ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR THIRD QUARTER 2024

Rhea-AI Summary

ACRES Commercial Realty Corp. (NYSE: ACR) reported its Q3 2024 financial results, posting a GAAP net income of $2.8 million, or $0.36 per share-diluted. The company, which focuses on commercial real estate mortgage loans and equity investments through direct ownership and joint ventures, maintains its strategy of identifying high-quality opportunities while protecting shareholder value. The company will host a conference call on October 31, 2024, to discuss these results in detail.

Positive

• Net income of $2.8 million for Q3 2024
• Earnings per share of $0.36

Negative

• None.

UNIONDALE, N.Y., Oct. 30, 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 September 30, 2024. ACR's GAAP net income allocable to common shares was $2.8 million, or $0.36 per share-diluted, for the quarter ended September 30, 2024.

"We are proud of the diligent efforts of the ACRES team in maintaining a robust and high-quality investment portfolio," said ACRES Commercial Realty Corp. President & CEO Mark Fogel. "Our unwavering focus remains on identifying high-quality opportunities while steadfastly protecting and enhancing shareholder value."

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

Earnings Call Details

ACR will host a live conference call on October 31, 2024 at 10:00 a.m. Eastern Time to discuss its third quarter 2024 operating results. The conference call can be accessed by dialing 1-800-274-8461 (U.S. domestic) or 1-203-518-9814 (International), Conference ID ACRES 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 November 14, 2024 by dialing 1-844-512-2921 (U.S. domestic) or 1-412-317-6671 (International), with the passcode 11156888.

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 was ACRES Commercial Realty's (ACR) net income for Q3 2024?

ACRES Commercial Realty Corp. reported a GAAP net income of $2.8 million, or $0.36 per share-diluted, for the third quarter ended September 30, 2024.

When is ACRES Commercial Realty (ACR) hosting its Q3 2024 earnings call?

ACRES Commercial Realty will host its Q3 2024 earnings conference call on October 31, 2024, at 10:00 a.m. Eastern Time.

What was ACRES Commercial Realty's (ACR) earnings per share in Q3 2024?

ACRES Commercial Realty Corp. reported earnings of $0.36 per share-diluted for the third quarter of 2024.