ACRES Commercial Realty Corp. Announces Cash Dividends for Q3
ACRES Commercial Realty Corp. Declares Cash Dividends
ACRES Commercial Realty Corp. (NYSE: ACR) has recently announced its decision to declare cash dividends on its Preferred Stock. This announcement is part of the Company's ongoing commitment to delivering value to its shareholders and reflects its strong financial performance.
Dividends on Preferred Stock
The Board of Directors of ACRES has declared a cash dividend for its Preferred Stock series. Notably, the 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock will have a cash dividend of $0.6988981 per share. This amount corresponds to an annualized rate of approximately 11.18%, calculated based on the three-month Term SOFR at the dividend determination date, plus a spread of 5.927% per annum.
Details on the Dividend Payment
The dividend period for the Series C Preferred Stock commenced on July 30. Shareholders can expect this cash dividend payable on a future date, specifically on October 30, to those who hold shares as of the record date of October 1.
Series D Preferred Stock Dividend
In addition to the Series C dividend, ACRES has also declared a cash dividend for its 7.875% Series D Cumulative Redeemable Preferred Stock. The amount for this dividend is set at $0.4921875 per share, and it will also be payable on October 30 to shareholders of record on October 1.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. operates as a real estate investment trust that focuses on originating, holding, and managing commercial real estate (CRE) mortgage loans and equity investments. The Company engages in various sectors, primarily through direct ownership and joint ventures. With external management provided by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., it specializes in middle-market CRE lending across the United States, focusing on multifamily, student housing, hospitality, industrial, and office properties in major markets.
Commitment to Shareholders
The Company’s strategy emphasizes generating robust returns for shareholders relative to its investments. ACRES strives to maintain a disciplined approach in its operations to achieve sustainable growth, which is evident in their consistent dividend declarations.
Investing and Growth Opportunities
Strong performance metrics and strategic investments in various property classes reinforce ACRES Commercial Realty's position within the real estate market. Investors looking for reliable dividends may find potential in the Company's ongoing commitment to shareholder returns.
Frequently Asked Questions
What are the dividends declared by ACRES Commercial Realty Corp.?
ACRES has declared a cash dividend of $0.6988981 per share for the Series C Preferred Stock and $0.4921875 per share for the Series D Preferred Stock.
When will the dividends be paid?
The dividends will be payable on October 30 for both the Series C and Series D Preferred Stocks.
Who is eligible to receive the dividends?
Holders of record as of October 1 will be eligible to receive the declared dividends.
What sectors does ACRES Commercial Realty invest in?
ACRES primarily invests in multifamily, student housing, hospitality, industrial, and office properties, focusing on top markets across the U.S.
How does ACRES Commercial Realty manage its investments?
The Company is externally managed by ACRES Capital, LLC, focusing on effective strategies for managing CRE loans and equity investments.
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