Financial Position and Stability - The company may incur significant additional indebtedness on a consolidated basis, which could impact financial stability[64]. - Higher market interest rates could lead to increased borrowing costs and potentially decrease funds available for distributions, adversely affecting the market price of common stock[82]. - The company may be unable to pay or maintain cash distributions or increase distributions to stockholders over time[98]. - The company may suffer from delays in deploying capital, adversely affecting its ability to pay distributions on common and preferred stock[87]. Compliance and Control - Management assessed the effectiveness of internal control over financial reporting as of December 31, 2023, and determined it was effective based on established criteria[239]. - The independent auditor expressed an unqualified opinion on the consolidated financial statements for the year ended December 31, 2023[241]. - The company must ensure that at least 75% of the value of its assets consists of qualified REIT real estate assets to maintain REIT qualification[74]. - The company has restrictions on ownership and transfer of shares intended to maintain REIT qualification, which may inhibit market activity[90]. Operational Risks - The company relies on key personnel from the Administrator and Operator, and their departure could materially affect business operations[69]. - As of December 31, 2023, the company had one interest rate cap agreement with an aggregate notional amount of $87.0 million and a fair value of net derivative assets of $491,000[236].

Financial Performance - Net loss attributable to common stockholders was $16.3 million, or $0.72 per diluted share, for Q4 2023, compared to a net loss of $8.9 million, or $0.39 per diluted share, in Q4 2022[8] - Funds from operations (FFO) attributable to common stockholders was $(9.9) million, or $(0.44) per diluted share, for Q4 2023, a decrease of $6.3 million compared to $(3.7) million, or $(0.16) per diluted share, for the same period in 2022[9] - Core FFO attributable to common stockholders was $(8.4) million, or $(0.37) per diluted share, for Q4 2023, compared to $4.4 million, or $0.11 per diluted share, for Q4 2022[11] - Total revenues for the three months ended December 31, 2023, were $29,468 million, a 14.3% increase from $25,868 million in 2022[46] - The company reported a net loss of $(51,456) million for the year ended December 31, 2023, compared to a net income of $5,945 million in 2022[46] - The net loss attributable to common stockholders for the three months ended December 31, 2023, was $(16,263) million, compared to $(8,941) million in 2022[50] - The net loss attributable to common stockholders per share for the three months ended December 31, 2023, was $(0.72), compared to $(0.39) in 2022[50] - The company reported a net loss attributable to the Company of $(8,402) thousand for the three months ended December 31, 2023, compared to a net income of $936 thousand for the same period in 2022[59] Operational Metrics - The same-store office portfolio was 84.0% leased as of December 31, 2023[4] - Total segment net operating income (NOI) was $10.8 million for Q4 2023, compared to $11.7 million for the same period in 2022[12] - The multifamily segment NOI was $1.1 million for Q4 2023, with an occupancy rate of 79.3% and a monthly rent per occupied unit of $2,805[19] - The hotel segment NOI decreased to $2.9 million for Q4 2023, from $3.1 million in Q4 2022, primarily due to increased operating expenses[14] - Cash NOI for real estate segments is adjusted to exclude straight-lining of rents and other non-cash adjustments, offering a more accurate measure of cash flow[37] - Cash net operating income (NOI) for the total office segment for the three months ended December 31, 2023, was $12,770 thousand, down from $11,828 thousand in the same period of 2022, a decline of 7.9%[59] - The company emphasized the importance of cash NOI as a performance measure, which reflects revenues and expenses directly associated with owning and operating properties[58] Capital and Investments - The company issued 1,184,884 shares of Series A1 Preferred Stock for aggregate net proceeds of $26.8 million during Q4 2023[20] - Total assets increased to $891,200,000 as of December 31, 2023, compared to $690,248,000 as of December 31, 2022, representing a growth of approximately 29%[43] - Investments in real estate, net, rose to $704,762,000, up from $502,006,000, indicating a 40% increase year-over-year[43] - The Series A1 cumulative redeemable preferred stock saw an increase in shares issued and outstanding from 5,966,077 to 10,473,369, reflecting a significant capital raise[43] Future Outlook - The company plans to complete a partial office to multifamily conversion at 4750 Wilshire Boulevard later in 2024, adding 68 luxury residences[6] - The company anticipates future growth and plans to maintain or increase occupancy levels despite market fluctuations and inflation risks[41] - The company plans to continue evaluating its operating performance based on segment NOI and cash basis NOI, which excludes non-property income and expenses[57] Expenses and Liabilities - Total expenses for the year ended December 31, 2023, were $170,163 million, significantly higher than $94,994 million in 2022[46] - The company reported a total liability of $514,431,000 as of December 31, 2023, compared to $312,518,000 in the previous year, marking a 64% increase[43] - The company experienced a significant increase in interest expenses, totaling $35,098 million for the year ended December 31, 2023, compared to $9,604 million in 2022[46] Depreciation and Amortization - Depreciation and amortization for the year ended December 31, 2023, amounted to $52,484 million, up from $20,348 million in 2022[50] - Depreciation and amortization expenses for the three months ended December 31, 2023, were $6,428 thousand, up from $5,277 thousand in the same period of 2022, an increase of 21.8%[54]

Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q4 2023 Earnings Conference Call March 28, 2024 12:00 PM ET Company Participants Steve Altebrando – Portfolio Oversight David Thompson – Chief Executive Officer Shaul Kuba – Chief Investment Officer Barry Berlin – Chief Financial Officer Conference Call Participants Brendan McCarthy – Sidoti Operator Good day and welcome to the Creative Media & Community Trust Fourth Quarter 2023 Earnings Call. All participants will be in a listen-only mode. [Operat ...

