UNIONDALE, N.Y. (AP) — UNIONDALE, N.Y. (AP) — ACRES Commercial Realty Corp. (ACR) on Wednesday reported first-quarter net income of $5.4 million, after reporting a loss in the same period a year earlier.
The Uniondale, New York-based company said it had profit of 7 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 16 cents per share.
The commercial real estate investment trust posted revenue of $18.8 million in the period. Its adjusted revenue was $11.4 million.
ACRES Commercial shares have risen 40% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.50, an increase of 60% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACR at https://www.zacks.com/ap/ACR
