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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, August 14, 8:02 PM
| This Slide: #50 of 582 |
Slide #50. ACRES Commercial Realty Corp. — Preferred Stock Offering
Company:
ACRES Commercial Realty Corp. (NYSE:ACR)
Date announced:
5/14/2021
Shares Offered:
2,400,000
Date of Pricing:
5/14/2021
Price Per Share:
$25.00
Preferred Stock Offering Details:
ACRES Commercial Realty Corp. (NYSE: ACR) (the "Company") announced today the pricing of a public offering of 2,400,000 shares of its newly designated 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 360,000 shares of the Preferred Stock at the public offering price, less underwriting discounts and commissions. The Preferred Stock will have a $25.00 per share liquidation preference. The Company will receive gross proceeds of $60.0 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 May 21, 2021, subject to customary closing conditions. The Company intends to use the net proceeds from this offering to make loan originations consistent with its investment policies and for general corporate purposes. The Company intends to file an application to list the Preferred Stock on the New York Stock Exchange under the ticker symbol "ACR PrD."
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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Avg. Broker Rec.
 
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Strong Buy (3.50 out of 4) 56th percentile
(ranked higher than approx. 56% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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