Real Estate Portfolio - The company's real estate portfolio as of March 31, 2024, consists of 27 assets, including 13 office properties totaling approximately 1.3 million rentable square feet, 3 multifamily properties with 696 units, 9 development sites, and 1 hotel with 503 rooms[1] Financial Performance - Net loss attributable to common stockholders for Q1 2024 was $12.3 million, or $0.54 per diluted share, compared to a net loss of $12.7 million, or $0.56 per diluted share, in Q1 2023[6] - Core FFO attributable to common stockholders for Q1 2024 was $(4.4) million, or $(0.19) per diluted share, compared to $(1.3) million, or $(0.06) per diluted share, in Q1 2023[7] - Total segment net operating income (NOI) for Q1 2024 was $13.6 million, up from $13.0 million in Q1 2023[9] - Net loss attributable to common stockholders for Q1 2024 was $12.295 million, slightly improved from $12.715 million in Q1 2023[32] - FFO (Funds from Operations) attributable to common stockholders for Q1 2024 was $(5.921) million, compared to $(4.794) million in Q1 2023[36] - Net loss attributable to common stockholders was $12.3 million, or $0.54 per diluted share for Q1 2024[56] - Funds from operations (FFO) attributable to common stockholders was $(5.9) million, or $(0.26) per diluted share for Q1 2024[56] - Core FFO attributable to common stockholders was $(4.4) million, or $(0.19) per diluted share for Q1 2024[57] Office Portfolio Performance - The company's same-store office portfolio was 83.0% occupied at March 31, 2024, an increase of 210 basis points year-over-year, with an annualized rent per occupied square foot of $58.30, up from $56.10 in Q1 2023[9] - Same-store office portfolio was 83.7% leased in Q1 2024[56] - Executed 36,961 square feet of leases with terms longer than 12 months in Q1 2024[56] - Same-store office segment NOI increased to $7.4 million for Q1 2024, up from $6.8 million in Q1 2023[60] - Same-store office Cash NOI increased to $8.3 million for Q1 2024, compared to $7.4 million in Q1 2023[60] - The increase in NOI and Cash NOI was driven by higher rental revenues at office properties in Beverly Hills and Los Angeles due to increased occupancy[60] Hotel Segment Performance - Hotel segment NOI remained consistent at $4.1 million for Q1 2024, with occupancy at 79.0%, ADR at $211.06, and RevPAR at $166.84[10][11] Multifamily Segment Performance - Multifamily segment NOI increased to $917,000 in Q1 2024 from $675,000 in Q1 2023, with occupancy at 86.2% and monthly rent per occupied unit at $2,737[12] Lending Segment Performance - Lending segment NOI decreased to $789,000 in Q1 2024 from $1.4 million in Q1 2023, primarily due to increased interest expense from new SBA 7(a) loan-backed notes[13][15] Capital and Dividends - The company issued 853,879 shares of Series A1 Preferred Stock in Q1 2024 for aggregate net proceeds of $19.1 million and had incremental borrowings of $5.0 million on its revolving credit facility[2] - A quarterly cash dividend of $0.0850 per share of common stock was declared on March 27, 2024, and paid on April 22, 2024[3] - Redeemable preferred stock dividends declared or accumulated in Q1 2024 amounted to $7.759 million, up from $5.391 million in Q1 2023[32] - Redeemable preferred stock dividends increased by $2.4 million in Q1 2024 compared to Q1 2023[59] Revenue and Expenses - Total revenues for Q1 2024 increased to $33.998 million, up from $28.912 million in Q1 2023, reflecting growth in rental, hotel, and interest income[32] - Rental and other property income rose to $18.773 million in Q1 2024, up from $14.886 million in Q1 2023[32] - Interest expenses increased to $8.977 million in Q1 2024 from $6.236 million in Q1 2023[32] - Depreciation and amortization expenses decreased to $6.478 million in Q1 2024 from $9.502 million in Q1 2023[32] - Interest expense increased by $2.1 million in Q1 2024 compared to Q1 2023[59] - Transaction-related costs decreased by $2.7 million in Q1 2024 compared to Q1 2023[59] Balance Sheet - Total assets as of March 31, 2024, were $887.503 million, a slight decrease from $891.200 million at the end of 2023[29] - Total liabilities increased marginally to $515.424 million in Q1 2024 from $514.431 million in Q4 2023[29] - Cash and cash equivalents increased to $21.307 million in Q1 2024 from $19.290 million at the end of 2023[29] Segment NOI and Cash NOI - Segment net operating income increased by $655,000 in Q1 2024 compared to Q1 2023[59] - Cash NOI for Q1 2024 was $14.5 million, with same-store office contributing $8.3 million[46]
CMCT(CMCT) - 2024 Q1 - Quarterly Results