ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR FOURTH QUARTER 2023 AND YEAR ENDED DECEMBER 31, 2023

Rhea-AI Summary

ACRES Commercial Realty Corp. (ACR) reports a GAAP net income of $1.7 million for the quarter ended December 31, 2023, with a focus on credit quality and shareholder value. Earnings call scheduled for February 29, 2024, to discuss Q4 operating results.

Financial Analyst

The reported GAAP net income for ACRES Commercial Realty Corp. (ACR) indicates a tangible performance metric that directly affects shareholder value. The figure of $1.7 million, or $0.20 per share-diluted, is a critical data point for evaluating the company's profitability and financial health. It is essential to compare this result with previous quarters or years to assess whether the company is on a growth trajectory or facing challenges. Furthermore, the net income figure can influence the company's stock price as it reflects the company's ability to generate earnings. Investors and analysts will also examine the company's operational efficiency and the management's effectiveness in maintaining credit quality, as highlighted by the CEO.

Market Research Analyst

ACRES Commercial Realty Corp.'s focus on maintaining and managing commercial real estate mortgage loans and equity investments is a strategy that aligns with current real estate market trends. The emphasis on credit quality of investments is particularly noteworthy in a fluctuating economic environment where interest rates and property values can impact loan performance. The real estate investment trust (REIT) sector is subject to specific market forces, such as changes in property demand, rent levels and occupancy rates, which can significantly impact the revenue streams from equity investments. The company's performance in this context is a barometer for the sector's health and can signal broader market trends to investors.

Real Estate Investment Trust Analyst

As a REIT, ACRES Commercial Realty Corp. must distribute at least 90% of its taxable income to shareholders in the form of dividends, which makes the net income figure particularly relevant for dividend expectations. The reported earnings per share (EPS) provide insights into the company's dividend-paying potential. Additionally, the management's commitment to enhancing shareholder value through careful investment selection and credit quality management is a positive sign for potential and current investors. However, it is important to analyze the company's payout ratio, debt levels and the sustainability of its dividend policy, especially in a sector where cash flow predictability is vital.

UNIONDALE, N.Y., Feb. 28, 2024 /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 and year ended December 31, 2023. ACR's GAAP net income allocable to common shares was $1.7 million, or $0.20 per share-diluted, for the quarter ended December 31, 2023.

Mark Fogel, ACRES Commercial Realty Corp. President & CEO, said: "The ACRES team continues to focus on maintaining the credit quality of the investments in our portfolio. Ensuring and improving shareholder value remain our primary objectives."

ACR issued a full, detailed presentation of its results for the quarter ended December 31, 2023 that can be viewed at www.acresreit.com.

Earnings Call Details

ACR will host a live conference call on February 29, 2024 at 10:00 a.m. Eastern Time to discuss its fourth 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 March 14, 2024 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), with the passcode 10184791.

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.

What was ACRES Commercial Realty Corp.'s GAAP net income for the quarter ended December 31, 2023?

ACRES Commercial Realty Corp.'s GAAP net income for the quarter ended December 31, 2023, was $1.7 million.

When is the earnings call scheduled to discuss ACRES Commercial Realty Corp.'s fourth quarter 2023 operating results?

The earnings call to discuss ACRES Commercial Realty Corp.'s fourth quarter 2023 operating results is scheduled for February 29, 2024, at 10:00 a.m. Eastern Time.

Where can the detailed presentation of ACRES Commercial Realty Corp.'s results for the quarter ended December 31, 2023 be viewed?

The detailed presentation of ACRES Commercial Realty Corp.'s results for the quarter ended December 31, 2023 can be viewed at www.acresreit.com.

How can one access the conference call discussing ACRES Commercial Realty Corp.'s fourth quarter 2023 operating results?

The conference call discussing ACRES Commercial Realty Corp.'s fourth quarter 2023 operating results 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.

Until when will the replay of the conference call discussing ACRES Commercial Realty Corp.'s fourth quarter 2023 operating results be available?

The replay of the conference call discussing ACRES Commercial Realty Corp.'s fourth quarter 2023 operating results will be available through March 14, 2024, on the Company's website and telephonically by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International) with the passcode 10184791.