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Creative Media & Community Trust Corporation Reports 2022 Fourth Quarter Results
DALLAS--(BUSINESS WIRE)-- Creative Media & Community Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L) (“we,” “our,” “CMCT,” or the “Company”) today reported
About this update from Creative Media
[{"type":"text","content":" DALLAS--(BUSINESS WIRE)--\nCreative Media & Community Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L) (“we,” “our,” “CMCT,” or the “Company”) today reported operating results for the three months and year ended December 31, 2022.\n\nFourth Quarter 2022 Highlights\n\nReal Estate Portfolio\n\n\nSame-store(1) office portfolio was 84.8%1 leased.\n\n\nExecuted 37,566 square feet of leases with terms longer than 12 months.\n\n\nFinancial Results\n\n\nAs previously announced on December 23, 2022, we redeemed all remaining outstanding shares of our Series L Preferred Stock in cash on January 25, 2023 for a total cost of $83.8 million.\n\n\nNet loss attributable to common stockholders of $8.9 million, or $0.39 per diluted share.\n\n\nFunds from operations (“FFO”) attributable to common stockholders(2) was $(3.7) million, or $(0.16) per diluted share.\n\n\nCore FFO attributable to common stockholders(3) was $4.4 million, or $0.11 per diluted share.\n\n\n\n____________________\n\n\n\n1\n\n\n\n\nWe are no longer classifying approximately 110,000 square feet of vacant space at its property at 4750 Wilshire Boulevard in Los Angeles, California as rentable office square footage as of September 30, 2022 in connection with the planned conversion of that space from rentable office space to multifamily units.\n\n\n\n\nManagement Commentary\n\n“In 2022, we saw strong leasing activity that increased our leased percentage, we reduced our corporate overhead by 28% and we recast our credit facility for another five years including extension options,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation.\n\n“And 2023 is off to a very fast start as we execute on our strategy to grow our multifamily portfolio by acquiring newer vintage, highly amenitized residences in high barrier-to-entry markets. In the first quarter, we acquired interests in three multifamily properties totaling 696 units in the Bay Area and Los Angeles.”\n\n“We also advanced our asset-light growth model by partnering with three international institutional investors to convert the unleased portion of one of our Los Angeles office buildings into luxury multifamily. CMCT will retain 20% ownership and will earn a base management fee and potentially a promote based on performance. The renovation started in the first quarter. In addition, CMCT has ...