UNIONDALE, N.Y. (AP) — UNIONDALE, N.Y. (AP) — ACRES Commercial Realty Corp. (ACR) on Thursday reported a fourth-quarter loss of $2.6 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Uniondale, New York-based company said it had a loss of 87 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 60 cents per share.
The commercial real estate investment trust posted revenue of $23.2 million in the period. Its adjusted revenue was $13.8 million.
For the year, the company reported profit of $10.6 million, or $1 per share. Revenue was reported as $44 million.
ACRES Commercial shares have increased 16% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $9.56, a decline of 16% in the last 12 months.
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