Ares Commercial Real Estate Corporation Declares Second Quarter 2020 Dividend
June 19 2020 - 6:30AM
Business Wire
Ares Commercial Real Estate Corporation (“ACRE” or the
“Company”) (NYSE:ACRE) declared a second quarter 2020 cash dividend
of $0.33 per common share. The dividend is payable on July 15, 2020
to stockholders of record as of the close of business on June 30,
2020.
“When evaluating our second quarter dividend, we considered
several factors, including further improving our liquidity position
from anticipated loan sales, our second quarter core earnings from
operations outlook, and projected future cash flows,” said Bryan
Donohoe, Chief Executive Officer of ACRE. “During the current
market disruption, we will continue to evaluate our liquidity and
cash flow needs each quarter when determining shareholder
dividends.”
“Our loans continue to perform well with approximately 96% of
our portfolio as measured by outstanding principal balance
successfully making May and June 2020 debt service payments,” said
Tae-Sik Yoon, Chief Financial Officer of ACRE. “We are also
continuing to work to increase our liquidity and shortly expect to
generate approximately $26 million in additional proceeds, after
which we will have approximately $80 million of cash on hand.”
About Ares Commercial Real Estate Corporation Ares
Commercial Real Estate Corporation is a specialty finance company
primarily engaged in originating and investing in commercial real
estate loans and related investments. Through its national direct
origination platform, the Company provides a broad offering of
flexible and reliable financing solutions for commercial real
estate owners and operators. The Company originates senior mortgage
loans, as well as subordinate financings, mezzanine debt and
preferred equity, with an emphasis on providing value added
financing on a variety of properties located in liquid markets
across the United States. Ares Commercial Real Estate Corporation
elected and qualified to be taxed as a real estate investment trust
and is externally managed by a subsidiary of Ares Management
Corporation. For more information, please visit www.arescre.com.
The contents of such website are not, and should not be deemed to
be, incorporated by reference herein.
Forward-Looking Statements Statements included herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended, which relate to
future events or the Company’s future performance or financial
condition. These statements are not a guarantee of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including the returns on current and future investments, rates of
repayments and prepayments on the Company’s mortgage loans,
availability of investment opportunities, the Company’s ability to
originate additional investments and completion of pending, and
expected sales of, investments, the availability of capital, the
availability and cost of financing, imposition of margin calls or
valuation adjustment events in connection with such financings,
market trends and conditions in the Company’s industry and the
general economy, the level of lending and borrowing spreads and
interest rates, commercial real estate loan volumes, the impact of
COVID-19 and significant market volatility on our business, our
borrowers, our industry and the global economy, our ability to pay
future dividends at historical levels or at all and the risks
described from time to time in the Company’s filings with the
Securities and Exchange Commission. Any forward-looking statement,
including any contained herein, speaks only as of the time of this
press release and Ares Commercial Real Estate Corporation
undertakes no duty to update any forward-looking statements made
herein. Projections and forward-looking statements are based on
management’s good faith and reasonable assumptions, including the
assumptions described herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20200619005052/en/
Investor Relations: Ares Commercial Real Estate
Corporation Carl Drake or Veronica Mayer (888)-818-5298
iracre@aresmgmt.com
Media Relations: Mendel Communications Bill Mendel
212-397-1030 bill@mendelcommunications.com
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