Q3 2024 Acres Commercial Realty Corp Earnings Call Transcript
Key Points
- ACRES Commercial Realty Corp (ACR) reported a GAAP net income of $2.8 million, or $0.36 per share, for the third quarter.
- The company successfully managed a student housing development near Florida State University, achieving 95% occupancy.
- ACR recorded a $2.8 million unrealized gain from the conversion of a loan to real estate owned (REO) in Austin, Texas.
- The company ended the quarter with $1.6 billion in commercial real estate loans across 56 investments, demonstrating a strong portfolio.
- ACR's GAAP book value per share increased to $27.92 from $27.20 in the previous quarter, indicating growth in shareholder value.
- The loan portfolio experienced a net decrease of $134.4 million due to loan payoffs and foreclosures.
- Earnings available for distribution (EAD) decreased to $0.24 per share from $0.51 per share in the previous quarter.
- The company foreclosed on two loan assets, indicating challenges in asset management.
- ACR's total allowance for credit losses was $34.7 million, representing 2.19% of the loan portfolio, highlighting credit risk concerns.
- The company's debt to equity leverage ratio slightly decreased, but remains high at 3.3 times, indicating significant leverage.
Good day, ladies and gentlemen, and welcome to the third-quarter 2024 Acres Commercial Realty Corp earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to introduce your host for today's conference. Kyle Brengel, Vice President, Operations. You may begin.
Good morning and thank you for joining our call. I would like to highlight that we have posted the third-quarter 2024 earnings presentation to our website. This presentation contains summary and detailed information about the quarterly results of the company before we begin. I want to remind everyone that certain statements made during the call are not based on historical information and may constitute forward-looking statements when using this conference call. The words believes anticipates expects and similar expressions are intended to identify forward-looking statements.
Although the company believes that these forward-looking statements are based on
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