ACRES Commercial Realty Corp. Reports Results For Three Months And Year Ended December 31, 2020
WESTBURY, NY, March 4, 2021 / PRNewswire / – ACRES Commercial Realty Corp. (NYSE: ACR) (“ACR”, “ACRES Commercial Realty” or the “Company”), a real estate investment trust primarily focused on building, holding and managing commercial real estate, have mortgage loan and other commercial real estate-related debt investments today Results reported for the three months and the past year December 31, 2020. Effective February 16, 2021ACR announced a reverse common stock split from one to three. At the Effective Date, all three issued and outstanding common shares were automatically combined into one issued and outstanding new common share. Each metric per share reported with these results is adjusted in reverse breakdown. ACR’s common stock GAAP net income was $ 21.5 million, or $ 1.95 per share diluted during the three months ended December 31, 2020 The GAAP net loss on common stock was $ 208.1 million, or $ (19.33) per diluted share in the past financial year December 31, 2020.
“After our careful focus on getting the company in the best possible position to resume credit origination, we are proud to announce the genesis of $ 83 million of commercial home loans in the fourth quarter of 2020 after resuming in November, “said the chief executive officer and president of ACR Mark Fogel. “ACRES Commercial Realty continues to manage all aspects of this recovery and turnaround, with an emphasis on asset management, liquidity and origination. We will continue to engage prospective borrowers in the first quarter of 2021 to assess and support their needs.”
ACR issued a full detailed report of its results for the three months and the past year December 31, 2020which can be viewed at www.acresreit.com.
Details of the results call
ACR will host a live conference call March 4, 2021 at the 5:00 p.m. Eastern Time Discuss the operating results for the fourth quarter and fiscal year 2020. The conference call can be accessed by calling 1-877-407-0789 (Domestic in the US) or 1-201-689-8562 (International) with passcode 13716075, or by visiting the Investor Relations section of the company’s website at www. Choose acresreit.com. For those unable to overhear the live conference call, a recording will be available on the company’s website and over the phone March 18, 2021 by dialing 1-844-512-2921 (US Domestic) or 1-412-317-6671 (International), passcode 13716075.
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About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. is a real estate investment trust primarily focused on the issuing, holding and management of commercial real estate mortgage loans and other commercial real estate-related debt. The company is externally owned by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a private commercial real estate lender devoted solely to nationwide CRE lending to the midmarket, with a focus on multi-family, student housing, hospitality, industrial and office real estate, led US markets. Further information is available on the company’s website at www.acresreit.com or from Investor Relations at [email protected]
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 the use of forward-looking terminology such as “may,” “will,” “continue,” “expect,” “intend,” “anticipate,” “estimate,” “believe”. Because such statements contain risks, uncertainties and contingent liabilities, actual results could differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements Factors that could affect future results will be discussed in the Company’s filings from time to time with the Securities and Exchange Commission, including, without limitation, factors that affect our ability to do so to maintain our sources of liquidity and whether we are able to identify sufficient suitable investments to increase our provenance. The company undertakes no obligation to update or revise any forward-looking statements to reflect new or changing information or events after the date of this Document or to reflect the occurrence of unexpected events, unless required by law.
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SOURCE ACRES Commercial Realty Corp.