Business
Creative Media & Community Trust Corporation Reports 2022 First Quarter Results
DALLAS, Texas--(BUSINESS WIRE)-- Creative Media & Community Trust Corporation (formerly known as CIM Commercial Trust Corporation) (NASDAQ: CMCT and TASE:
About this update from Creative Media
[{"type":"text","content":" DALLAS, Texas--(BUSINESS WIRE)--\nCreative Media & Community Trust Corporation (formerly known as CIM Commercial Trust Corporation) (NASDAQ: CMCT and TASE: CMCT-L) (“we”, “our”, “CMCT”, or the “Company”), a real estate investment trust (“REIT”) that primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States (including improving and developing such assets), today reported operating results for the three months ended March 31, 2022.\n\nFirst Quarter 2022 Highlights\n\nReal Estate Portfolio\n\n\nStabilized office portfolio(1) was 88.2% leased.\n\n\n\nExecuted 21,478 square feet of leases with terms longer than 12 months.\n\n\n\nInvested $22.4 million in an Echo Park, Los Angeles office building alongside joint venture partner with plans to transform into a creative office.1\n\n\n\nInvested $2.3 million in a Jefferson Park, Los Angeles property with plans to develop a 45 unit apartment building.\n\n\nFinancial Results\n\n\nNet loss attributable to common stockholders of $2.8 million, or $0.12 per diluted share.\n\n\n\nFunds from operations (“FFO”) attributable to common stockholders(3) was $2.2 million, or $0.09 per diluted share.\n\n\n\nCore FFO attributable to common stockholders(4) was $2.3 million, or $0.10 per diluted share.\n\n\n______________________\n\n1 CMCT invested in an unconsolidated joint venture arrangement with a CIM-managed separate account to purchase an office property in the Echo Park neighborhood of Los Angeles, California for approximately $51.0 million, of which CMCT owns approximately 44%.\n\nManagement Commentary\n\n“We are pleased that our core FFO significantly improved from the year-earlier period, driven by improving hotel trends as well a large reduction in our cost structure,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation.\n\n“We are encouraged by these improving trends and believe there is an opportunity to continue to grow funds from operations. In addition, we have assembled an attractive multifamily and creative office development pipeline to generate further growth for CMCT and will seek to execute on these opportunities with partners in order to increase diversification and supplement our returns.”\n\nFirst Quarter 2022 Results\n\nReal Estate Portfolio\n\nA...