Overview

* ACRES Commercial Realty ( ACR ) Q3 GAAP net income was $9.8 mln, $1.34 per share-diluted

* Company redeployed proceeds from asset sale into new loans

* ACRES aims to grow portfolio by investing in high-quality loans

Outlook

* Company expects to grow its portfolio by investing in high-quality loan opportunities

Result Drivers

* ASSET SALE - Sale of real estate investment utilized deferred tax assets, proceeds reinvested into new loans

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net $9.80

Income mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "hold."

* Wall Street's median 12-month price target for Acres Commercial Realty Corp ( ACR ) is $23.50, about 19.1% above its October 28 closing price of $19.02

* The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)