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Creative Media & Community Trust Corporation Reports 2022 Third 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 and nine months ended September 30, 2022.\n\nThird Quarter 2022 Highlights\n\nReal Estate Portfolio\n\n\nStabilized office portfolio(1) was 86.5% leased.\n\n\nExecuted 58,666 square feet of leases with terms longer than 12 months.\n\n\nPurchased an Austin, Texas property for $1.9 million. We are currently working on multifamily pre-development on this and an already owned adjacent site.\n\n\nFinancial Results\n\n\nRepurchased $4.4 million of common stock at an average price of $7.10 per share.\n\n\nRepurchased $66.7 million of Series L Preferred Stock at approximately 96.6% of stated value.\n\n\nNet loss attributable to common stockholders of $11.7 million, or $0.50 per diluted share.\n\n\nFunds from operations (“FFO”) attributable to common stockholders(3) was $(6.6) million, or $(0.28) per diluted share.\n\n\nCore FFO attributable to common stockholders(4) was $(1.5) million, or $(0.07) per diluted share.\n\n\nManagement Commentary\n\n“We had another quarter of robust leasing activity and continue to make progress on our multifamily value-add and development pipeline,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation. “We executed an approximately 18,000 square foot lease for the retail space at our Beverly Hills property in the quarter – we expect to start recognizing revenue on this lease during the first half of 2023.\n\n“CMCT has an attractive pipeline of multifamily development opportunities. We plan to start converting 4750 Wilshire Boulevard’s unleased space into luxury multifamily units by early 2023 and, in connection with the project, anticipate closing on equity contributions from coinvestors and a mortgage on the property at about the same time. We intend to leverage our distribution and development capabilities to execute on our 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. We believe this asset light approach is a compelling model for the Company that will contribute to strong returns on invested capital.\n\n“We also took steps to improve our balance sheet and li...