<p>阿瑞斯商業地產（Ares Commercial Real Estate，簡稱 ACRE）已召開其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>阿瑞斯商業地產最近的財報電話會議反映了戰略重組和進展的時期，重點是降低風險和債務，同時在新貸款承諾方面實現顯著增長。儘管取得了這些進展，但在某些風險評級貸款和重組努力所產生的實際損失方面仍面臨挑戰。</p>
<h2>辦公室投資組合的減少</h2>
<p>公司報告其辦公室投資組合減少至 4.95 億美元，環比下降 6%，同比下降 26%。這一減少是由於還款和戰略重組努力所致，突顯了阿瑞斯優化其投資組合的承諾。</p>
<h2>風險評級貸款的強勁租賃和入住率</h2>
<p>阿瑞斯在其多户住宅物業中實現了超過 95% 的令人印象深刻的入住率，而曼哈頓的一處辦公物業的入住率超過 80%。這些數字突顯了重組努力帶來的積極成果，促進了公司的整體穩定性。</p>
<h2>房地產債務戰略的增長</h2>
<p>阿瑞斯房地產債務集團在過去 12 個月中通過發放超過 60 億美元的新貸款承諾實現了顯著增長。這一擴展表明了強勁的資本部署和在房地產債務市場中的強大地位。</p>
<h2>改善的資產負債表和減少的借款</h2>
<p>阿瑞斯報告其淨債務與股本比率從上季度的 1.2 倍降至 1.1 倍，同比從 1.8 倍降至 811 百萬美元。未償還借款減少至 8.11 億美元，環比下降 9%，同比下降 40%，展示了有效的財務管理。</p>
<h2>強勁的流動性狀況</h2>
<p>公司保持了強勁的流動性狀況，擁有 1.73 億美元的可用資本，其中包括 8800 萬美元的現金。這得益於截至目前的還款總額達到 4.98 億美元，確保了未來機會的財務靈活性。</p>
<h2>貸款重組的實際損失</h2>
<p>一項辦公物業貸款的重組導致實際損失為 160 萬美元，影響了可分配收益。這突顯了重組努力所面臨的挑戰和風險。</p>
<h2>風險評級 5 貸款的持續挑戰</h2>
<p>一筆價值 1.41 億美元的芝加哥辦公貸款仍處於不計息狀態，正在進行潛在出售的討論。這一情況反映了阿瑞斯在某些風險評級貸款方面面臨的持續挑戰。</p>
<h2>多户住宅貸款降級</h2>
<p>一筆價值 2800 萬美元的多户住宅物業抵押貸款因即將到期而被降級，儘管入住率有所改善。這表明阿瑞斯需要解決多户住宅領域的潛在風險。</p>
<h2>前瞻性指導</h2>
<p>展望未來，阿瑞斯商業地產計劃在 2026 年通過利用阿瑞斯房地產平台的擴展規模來增長其投資組合。公司預計其投資組合將繼續保持還款的步伐，這將支持其戰略目標和財務穩定性。</p>
<p>總之，阿瑞斯商業地產的財報電話會議突顯了戰略重組和增長的時期，重點是降低風險和債務。儘管仍面臨挑戰，特別是在某些風險評級貸款方面，但公司強勁的流動性狀況和新貸款承諾的增長為未來提供了積極的前景。</p>

阿瑞斯商業地產

<p>阿瑞斯商業地產（ACRE）召開了第三季度財報電話會議，強調了戰略重組和增長。公司將辦公物業組合季度減少了 6%，同比減少了 26%，專注於風險和債務減少。ACRE 在多户住宅物業中實現了超過 95% 的入住率，併發起了超過 60 億美元的新貸款承諾。淨債務與股本比率改善至 1.1 倍，未償借款同比下降了 40%。儘管面臨風險評級貸款的挑戰，ACRE 仍保持強勁的流動性，並計劃到 2026 年實現投資組合增長，得益於還款和戰略目標的支持</p>

