UNIONDALE, N.Y., Dec. 19,
2024 /PRNewswire/ -- ACRES Commercial Realty
Corp. (NYSE: ACR) (the "Company") announced today that its board of
directors (the "Board") authorized and approved the continued use
of its existing share repurchase program to repurchase an
additional $5 million of the
outstanding shares of both its common and preferred stock. Under
the share repurchase program, the Company intends to repurchase
shares through open market purchases, privately-negotiated
transactions, block purchases or otherwise in accordance with
applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Securities Exchange Act
of 1934 (the "Exchange Act").
The Company cannot predict when or if it will repurchase any
shares of common and preferred stock and the timing and amount of
any shares repurchased will be determined by the Company's
management based on its evaluation of market conditions and other
factors.
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. is a real estate investment trust
that is primarily focused on originating, holding and managing
commercial real estate ("CRE") mortgage loans and equity
investments in commercial real estate properties through direct
ownership and joint ventures. The Company is externally managed by
ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a private
commercial real estate lender exclusively dedicated to nationwide
middle market CRE lending with a focus on multifamily, student
housing, hospitality, industrial and office property in top U.S.
markets. For more information, please visit the Company's website
at www.acresreit.com or contact investor relations
at IR@acresreit.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act, as amended. Such
forward-looking statements can generally be identified by our use
of forward-looking terminology such as "may," "trend," "will,"
"continue," "expect," "intend," "anticipate," "estimate,"
"believe," "look forward" or other similar words or terms. Because
such statements include risks, uncertainties and contingencies,
actual results may differ materially from the expectations,
intentions, beliefs, plans or predictions of the future expressed
or implied by such forward-looking statements. Factors that can
affect future results are discussed in the documents filed by the
Company from time to time with the Securities and Exchange
Commission. The Company undertakes no obligation to update or
revise any forward-looking statement to reflect new or changing
information or events after the date hereof or to reflect the
occurrence of unanticipated events, except as may be required by
law.
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SOURCE ACRES Commercial Realty Corp.