ACRES Commercial Realty Corp. Announces Cash Dividends
ACRES Commercial Realty Corp. (NYSE: ACR) has made an announcement regarding cash dividends on its Preferred Stock. This decision underlines the company’s commitment to its shareholders and highlights its solid financial results.
Dividends on Preferred Stock
The Board of Directors at ACRES has declared a cash dividend for the Preferred Stock series. Specifically, the 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock will receive a cash dividend of $0.6988981 per share. This translates to an annualized rate of about 11.18%. This rate is derived from the three-month Term SOFR at the time of determining the dividend, plus an additional spread of 5.927% per annum.
Details About the Dividend Payment
The dividend period for the Series C Preferred Stock started on July 30. Shareholders can anticipate receiving the cash dividend on October 30, provided they hold shares as of the record date, which is October 1.
Dividend for Series D Preferred Stock
Alongside the Series C dividend, ACRES has declared a cash dividend for its 7.875% Series D Cumulative Redeemable Preferred Stock. This dividend is set at $0.4921875 per share and will also be payable on October 30 to shareholders recorded as of October 1.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. functions as a real estate investment trust, focusing on originating, holding, and managing commercial real estate (CRE) mortgage loans and equity investments. The company operates across various sectors, predominantly through direct ownership and joint ventures. External management is provided by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., and specializes in middle-market CRE lending throughout the United States, emphasizing multifamily, student housing, hospitality, industrial, and office properties in key markets.
Commitment to Shareholders
The company’s approach prioritizes generating strong returns for its shareholders relative to its investments. ACRES emphasizes a disciplined operational strategy aimed at sustainable growth, which is clear from their regular dividend announcements.
Opportunities for Investing and Growth
With robust performance metrics and strategic investments in various property sectors, ACRES Commercial Realty is solidifying its stance in the real estate landscape. Investors looking for dependable dividends may discover opportunities in the company’s ongoing dedication to returning value to shareholders.
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?
Shareholders who hold 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, targeting key markets throughout the U.S.
How does ACRES Commercial Realty manage its investments?
The company is externally managed by ACRES Capital, LLC, which focuses on effective strategies for managing CRE loans and equity investments.
