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]
CMCT(CMCT) - 2023 Q4 - Annual Results