ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2022

Rhea-AI Summary

ACRES Commercial Realty Corp (NYSE: ACR) reported a GAAP net loss of $7.4 million, or $0.87 per diluted share, for the quarter ended December 31, 2022. Despite this loss, President & CEO Mark Fogel expressed confidence in the quality of the investment portfolio and the company's commitment to shareholder value. ACR's detailed quarterly results presentation is available on their website. Additionally, the company plans to hold a live conference call on March 2, 2023, at 5:00 p.m. ET to discuss these results further.

Positive

• The management asserts confidence in the quality of the investment portfolio.

Negative

• GAAP net loss of $7.4 million, or $0.87 per share-diluted, indicating financial challenges.

News Market Reaction

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-1.99% News Effect

On the day this news was published, ACR declined 1.99%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

UNIONDALE, N.Y., March 2, 2023 /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, 2022. ACR's GAAP net loss allocable to common shares was $7.4 million, or $0.87 per share-diluted, for the quarter ended December 31, 2022.

"We are pleased with the quality of the investment portfolio managed by the ACRES team," said ACRES Commercial Realty Corp. President & CEO Mark Fogel. "As always, we are dedicated to pursuing opportunities for growth while maintaining our consistent focus on preserving shareholder value."

ACR issued a full, detailed presentation of its results for the quarter ended December 31, 2022 that can be viewed at www.acresreit.com.

Earnings Call Details

ACR will host a live conference call on March 2, 2023 at 5:00 p.m. Eastern Time to discuss its fourth quarter 2022 operating results. The conference call can be accessed by dialing 1-877-300-8521 (U.S. domestic) or 1-412-317-6026 (International) with the passcode 10174643 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 16, 2023 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), with the passcode 10174643.

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.

FAQ

What were ACR's financial results for Q4 2022?

ACR reported a GAAP net loss of $7.4 million, or $0.87 per diluted share, for Q4 2022.

When is ACR's earnings call?

ACR's earnings call is scheduled for March 2, 2023, at 5:00 p.m. ET.

Where can I view ACR's detailed quarterly results?

ACR's detailed quarterly results can be viewed on their official website.