Financial Performance - Net loss attributable to common stockholders was $34.8 million, or $1.22 per diluted share for Q3 2024, compared to a net loss of $22.9 million, or $0.94 per diluted share in Q3 2023[6]. - Funds from operations (FFO) attributable to common stockholders was $(28.4) million, or $(1.00) per diluted share for Q3 2024, compared to $(7.5) million, or $(0.31) per diluted share in Q3 2023[7]. - Core FFO attributable to common stockholders was $(11.5) million, or $(0.40) per diluted share for Q3 2024, compared to $(7.1) million, or $(0.29) per diluted share in Q3 2023[7]. - Total revenues for the three months ended September 30, 2024, were $28,616 million, a 1.8% increase from $28,118 million in the same period of 2023[34]. - Rental and other property income increased to $18,150 million, up 6.4% from $17,061 million year-over-year[34]. - Total expenses decreased to $37,938 million, down 16.5% from $45,400 million in the same quarter of 2023[34]. - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $(34,775) million, compared to $(22,934) million in the same period of 2023[38]. - Funds from Operations (FFO) attributable to common stockholders for the three months ended September 30, 2024, was $(28,420) million, compared to $(7,478) million in 2023[38]. - Basic FFO per share for the three months ended September 30, 2024, was $(1.00), compared to $(0.31) in the same period of 2023[38]. - The company reported a net loss before provision for income taxes of $(10,561) million for the three months ended September 30, 2024, compared to $(16,093) million in 2023[34]. - The company experienced a loss from unconsolidated entities of $(1,239) million for the three months ended September 30, 2024, compared to a gain of $1,189 million in the same period of 2023[34]. - Total net loss attributable to the Company for the three months ended September 30, 2024, was $(10,384) thousand, compared to $(15,773) thousand for the same period in 2023, showing a 34% improvement[48]. Operational Metrics - Same-store office portfolio was 72.9% leased as of September 30, 2024, a decrease of 1,100 basis points year-over-year[8]. - Multifamily segment NOI increased to $508,000 for Q3 2024, compared to $(391,000) for the same period in 2023, with 92.0% occupancy[12]. - Hotel segment NOI was $973,000 for Q3 2024, down from $1.9 million in Q3 2023, primarily due to decreased occupancy from ongoing renovations[10]. - Total segment net operating income (NOI) was $7.6 million for Q3 2024, compared to $11.2 million for the same period in 2023[8]. - Cash net operating income for the total office segment for the three months ended September 30, 2024, was $6,415 thousand, down from $9,889 thousand in the same period of 2023, reflecting a 35% decrease[46]. - Segment net operating income for the total office segment for the three months ended September 30, 2024, was $5,419 thousand, compared to $9,318 thousand for the same period in 2023, a decline of 42%[46]. Asset and Liability Management - Total assets decreased from $891,200,000 on December 31, 2023, to $868,049,000 on September 30, 2024, representing a decline of approximately 2.6%[31]. - Cash and cash equivalents decreased from $19,290,000 to $18,454,000, a reduction of about 4.3%[31]. - Total liabilities increased from $514,431,000 to $524,389,000, reflecting a rise of approximately 1.8%[31]. - The company reported a decrease in investments in real estate, net, from $704,762,000 to $702,845,000, a decline of about 0.3%[31]. - Total stockholders' equity decreased from $374,403,000 to $320,961,000, a decline of approximately 14.3%[32]. - The Series A1 cumulative redeemable preferred stock saw an increase in shares issued and outstanding from 8,553,591 to 11,327,248[31]. Future Outlook and Strategy - The company plans to invest proceeds from refinancing and potential asset sales into premier multifamily properties[4]. - The company completed renovations of nearly 300 hotel rooms, with plans to finalize all 503 rooms by year-end 2024[4]. - The company anticipates future growth and plans to raise in-place rents to align with existing market rents[29]. - The company is focused on maintaining or increasing occupancy levels amidst fluctuations in market rents and inflationary pressures[29]. - The company plans to continue focusing on market expansion and new product development to enhance future performance[36]. - Forward-looking statements indicate potential risks including economic conditions and interest rate fluctuations that may impact profitability[29]. Shareholder Information - Weighted average shares of common stock outstanding increased to 28,493 million from 24,422 million year-over-year[38]. - The basic weighted average shares of common stock outstanding for the three months ended September 30, 2024, increased to 28,493 thousand from 24,422 thousand in the same period of 2023, a growth of 17%[42]. - Redeemable preferred stock redemptions for the three months ended September 30, 2024, amounted to $16,098 thousand, significantly higher than $352 thousand in the same period of 2023[42]. - Interest expense for the three months ended September 30, 2024, was $(8,830) thousand, compared to $(8,556) thousand for the same period in 2023, indicating a slight increase of 3%[46]. - The company reported transaction-related costs of $526 thousand for the three months ended September 30, 2024, compared to $38 thousand for the same period in 2023, marking a significant increase[46]. - Depreciation and amortization for the three months ended September 30, 2024, was $6,423 thousand, down from $16,082 thousand in the same period of 2023, a reduction of 60%[46].
CMCT(CMCT) - 2024 Q3 - Quarterly Results