UNIONDALE, N.Y. (AP) — UNIONDALE, N.Y. (AP) — ACRES Commercial Realty Corp. (ACR) on Wednesday reported first-quarter net income of $2.4 million, after reporting a loss in the same period a year earlier.
The Uniondale, New York-based company said it had profit of 28 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 52 cents per share.
The commercial real estate investment trust posted revenue of $21.1 million in the period. Its adjusted revenue was $14 million.
ACRES Commercial shares have climbed roughly 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.32, a drop of 30% in the last 12 months.
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