ACRES Commercial Realty Corp. publishes its results for the quarter and fiscal year ended December 31, 2020
WESTBURY, New York, March 4, 2021 / PRNewswire / – ACRES commercial real estate company. (NYSE: ACR) (“ACR”, “ACRES Commercial Realty” or the “Company”), a real estate investment trust that focuses primarily on granting, holding and managing commercial real estate mortgages and other debt investments related to commercial real estate, today announced its results for the quarter and the year ended December 31, 2020. Effective February 16, 2021, ACR announced a reverse common stock split of one for three. Upon Effective Date, three issued and outstanding Common Shares were automatically combined into one new issued and outstanding Common Share. Each per share measure reported with these results is on a reverse split adjusted basis. ACR’s GAAP net income attributable to common shares was $ 21.5 million, Where $ 1.95 per diluted share, during the three months ended December 31, 2020 and its GAAP net loss attributable to common shares was $ 208.1 million, Where $ (19.33) per diluted share, during the year ended December 31, 2020.
“Following our diligent efforts to put the Company in the best possible position to restart loan origination, we are proud to announce the origination of $ 83 million commercial real estate loans in the fourth quarter of 2020 after the recovery in November, ”said CEO and President of ACR Marc Fogel. “ACRES Commercial Realty continues to manage all aspects of this recovery and turnaround, with an emphasis on asset management, liquidity and origination. We continue to engage potential borrowers to assess and meet their needs in the first quarter of 2021.
ACR has published a full and detailed presentation of its results for the three months and the year ended December 31, 2020, which can be viewed on www.acresreit.com.
Earnings call details
ACR will host a live conference call on March 4, 2021 To 5:00 p.m. Eastern Time to discuss its fourth quarter and fiscal 2020 results of operations. The conference call can be accessed by dialing 1-877-407-0789 (US) or 1-201-689-8562 (International) with access code 13716075 or from the Investor Relations section of the Company’s website at www.acresreit.com. For those who cannot listen to the live conference call, a replay will be available on the Company’s website and by telephone via March 18, 2021 by dialing 1-844-512-2921 (US national) or 1-412-317-6671 (international), access code 13716075.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. is a real estate investment trust that primarily focuses on the granting, holding and management of commercial real estate mortgages and other debt investments related to commercial real estate. The Company is managed externally by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a private commercial real estate lender exclusively dedicated to mid-market CRE loans nationwide, with a focus on multi-family housing , students, hoteliers, industrialists and offices in the best American markets. For more information, please visit the company’s website at www.acresreit.com or contact 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 our use of forward-looking terminology such as “may”, “will”, “continue”, “expect”, “intend”, “anticipate”, “estimate”. “,” Believe, “” look to the future “or other similar words or terms. Since such statements include risks, uncertainties and contingencies, actual results may differ materially from expectations, intentions, beliefs, future plans or predictions expressed or implied by such forward-looking statements. Factors which may affect future results are discussed in documents filed by the Company from time to time with the Securities and Exchange Commission, including, without limitation To limit this, the factors having an impact on our ability to maintain our sources of liquidity and on our ability to identify sufficient suitable investments to increase our origins. The Company assumes 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 unforeseen events, except as required by law.
SOURCE ACRES Commercial Realty Corp.