ACRES Commercial Realty Declares Cash Dividends for Preferred Stock
ACRES Commercial Realty Corp. (NYSE: ACR) has made an important announcement regarding its Preferred Stock dividends. The company's Board of Directors has officially declared the payment of cash dividends, which follows its commitment to maintain shareholder value.
Details of the Preferred Stock Dividend Payments
The cash dividend declared on the 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock is set at $0.6572606 per share. This equates to a competitive yield of approximately 10.51617%. The rate is determined based on the three-month Term SOFR at the time of the dividend determination, plus a margin of 5.927% per annum. The process for floating rate dividends commenced recently.
The upcoming dividend payment is scheduled for distribution on January 30, 2025, to shareholders who are on record as of January 2, 2025. This announcement underlines ACRES Commercial Realty Corp.'s ongoing dedication to providing attractive returns to its investors.
Additional Preferred Stock Dividend Details
In addition to the Series C Preferred Stock dividend, ACRES Commercial Realty Corp. will also pay a dividend of $0.4921875 per share for its 7.875% Series D Cumulative Redeemable Preferred Stock. Like its counterpart, this dividend will also be paid on January 30, 2025, to holders recorded by the same date of January 2, 2025. This strategy enhances the company’s profile as a reliable income source for its shareholders.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. stands out as a dedicated real estate investment trust (REIT) focused on generating and managing commercial real estate (CRE) mortgage loans and equity investments. Their operations emphasize direct ownership and collaborative ventures in the realm of commercial properties, prioritizing loans within the middle market segments across the United States.
The company is externally managed by ACRES Capital, LLC, which is part of ACRES Capital Corp., a private lender specializing in commercial real estate with a keen eye on sectors such as multifamily housing, student accommodation, hospitality, industrial spaces, and office properties. This structure allows for focused management of assets and strategic growth, helping shareholders benefit from emerging market opportunities.
Company Contact Information
Investors looking for further details about ACRES Commercial Realty Corp. can visit their official website. They can also reach out to the investor relations department for inquiries and further insights into the company's operations and strategies.
Frequently Asked Questions
What is the dividend amount for the preferred stocks declared by ACRES?
The dividend amount for the 8.625% Series C Preferred Stock is $0.6572606 per share, while the 7.875% Series D Preferred Stock has a dividend of $0.4921875 per share.
When will the dividends be payable?
The dividends are scheduled to be payable on January 30, 2025, to holders on record as of January 2, 2025.
How does ACRES Commercial Realty Corp. manage its investments?
ACRES Commercial Realty Corp. manages its investments through a combination of direct ownership and joint ventures, focusing on various commercial real estate sectors.
Who manages ACRES Commercial Realty Corp.?
ACRES Commercial Realty Corp. is externally managed by ACRES Capital, LLC, which specializes in middle market commercial real estate lending.
Where can I find more information about ACRES Commercial Realty Corp.?
For more information, you can visit their official website to learn more about their portfolio, investment strategy, and company news.
