Acres Commercial Realty Corp Stock Price, News & Analysis

ACRES Commercial Realty Corp (NYSE: ACR) reported its Q2 2021 financial results, showing a net income of $10.1 million or $1.04 per diluted share for the three months ended June 30, 2021, and $20.5 million or $2.06 per diluted share for the six months. The company originated $470 million in commercial real estate loans during the quarter and closed an $803 million securitization. ACR's capital deployment has accelerated, and it plans to pursue further investment opportunities to enhance earnings.

ACRES Commercial Realty Corp. (NYSE: ACR) will release its second quarter 2021 results on August 4, 2021, after market close. A live conference call is scheduled for 5:00 p.m. Eastern Time on the same day, accessible via phone at 1-855-327-6837 (U.S.) or 1-631-891-4304 (International) using passcode 10015843. A replay will be available until August 18, 2021. The Company focuses on managing CRE mortgage loans and is external managed by ACRES Capital, LLC. Visit www.acresreit.com for more details.

ACRES Commercial Realty Corp. (NYSE: ACR) announced a successful public offering of 2,200,000 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock, priced at $25.00 per share. This offering generated approximately $53.3 million in proceeds, which will be utilized for loan originations and general corporate purposes. The offering includes an additional 200,000 shares due to the underwriter's option. The Preferred Stock is now listed under the ticker symbol 'ACR PrD' on the NYSE.

ACRES Commercial Realty Corp. (NYSE: ACR) announced a follow-on public offering of 2,000,000 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock at $25.00 per share, aiming to raise gross proceeds of $50 million. The offering is expected to close on June 30, 2021, and includes an option for underwriters to buy an additional 300,000 shares. Proceeds will be used for loan originations and general corporate purposes. Raymond James is the sole book-running manager for this offering, which is registered with the SEC.

ACRES Commercial Realty Corp. (NYSE: ACR) announced the appointment of Karen Edwards and Dawanna Williams to its Board of Directors on June 10, 2021. Edwards brings 30 years of experience in financial services, including a background in commercial mortgage REITs, while Williams has 20 years in real estate, focusing on property development in New York City. Chairman Andrew Fentress expressed optimism for their contributions toward growth and shareholder value.

ACRES Commercial Realty Corp. (NYSE: ACR) announced cash dividends for its Preferred Stock on June 9, 2021. Shareholders will receive $0.5390625 per share for the 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock and $0.377344 for the 7.875% Series D Cumulative Redeemable Preferred Stock. Both dividends will be paid on July 30, 2021, to holders on record as of July 1, 2021. ACRES focuses on managing commercial real estate mortgage loans and related debt investments, primarily in multifamily, hospitality, and office properties in key US markets.

ACRES Commercial Realty Corp. (NYSE: ACR) has priced a public offering of 2,400,000 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock at $25.00 per share, potentially raising $60 million before expenses. Underwriters have a 30-day option for an additional 360,000 shares. The funds will be used for loan originations and general corporate purposes. The offering is set to close on May 21, 2021, and the Company plans to list the Preferred Stock on the NYSE under the ticker 'ACR PrD.'

ACRES Commercial Realty Corp. (NYSE: ACR) announced a public offering of its Series D Cumulative Redeemable Preferred Stock at a liquidation preference of $25.00 per share. The proceeds will be utilized for loan originations and general corporate purposes. They intend to list the Preferred Stock on the NYSE under the symbol "ACR PrD." Raymond James & Associates, Inc. is the sole book-running manager for the offering, with a shelf registration statement filed and approved by the SEC for this purpose.

ACRES Commercial Realty Corp. (NYSE: ACR) announced the issuance of $675.2 million in floating-rate notes through newly formed subsidiaries, ACRES Commercial Realty 2021-FL1 Issuer, Ltd. and ACRES Commercial Realty 2021-FL1 Co-Issuer, LLC. The notes will have a weighted average cost of LIBOR+149 basis points. Notably, $431.4 million of Class A Notes received Aaa(sf) and AAA(sf) ratings, with a coupon of LIBOR+120 basis points. The transaction is expected to close by May 12, 2021, and will be collateralized by approximately $802.6 million in commercial real estate loans.