant liquidity, which allows it to navigate industry challenges and capitalize on market opportunities.
ACRE's recent achievements include the resolution of several underperforming loans, substantial reductions in debt levels, and maintaining a disciplined approach to new loan originations. For the first quarter of 2024, ACRE reported a GAAP net loss of $12.3 million or $0.23 per diluted common share, and Distributable Earnings (Loss) of $(33.5) million or $(0.62) per diluted common share. Despite these challenges, the company remains focused on maximizing credit outcomes and selectively originating new loans to benefit from attractive spreads.
The company declared a regular cash dividend of $0.25 per common share for the second quarter of 2024, reflecting its ongoing commitment to providing dividends to shareholders. ACRE continues to leverage the broad resources of the Ares platform and its deep credit capabilities to enhance shareholder value.
Additional information can be accessed via ACRE's investor resources section on their website (www.arescre.com), which hosts presentations, financial reports, and details on upcoming webcasts and conference calls.
Ares Commercial Real Estate Corporation (NYSE: ACRE) will report its first-quarter earnings for the period ending March 31, 2023, on May 2, 2023, before the NYSE opening. A conference call to discuss the results is scheduled for the same day at 10:00 a.m. Eastern Time. Investors can participate via telephone or a live webcast that will be accessible on the company’s website. A replay of the call will be available until May 30, 2023. Ares Commercial focuses on originating and investing in commercial real estate loans and is managed by a subsidiary of Ares Management Corporation. The company qualifies as a real estate investment trust, emphasizing flexible financing solutions for commercial property owners in the United States.
Ares Commercial Real Estate Corporation (NYSE:ACRE) reported strong fourth quarter 2022 results, with GAAP net income of $2.9 million ($0.05 per diluted share) and Distributable Earnings of $23.9 million ($0.44 per diluted share).
For the full year, GAAP net income was $29.8 million ($0.57 per diluted share) and Distributable Earnings totaled $80.7 million ($1.55 per diluted share). The company declared a first quarter 2023 cash dividend of $0.33 per common share, alongside a supplemental dividend of $0.02 per common share.
Ares emphasized its strong liquidity and reduced leverage while preparing for potential market challenges ahead.
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