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Ares Commercial Real Estate Corporation reports developments tied to its role as a specialty finance company and real estate investment trust focused on commercial real estate debt. The company directly originates and invests in senior mortgage loans, co-invested loans, subordinate financings, mezzanine debt and preferred equity for commercial real estate owners and operators in U.S. markets.
Recurring news includes quarterly GAAP results and Distributable Earnings, REIT distribution tax reporting, portfolio credit updates, loan repayments, office and REO exposure, liquidity management, secured funding facilities and other liability-management actions. Company updates also describe its external management by a subsidiary of Ares Management Corporation and its national direct origination platform.
Ares Commercial Real Estate Corporation (ACRE) reported a GAAP net income of $16.2 million or $0.34 per diluted common share for Q1 2022. Distributable Earnings also stood at $16.3 million, maintaining the same per share value. The company closed $263 million in new loan commitments in Q1 and an additional $123 million early in Q2. A second quarter dividend of $0.33 per common share, plus a supplemental $0.02 dividend was declared. The company predicts increased Distributable Earnings due to rising credit spreads and interest rates.
Ares Commercial Real Estate Corporation (NYSE: ACRE) will report its earnings for Q1 2022 on May 3, 2022, before the market opens. The company will host a live conference call at 12:00 p.m. ET to discuss financial results. Interested parties can join via telephone or a webcast, with replay options available until June 3, 2022. ACRE specializes in originating and investing in commercial real estate loans, providing a range of financing solutions for property owners in the U.S.
Ares Commercial Real Estate Corporation (NYSE:ACRE) announced that it will provide financing for the acquisition of the Westchester Marriott in Tarrytown, NY by Taconic Capital Advisors and HEI Hotels & Resorts, who purchased the property for $40 million. The 444-key hotel, set to undergo a $30 million renovation, features extensive meeting and event space. With recent supply reductions in the Westchester market, the partners aim to enhance the property's value and performance through strategic repositioning.
Ares Commercial Real Estate Corporation (NYSE:ACRE) reported a GAAP net income of $17.2 million or $0.36 per diluted share for Q4 2021, with full-year GAAP net income at $60.5 million or $1.42 per diluted share. Distributable Earnings for Q4 were $19.4 million ($0.41 per diluted share) and $66 million ($1.55 per diluted share) for the full year. The company achieved record loan originations of $1.4 billion in 2021, and both regular and supplemental dividends were declared consistently for Q1 2022. An Annual Meeting is set for May 25, 2022.
Ares Commercial Real Estate Corporation (NYSE: ACRE) will report its earnings for the fourth quarter and full year ended December 31, 2021, on February 15, 2022, before the market opens. A conference call to discuss the results is scheduled for the same day at 12:00 p.m. Eastern Time. Interested participants can join via telephone or online. ACRE specializes in commercial real estate loans and operates primarily in the U.S., focusing on providing flexible financing solutions through its national direct origination platform.
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced the tax treatment for its 2021 common stock distributions. The record date for the cash distribution of $0.3500 per share is set for December 31, 2021, with a payment date of January 19, 2022. Total distributions for the year amount to $1.4000, with $1.3492 allocable as capital gain. Notably, the entire distribution for 2021 is treated as taxable income. Shareholders are advised to consult tax advisors for individual tax treatment guidance.
Ares Commercial Real Estate Corporation (NYSE: ACRE) has appointed Rebecca Parekh to its Board of Directors, expanding the board from seven to eight members. Ms. Parekh brings extensive experience in business strategy and finance, having previously served as COO for Deepak Chopra Radical Well-Being and held various roles at Deutsche Bank. Chairman Bill Benjamin and CEO Bryan Donohoe express confidence in her ability to enhance shareholder value amid record origination activity.
Ares Commercial Real Estate Corporation (NYSE: ACRE) has successfully amended its secured Term Loan, increasing its capacity from $60 million to $150 million while reducing the all-in pricing from LIBOR plus 5.75% to a fixed rate of 4.50%. This new agreement extends the loan's maturity to November 2026. Additionally, the company raised its revolving facility with City National Bank from $50 million to $75 million. The funds will support new loan originations, enhance the investment portfolio, and meet general corporate needs.
Ares Commercial Real Estate Corporation (NYSE:ACRE) reported Q3 2021 GAAP net income of $10.0 million or $0.21 per diluted common share, with Distributable Earnings of $17.5 million or $0.37 per diluted common share. The company closed $485 million in new loan commitments and anticipates covering regular and supplemental dividends from its earnings. They expect to benefit from potential interest rate increases due to floating rate loans and hedges. The fourth quarter dividend is set at $0.33 and a supplemental $0.02 per share.
Ares Commercial Real Estate Corporation (NYSE: ACRE) will report its third-quarter earnings for the period ending September 30, 2021, on November 3, 2021, before the NYSE opens. A conference call will follow at 12:00 p.m. ET to discuss the financial results. Investors can join the call via telephone or a live webcast. An archived replay of the call will be available until November 17, 2021. ACRE is involved in originating and investing in commercial real estate loans, emphasizing financing solutions for properties across the United States.