ACRES Commercial Realty Corp. ACR
We are a Maryland corporation, incorporated in 2005, and a real estate finance company that is organized and conducts our operations to qualify as a real estate investment trust ("REIT") for federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. On February 16, 2021, we amended our certificate of incorporation to change our name to ACRES Commercial Realty Corp. from Exantas Capital Corp. Our investment strategy is primarily focused on originating, holding and managing commercial real estate ("CRE") mortgage loans and equity investments in commercial real estate property through direct ownership and joint ventures. We are externally managed by ACRES Capital, LLC (our "Manager") a subsidiary of ACRES Capital Corp. (collectively "ACRES"), 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 United States, or U.S., markets. Our Manager draws upon the management team of ACRES and its collective investment experience to provide its services.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $79.9M | $83.5M | $91.1M | $75.2M | $50.1M | $50.3M | $61.1M | $55.3M | $2.0M | $3.8M |
| SG&A | $11.3M | $10.7M | $10.5M | $10.6M | $11.6M | $14.3M | $10.4M | $10.7M | $15.8M | $15.2M |
| Total operating expenses | $63.5M | $71.9M | $70.5M | $67.4M | $8.8M | $54.7M | $21.7M | $24.0M | $33.8M | $77.0M |
| Interest expense | $33.2M | $41.2M | $56.7M | $44.0M | $61.6M | $58.0M | $83.8M | $67.6M | $57.7M | $53.7M |
| Pre-tax income | $27.9M | $28.8M | $21.9M | $10.8M | $33.9M | -$197.7M | $36.0M | $27.8M | $40.0M | -$19.6M |
| Income tax | $83.0K | $126.0K | $97.0K | $336.0K | $0 | $0 | $0 | $343.0K | $6.6M | $11.0M |
| Net income | $28.0M | $28.7M | $21.8M | $10.4M | $33.9M | -$197.7M | $36.0M | $27.4M | $33.3M | -$30.6M |
| EPS, basic | 0.03 | 1.19 | 0.35 | -1.00 | 1.85 | -19.33 | 2.45 | 0.67 | 0.18 | -1.73 |
| EPS, diluted | 0.03 | 1.15 | 0.35 | -1.00 | 1.85 | -19.33 | 2.43 | 0.67 | 0.18 | -1.73 |
| Shares, diluted (wtd. avg.) | $7.4M | $7.9M | $8.6M | $8.8M | $9.8M | $10.8M | $10.6M | $10.5M | $31.1M | $30.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $83.8M | $56.7M | $91.9M | $104.8M | $283.9M | $67.7M | $94.4M | $95.5M | $204.4M | $119.4M |
| Other intangibles | $6.2M | $7.0M | $7.9M | $8.9M | $3.9M | $3.3M | — | — | $0 | $213.0K |
| Total assets | $2.16B | $1.88B | $2.20B | $2.38B | $2.28B | $1.65B | $2.45B | $2.13B | $1.91B | $2.05B |
| Long-term debt | $1.55B | $1.37B | $1.69B | $1.88B | $1.84B | $1.33B | $1.89B | $1.58B | $1.16B | $1.19B |
| Total liabilities | $1.61B | $1.43B | $1.75B | $1.94B | $1.84B | $1.32B | $1.90B | $1.58B | $1.24B | $1.35B |
| Total equity | $420.8M | $439.1M | $446.2M | $441.3M | $448.2M | $334.4M | $556.4M | $553.8M | $671.5M | $703.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.1M | $19.4M | $45.6M | $32.7M | $40.6M | $31.8M | $43.3M | $48.2M | $222.4M | -$18.9M |
| Depreciation and amortisation | $10.3M | $9.7M | $5.2M | $7.5M | $14.0M | $6.5M | $3.4M | $2.9M | $3.1M | -$16.5M |
| Capital expenditure | — | — | — | — | — | — | — | — | $0 | $0 |
| Investing cash flow | -$224.2M | $299.1M | $161.3M | -$232.6M | -$390.5M | $244.9M | -$313.1M | -$347.2M | $62.2M | $266.5M |
| Financing cash flow | $248.5M | -$352.7M | -$219.8M | $20.7M | $566.1M | -$303.4M | $268.7M | $190.1M | -$199.7M | -$247.5M |
| Dividends paid | — | — | — | — | — | $8.8M | $27.1M | $11.1M | $6.3M | $52.4M |
| Buybacks | $22.3M | $7.9M | $7.4M | $9.1M | $18.4M | $5.4M | $0 | $0 | $0 | $9.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-215649.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |