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
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