UNIONDALE, N.Y., Nov. 5, 2021 /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, originally
authorized by the Board in March
2016, in order to repurchase up to $20 million of the currently outstanding shares
of its common 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 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 other commercial
real estate-related debt investments. 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.