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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 21, 2023

 

 

ACRES Commercial Realty Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

1-32733

20-2287134

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

390 RXR Plaza

 

Uniondale, New York

 

11556

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 516 535-0015

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

ACR

 

New York Stock Exchange

8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock

 

ACRPrC

 

New York Stock Exchange

7.875% Series D Cumulative Redeemable Preferred Stock

 

ACRPrD

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) On December 21, 2023, the board of directors (the “Board”) of ACRES Commercial Realty Corp. (the “Company”) increased the number of directors on the Board from nine to ten, and appointed David J. Bryant as a member of the Board effective January 1, 2024. Mr. Bryant, age 65, has been the Company’s Senior Vice President, Chief Financial Officer and Treasurer since June 2006 through his planned retirement effective on December 31, 2023, and was the Company’s Chief Accounting Officer from 2006 to 2014. From 2005 to 2006 Mr. Bryant served as Senior Vice-President, Real Estate Services, at Pennsylvania Real Estate Investment Trust (“PRET”), a REIT principally engaged in owning, managing, developing and leasing malls and strip centers in the eastern United States. From 2000 to 2005, Mr. Bryant served as PRET’s Senior Vice President-Finance and Treasurer, and was its principal accounting officer. Prior to that time, Mr. Bryant was Vice President-Finance and Controller at PRET and its predecessor, The Rubin Organization. Mr. Bryant serves as chairman of the board of the Freire charter schools in Philadelphia, Pennsylvania. Mr. Bryant is a non-active certified public accountant.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

 

Exhibit No.

Description

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ACRES COMMERCIAL REALTY CORP.

 

 

 

 

Date:

December 21, 2023

By:

/s/ Jaclyn Jesberger

 

 

 

Jaclyn Jesberger
Senior Vice President, Chief Legal Officer and Secretary

 

v3.23.4
Document And Entity Information
Dec. 21, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Dec. 21, 2023
Entity Registrant Name ACRES Commercial Realty Corp.
Entity Central Index Key 0001332551
Entity Emerging Growth Company false
Entity File Number 1-32733
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 20-2287134
Entity Address, Address Line One 390 RXR Plaza
Entity Address, City or Town Uniondale
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11556
City Area Code 516
Local Phone Number 535-0015
Entity Information, Former Legal or Registered Name N/A
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Series C Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock
Trading Symbol ACRPrC
Security Exchange Name NYSE
Series D Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security 7.875% Series D Cumulative Redeemable Preferred Stock
Trading Symbol ACRPrD
Security Exchange Name NYSE
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol ACR
Security Exchange Name NYSE
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