Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 6:51 PM
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Slide #28. ACRES Commercial Realty Corp — Preferred Stock Offering
ACRES Commercial Realty Corp (NYSE:ACR)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
ACRES Commercial Realty Corp. (NYSE: ACR) (the "Company") announced today the pricing of a follow-on public offering of 2,000,000 shares of its 7.875% Series D Cumulative Redeemable Preferred Stock (the "Preferred Stock") at a public offering price of $25.00 per share. The Company also granted the underwriters a 30-day option to purchase up to an additional 300,000 shares of the Preferred Stock. The Preferred Stock has a $25.00 per share liquidation preference. The Company will receive gross proceeds of $50.0 million from the sale of the Preferred Stock before deducting the underwriting discount and other estimated offering expenses. The offering is expected to close on June 30, 2021, subject to customary closing conditions.
ACRES Commercial Realty is a real estate investment trust. Co. focuses on originating, holding and managing commercial real estate (CRE), mortgage loans and other CRE-related debt investments. Co. is externally managed by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp. Co.'s CRE credit investments include floating first mortgage loans; first priority interests in first mortgage loans; mezzanine debt related to CRE that is senior to the borrower's equity position but subordinated to other third-party debt; preferred equity investments related to CRE that are subordinate to first mortgage loans and are not collateralized by the property underlying the investment; and CRE investments.
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Strong Buy (3.50 out of 4)
(ranked higher than approx. 54% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com