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Ares Commercial Real Estate Corporation Announces New Leadership Roles

August 31, 2015 10:03 AM EDT

John Jardine Promoted to President, Co-CEO and Director Chairman Robert L. Rosen to Serve as Interim Co-CEO Reaffirms 2015 Earnings Guidance

CHICAGO--(BUSINESS WIRE)-- Ares Commercial Real Estate Corporation (NYSE:ACRE or the “Company”) announced today that on August 28, 2015, its Board of Directors appointed John Jardine as President and Co-Chief Executive Officer as well as elected him to the Board as a director. ACRE Chairman Robert L. Rosen was also appointed as Co-Chief Executive Officer on an interim basis. The Company also announced that Todd Schuster has resigned as ACRE’s President and Chief Executive Officer and as a Director. Mr. Schuster’s resignation was not related to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

“We appreciate Todd’s contributions in building ACRE into a well-positioned, full-service commercial real estate lending and servicing company,” said Mr. Rosen. “The Board also recognizes John’s leadership in loan originations across the ACRE platform. John and I will collaborate closely to ensure that the foundation of growth at ACRE continues.”

Since joining Ares in 2013, Mr. Jardine has led the debt origination strategy for ACRE, including its mortgage banking subsidiary ACRE Capital LLC. Mr. Jardine is a seasoned real estate investor, having spent more than 20 years at TIAA-CREF, where he negotiated and closed large transactions and oversaw the performance of several multi-billion dollar commercial real estate portfolios. Mr. Jardine also led the formation of TIAA Realty, Inc., a private real estate investment trust. Prior to joining Ares, Mr. Jardine was a Managing Director with C-III Asset Management, a primary and special loan servicer. Additionally, Mr. Jardine worked as a Managing Director focusing on commercial mortgage-related credit strategies for ZAIS Group, an investment management company focused on specialized credit strategies.

“I look forward to my new role in leading the Company to continue its growth,” said Mr. Jardine. “We are prospering from the repositioning actions we took last year to optimize our balance sheet and expand our origination capabilities. I am excited to work with Rob in improving ACRE’s earnings and shareholder value given his longtime affiliation with Ares Management and broad leadership experiences, including as a public company CEO.”

ACRE also announced that it is reaffirming its guidance of estimated net income per diluted common share to be between $1.12 to $1.18 for the year ending December 31, 2015. “Our business continues to demonstrate solid financial performance and our outlook remains unchanged,” commented Tae-Sik Yoon, ACRE’s Chief Financial Officer.

Ares Commercial Real Estate Corporation
Investors:
Carl Drake or John Stilmar
+1 888-818-5298
[email protected]
or
Media:
Bill Mendel
+1 212-397-1030
[email protected]

Source: Ares Commercial Real Estate Corporation



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