DALLAS--(BUSINESS WIRE)--CMCT (NASDAQ: CMCT and TASE: CMCT) announced today that its Board of Directors has declared a quarterly cash dividend of $0.085 per share of common stock. The dividend will be paid on January 16, 2024 to stockholders of record at the close of business on January 2, 2024. ABOUT CMCT Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that owns, operates and develops premier multifamily and creative office assets in vibrant communities throughout ...

Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q3 2023 Results Conference Call November 15, 2023 12:00 PM ET Company Participants Stephen Altebrando - VP, Equity Capital Markets David Thompson - Chief Executive Officer Barry Berlin - Chief Financial Officer Operator Hello, and welcome to the Creative Media & Community Trust Third Quarter 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn t ...

"Adjusted Common Equity" means Common Equity plus Excluded Depreciation and Amortization. "Common Equity" means Total Stockholders' Equity minus Excluded Equity. "Total Stockholders' Equity" means the amount reflected as total stockholders' equity in accordance with GAAP on the consolidated balance sheet of the Company and its subsidiaries as of the last day of a given quarter. "Excluded Equity" means the sum of all preferred securities of the Company and its subsidiaries classified as permanent equity in a ...

Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q2 2023 Results Conference Call August 10, 2023 12:00 PM ET Company Participants Steve Altebrando - Portfolio Oversight Shaul Kuba - Chief Investment Officer David Thompson - CEO Barry Berlin - CFO Conference Call Participants Brendan McCarthy - Sidoti Craig Kucera - B. Riley Operator Good day, and welcome to the Creative Media & Community Trust Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being rec ...

Table of Contents CREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2023 (Unaudited) – (Continued) In addition, pursuant to the terms of the Master Services Agreement, the Administrator may receive compensation and or reimbursement for performing certain services for the Company and its subsidiaries that are not covered by the Base Service Fee. During the six months ended June 30, 2023 and 2022, such services performed by the Administrator and ...

32 ______________________ (1) Represents additions and improvements to real estate investments, excluding acquisitions. Includes the activity for dispositions through their respective disposition dates. The phrase "ADR" represents average daily rate. It is calculated as trailing three-month room revenue divided by the number of rooms occupied. For sold properties, ADR is presented for the Company's period of ownership only. Properties ______________________ (1) Based on the number of tenants that signed lea ...

Financial Data and Key Metrics Changes - The company reported a core FFO of negative $0.06 per share compared to positive $0.10 in the prior-year period, primarily due to higher interest expenses related to acquisitions [22][37] - The segment net operating income (NOI) increased to $13 million from $12.2 million in the prior-year period, driven by a $1.8 million increase in the hotel segment NOI and $675,000 from the multifamily segment, partially offset by a $1.2 million decrease in the office segment NOI [32][33] Business Line Data and Key Metrics Changes - The hotel segment NOI increased to $4.1 million from $2.4 million, with occupancy rising to 81% from 69% and average daily rate (ADR) increasing to $202 from $173 [46] - The office segment NOI decreased to $6.8 million from $8 million, primarily due to decreased occupancy in properties in Los Angeles and San Francisco [45] - The multifamily segment generated $675,000 in NOI for the first quarter, with an occupancy rate of 80.7% [47][29] Market Data and Key Metrics Changes - The multifamily properties in Oakland and Los Angeles were acquired at attractive prices, with Channel House at approximately $415,000 per door and 1150 Clay at $535,000 per door, reflecting a substantial discount to current replacement costs [15][22] - The company noted that the Oakland market has seen significant supply growth but expects absorption to take time, with limited new supply anticipated in the near future [27][66] Company Strategy and Development Direction - The company aims to balance its portfolio by expanding the multifamily segment, having acquired three properties that fit this strategy [12][24] - The development pipeline includes over 1,500 multifamily units on land already owned in various markets, indicating a focus on growth in this area [42][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the hotel segment's recovery, noting strong trends in group bookings and occupancy rates [51] - The company anticipates that the multifamily assets will stabilize within the next 12 months, with potential for rate growth thereafter [66] Other Important Information - The company completed a securitization of its loan portfolio, generating net proceeds of approximately $43.3 million, and raised $23.6 million from a preferred stock offering [13][54] - Non-segment expenses increased significantly due to higher depreciation and amortization expenses related to new acquisitions [33] Q&A Session Summary Question: Why isn't this the right time to monetize the hotel asset? - Management indicated that they decided to hold the asset based on previous market values and are currently evaluating next steps, including potential renovations before marketing [51] Question: What are the capital allocation plans if the hotel is monetized? - The focus is on growing the multifamily portfolio and balancing share repurchases with internal investments [60] Question: When do you expect the multifamily assets to stabilize? - Stabilization is expected within the next 12 months, with ongoing opportunities for rate growth beyond that [66]