UNIONDALE, N.Y., Nov. 4, 2021 /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 other commercial real estate-related
debt investments, today reported results for the three and nine
months ended September 30, 2021. ACR's GAAP net loss allocable
to common shares was $9.8 million, or
$(1.03) per share-diluted, and GAAP
net income allocable to common shares was $10.7 million, or $1.09 per share-diluted, during the three and
nine months ended September 30, 2021, respectively.
The results for the three months ended September 30, 2021 included $9.0 million of non-recurring extinguishment
losses on financing transactions and $1.3
million of additional dividend expenses in connection with a
full quarter's accrual of dividends on the 7.875% Series D
Cumulative Redeemable Preferred Stock, which was issued in the
second quarter of 2021. The extinguishment losses comprised
$7.8 million of losses on the full
redemption of the 12.00% senior unsecured notes due 2027 and
$1.2 million of losses on the partial
repurchase of the 4.50% convertible senior notes due 2022.
"With $468 million of commercial
real estate loan originations in the third quarter, we exceeded
$1 billion of originations in the
first nine months of 2021" stated ACR's Chief Executive Officer and
President Mark Fogel. "We continue
to seek and generate new financing sources to optimize our cost of
capital and expand our commercial real estate loan pipeline. Our
capital transactions in the third quarter, including a new issuance
of senior unsecured notes, netted us $44
million of additional principal and reduced the weighted
average interest rate across our corporate debt by 88 basis points
quarter over quarter. We expect to continue to build on the
momentum in our commercial real estate loan origination business as
we seek to grow earnings and book value over time."
ACR issued a full, detailed presentation of its results for the
three and nine months ended September 30, 2021, which can be
viewed at www.acresreit.com.
Earnings Call Details
ACR will host a live conference call on November 4, 2021 at 5:00
p.m. Eastern Time to discuss its third quarter 2021
operating results. The conference call can be accessed by dialing
1-800-920-2968 (U.S. domestic) or 1-212-231-2908 (International)
with the passcode 21998549 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 18, 2021 by dialing 1-844-512-2921 (U.S.
domestic) or 1-412-317-6671 (International), passcode 21998549.
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 other commercial real
estate-related debt investments. 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.