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Creative Media & Community Trust Corporation Reports 2022 Second Quarter Results
DALLAS--(BUSINESS WIRE)-- Creative Media & Community Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L) (“we”, “our”, “CMCT”, or the “Company”), today
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 and six months ended June 30, 2022.\n\nSecond Quarter 2022 Highlights\n\nReal Estate Portfolio\n\n\nStabilized office portfolio(1) was 87.2% leased.\n\n\nExecuted 39,392 square feet of leases with terms longer than 12 months.\n\n\nPurchased a Jefferson Park, Los Angeles property for $5.7 million. The Company intends to develop approximately 114 residential units.\n\n\nFinancial Results\n\n\nNet loss attributable to common stockholders of $2.3 million, or $0.10 per diluted share.\n\n\nFunds from operations (“FFO”) attributable to common stockholders(3) was $2.6 million, or $0.11 per diluted share.\n\n\nCore FFO attributable to common stockholders(4) was $2.7 million, or $0.11 per diluted share\n\n\nManagement Commentary\n\n“Our second quarter was highlighted by increased leasing activity and a significant year over year increase in our FFO that was driven by improving results at our one hotel and a large reduction in our cost structure,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation. “In August 2022, we signed a 20-year lease for approximately 18,000 square feet of retail space at our Beverly Hills office building, increasing the leased percentage at the property to over 90%.”\n\n“CMCT is focused on investing in premier multifamily and creative office assets, and we have assembled an attractive development pipeline. We intend to leverage our distribution and development capabilities to execute on this pipeline using an asset-light approach, where we raise third party capital on an asset level basis, maintain a minority interest and earn a percentage of the profits.\n\n“We believe this is a compelling model for the Company that will contribute to strong returns on invested capital. We anticipate launching our first co-investment opportunity under this structure over the next few months.”\n\nSecond Quarter 2022 Results\n\nReal Estate Portfolio\n\nAs of June 30, 2022, our real estate portfolio consisted of 17 assets, all of which were fee-simple properties, including one office property which the Company has an approximate 44% ownership interest through its investment in an unconsolidated joint ve...