Ares Commercial Real Estate Corporation Declares Third Quarter 2020 Dividend
September 16 2020 - 6:30AM
Business Wire
Ares Commercial Real Estate Corporation (“ACRE”) (NYSE:ACRE)
announced today that it declared a third quarter 2020 cash dividend
of $0.33 per common share payable on October 15, 2020 to
stockholders of record as of the close of business on September 30,
2020.
“We considered multiple factors in our third quarter dividend
declaration, including our outlook for third quarter earnings,
current cash balance of $84 million and our expected overall
liquidity position, among other factors,” said Bryan Donohoe, Chief
Executive Officer of ACRE. “Our loan portfolio continues to perform
well with 100% of our loans making their contractual debt service
payments for the August and September payment dates.”
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/20200916005187/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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