ACRES Commercial Realty Adds $5M to Share Buyback Program
ACRES Commercial Realty's board approved a $5 million extension to its existing share repurchase program, the company announced Sept. 29.
ACRES Commercial Realty Corp. said Tuesday its board of directors authorized an additional $5 million in share repurchases under the company's existing buyback program, signaling continued confidence in the stock's value at current levels.
The Uniondale, N.Y.-based commercial real estate finance company, which trades on the New York Stock Exchange under the ticker ACR, framed the reauthorization as a continuation of its standing repurchase framework rather than a new standalone initiative.
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Share repurchase programs are commonly used by publicly traded companies to return capital to shareholders, reduce the total share count outstanding, and provide a degree of price support in the open market. The reauthorization suggests the board views the stock as attractively priced relative to its underlying asset value — a calculation particularly relevant for commercial mortgage real estate investment trusts, which often trade at discounts to book value.
The announcement comes as commercial real estate finance companies navigate a prolonged period of elevated interest rates and tightening credit conditions that have weighed on sector valuations broadly. A buyback program of this scale, while modest, reflects a targeted capital allocation decision by management ahead of the close of the third quarter.
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