ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR SECOND QUARTER 2024

Investors can join the earnings call online or by phone; a telephone replay is available through August 15, 2024.

Rhea-AI Summary

ACRES Commercial Realty (ACR) reported $1.7 million in GAAP net income allocable to common shares for the quarter ended June 30, 2024. That equaled $0.21 per diluted share.

A detailed presentation of the quarterly results is available at www.acresreit.com. The company will discuss its results on an earnings call scheduled for August 1, 2024, at 10:00 a.m. Eastern Time.

Key Figures

GAAP net income allocable to common shares: $1.7 million Diluted EPS: $0.21 per diluted share

GAAP net income allocable to common shares

$1.7 million

Q2 2024

Diluted EPS

$0.21 per diluted share

Q2 2024

Previous Earnings Reports

3 past events · Latest: May 01

Same Type 3 events

1. May 01

   Quarterly earnings

   24h Move

   -3.7%

   Reported Q1 GAAP net income of $556,000 and $0.07 per diluted share

2. Mar 02

   Quarterly earnings

   24h Move

   -2.0%

   Reported Q4 GAAP net loss of $7.4 million and $0.87 loss per diluted share

3. Nov 03

   Quarterly earnings

   24h Move

   -2.2%

   Reported Q3 GAAP net income of $713,000 and $0.08 per diluted share

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, reit

2 terms

gaap financial

"ACR's GAAP net income allocable to common shares was $1.7 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

reit financial

"a real estate investment trust that is primarily focused on originating"

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

UNIONDALE, N.Y., July 31, 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 ended June 30, 2024. ACR's GAAP net income allocable to common shares was $1.7 million, or $0.21 per share-diluted, for the quarter ended June 30, 2024.

"The ACRES team has shown great skill and dedication in managing our investment portfolio with precision and foresight," said ACRES Commercial Realty Corp. President & CEO Mark Fogel. "Our ongoing commitment is to seek out new loan opportunities while ensuring the protection and enhancement of shareholder value remains paramount."

ACR issued a full, detailed presentation of its results for the quarter ended June 30, 2024 that can be viewed at www.acresreit.com.

Earnings Call Details

ACR will host a live conference call on August 1, 2024 at 10:00 a.m. Eastern Time to discuss its second quarter 2024 operating results. The conference call can be accessed by dialing 1-800-267-6316 (U.S. domestic) or 1-203-518-9783 (International), Conference ID NUWEQ2 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 August 15, 2024 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), with the passcode 11156101.

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 [email protected].

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.

SOURCE ACRES Commercial Realty Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were ACRES Commercial Realty's (ACR) second-quarter 2024 earnings?

ACRES Commercial Realty reported $1.7 million in GAAP net income allocable to common shares, or $0.21 per diluted share, for the quarter ended June 30, 2024.

How can investors access the ACRES Commercial Realty (ACR) second-quarter 2024 earnings call and replay?

The live call is scheduled for August 1, 2024, at 10:00 a.m. Eastern Time and is available through the investor relations section of www.acresreit.com or by dialing 1-800-267-6316 domestically or 1-203-518-9783 internationally, using conference ID NUWEQ2. A replay will be available on the website and by phone through August 15, 2024. For the telephone replay, dial 1-844-512-2921 domestically or 1-412-317-6671 internationally and use passcode 11156101.