ACRES Commercial Realty Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
November 04, 2021 at 04:07 pm EDT
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ACRES Commercial Realty Corp. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported net loss was USD 4.93 million compared to net income of USD 8.16 million a year ago. Basic loss per share from continuing operations was USD 1.03 compared to basic earnings per share from continuing operations of USD 0.51 a year ago. Diluted loss per share from continuing operations was USD 1.03 compared to diluted earnings per share from continuing operations of USD 0.51 a year ago.
For the nine months, net income was USD 21.77 million compared to net loss of USD 221.76 million a year ago. Basic earnings per share from continuing operations was USD 1.09 compared to basic loss per share from continuing operations of USD 21.47 a year ago. Diluted earnings per share from continuing operations was USD 1.09 compared to diluted loss per share from continuing operations of USD 21.47 a year ago.
ACRES Commercial Realty Corp. is a real estate investment trust. The Company is primarily focused on originating, holding and managing commercial real estate (CRE) mortgage loans and equity investments in commercial real estate property through direct ownership and joint ventures. The Company is externally managed by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp. (ACRES), a private commercial real estate lender dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, industrial and office property in top United States markets. Its objective is to provide its stockholders with total returns over time, including the payment of quarterly distributions when approved by its board of directors and capital appreciation, while seeking to manage the risks associated with its investment strategies. It invests in CRE whole loans, CRE mezzanine loans and CRE equity investments.