<p>Ares Commercial Real Estate ((ACRE)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>阿瑞斯商業地產（Ares Commercial Real Estate，簡稱 ACRE）已召開其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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</div><p>Ares Commercial Real Estate’s recent earnings call reflects a period of strategic restructuring and progress, with a focus on reducing risk and debt while achieving significant growth in new loan commitments. Despite these advancements, challenges persist with certain risk-rated loans and realized losses from restructuring efforts.</p>
<div class="lb-trans"><p>阿瑞斯商業地產最近的財報電話會議反映了戰略重組和進展的時期，重點是降低風險和債務，同時在新貸款承諾方面實現顯著增長。儘管取得了這些進展，但在某些風險評級貸款和重組努力所產生的實際損失方面仍面臨挑戰。</p>
</div><h2>Reduction in Office Portfolio</h2>
<div class="lb-trans"><h2>辦公室投資組合的減少</h2>
</div><p>The company reported a reduction in its office portfolio to $495 million, marking a 6% decrease quarter-over-quarter and a 26% decrease year-over-year. This reduction was driven by repayments and strategic restructuring efforts, highlighting Ares’ commitment to optimizing its portfolio.</p>
<div class="lb-trans"><p>公司報告其辦公室投資組合減少至 4.95 億美元，環比下降 6%，同比下降 26%。這一減少是由於還款和戰略重組努力所致，突顯了阿瑞斯優化其投資組合的承諾。</p>
</div><h2>Strong Leasing and Occupancy in Risk Rated Loans</h2>
<div class="lb-trans"><h2>風險評級貸款的強勁租賃和入住率</h2>
</div><p>Ares achieved impressive occupancy rates in its multifamily properties, exceeding 95%, and an office property in Manhattan reached over 80% occupancy. These figures underscore positive outcomes from restructuring efforts, contributing to the company’s overall stability.</p>
<div class="lb-trans"><p>阿瑞斯在其多户住宅物業中實現了超過 95% 的令人印象深刻的入住率，而曼哈頓的一處辦公物業的入住率超過 80%。這些數字突顯了重組努力帶來的積極成果，促進了公司的整體穩定性。</p>
</div><h2>Growth in Real Estate Debt Strategy</h2>
<div class="lb-trans"><h2>房地產債務戰略的增長</h2>
</div><p>The Ares Real Estate Debt Group demonstrated significant growth by originating over $6 billion in new loan commitments over the past 12 months. This expansion indicates robust capital deployment and a strong position in the real estate debt market.</p>
<div class="lb-trans"><p>阿瑞斯房地產債務集團在過去 12 個月中通過發放超過 60 億美元的新貸款承諾實現了顯著增長。這一擴展表明了強勁的資本部署和在房地產債務市場中的強大地位。</p>
</div><h2>Improved Balance Sheet and Reduced Borrowings</h2>
<div class="lb-trans"><h2>改善的資產負債表和減少的借款</h2>
</div><p>Ares reported a decrease in its net debt-to-equity ratio to 1.1x from 1.2x quarter-over-quarter and 1.8x year-over-year. Outstanding borrowings were reduced to $811 million, reflecting a 9% decrease quarter-over-quarter and a 40% decrease year-over-year, showcasing effective financial management.</p>
<div class="lb-trans"><p>阿瑞斯報告其淨債務與股本比率從上季度的 1.2 倍降至 1.1 倍，同比從 1.8 倍降至 811 百萬美元。未償還借款減少至 8.11 億美元，環比下降 9%，同比下降 40%，展示了有效的財務管理。</p>
</div><h2>Strong Liquidity Position</h2>
<div class="lb-trans"><h2>強勁的流動性狀況</h2>
</div><p>The company maintained a strong liquidity position with available capital of $173 million, including $88 million in cash. This was supported by year-to-date repayments totaling $498 million, ensuring financial flexibility for future opportunities.</p>
<div class="lb-trans"><p>公司保持了強勁的流動性狀況，擁有 1.73 億美元的可用資本，其中包括 8800 萬美元的現金。這得益於截至目前的還款總額達到 4.98 億美元，確保了未來機會的財務靈活性。</p>
</div><h2>Realized Loss from Loan Restructuring</h2>
<div class="lb-trans"><h2>貸款重組的實際損失</h2>
</div><p>A restructuring of an office property loan resulted in a realized loss of $1.6 million, impacting distributable earnings. This highlights the challenges and risks associated with restructuring efforts.</p>
<div class="lb-trans"><p>一項辦公物業貸款的重組導致實際損失為 160 萬美元，影響了可分配收益。這突顯了重組努力所面臨的挑戰和風險。</p>
</div><h2>Ongoing Challenges with Risk Rated 5 Loans</h2>
<div class="lb-trans"><h2>風險評級 5 貸款的持續挑戰</h2>
</div><p>A $141 million Chicago office loan remains on nonaccrual, with ongoing discussions for potential sale. This situation reflects the continued challenges Ares faces with certain risk-rated loans.</p>
<div class="lb-trans"><p>一筆價值 1.41 億美元的芝加哥辦公貸款仍處於不計息狀態，正在進行潛在出售的討論。這一情況反映了阿瑞斯在某些風險評級貸款方面面臨的持續挑戰。</p>
</div><h2>Multifamily Loan Downgrade</h2>
<div class="lb-trans"><h2>多户住宅貸款降級</h2>
</div><p>A $28 million loan collateralized by a multifamily property was downgraded due to upcoming maturity, despite improved occupancy. This indicates potential risks in the multifamily sector that Ares needs to address.</p>
<div class="lb-trans"><p>一筆價值 2800 萬美元的多户住宅物業抵押貸款因即將到期而被降級，儘管入住率有所改善。這表明阿瑞斯需要解決多户住宅領域的潛在風險。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>Looking ahead, Ares Commercial Real Estate aims to grow its portfolio in 2026 by leveraging the expanded scale of the Ares Real Estate Platform. The company expects a continued pace of repayments across its portfolio, which will support its strategic objectives and financial stability.</p>
<div class="lb-trans"><p>展望未來，阿瑞斯商業地產計劃在 2026 年通過利用阿瑞斯房地產平台的擴展規模來增長其投資組合。公司預計其投資組合將繼續保持還款的步伐，這將支持其戰略目標和財務穩定性。</p>
</div><p>In conclusion, Ares Commercial Real Estate’s earnings call highlights a period of strategic restructuring and growth, with a focus on reducing risk and debt. While challenges remain, particularly with certain risk-rated loans, the company’s strong liquidity position and growth in new loan commitments provide a positive outlook for the future.</p>
<div class="lb-trans"><p>總之，阿瑞斯商業地產的財報電話會議突顯了戰略重組和增長的時期，重點是降低風險和債務。儘管仍面臨挑戰，特別是在某些風險評級貸款方面，但公司強勁的流動性狀況和新貸款承諾的增長為未來提供了積極的前景。</p>
</div>

阿瑞斯商業地產的戰略重組與發展