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Earnings Call Summary | ACRES Commercial(ACR.US) Q1 2024 Earnings Conference

Futu News ·  May 3 06:56  · Conference Call

The following is a summary of the ACRES Commercial Realty Corp. (ACR) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • For Q1 2024, ACRES Commercial Realty Corp reported a GAAP net income allocable to common shares of $556,000, or $0.07 per share.

  • The company's total allowance for credit losses at the end of the quarter was $33.7 million, amounting to approximately 1.89% of their $1.8 billion loan portfolio.

  • The GAAP book value per share increased to $27.25 from $26.65 during Q1, aided by a repurchase of 195,000 common shares.

  • The company's Available liquidity at the end of the quarter was $92.1 million, consisting of $84.6 million of unrestricted cash and $7.5 million of projected financing available on unlevered assets.

Business Progress:

  • ACRES acquired an office property in Chicago, valued at $20.3 million, which yielded a gain of $5.8 million.

  • The company aims at the continuous management of investments in real estate that are expected to deliver gains in the future, which will be offset by NOL carry forwards.

  • Emphasizing on improving the overall quality of the investment portfolio, ACRES is making efforts towards improving credit quality and recycling capital into performing categories.

  • The company remains committed to return capital to shareholders through daily stock repurchases.

More details: ACRES Commercial IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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