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), …….