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Creative Media & Community Trust Corporation Reports 2023 Second Quarter Results
DALLAS--(BUSINESS WIRE)-- Creative Media & Community Trust Corporation (NASDAQ and TASE: CMCT) (“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 and TASE: CMCT) (“we”, “our”, “CMCT”, or the “Company”), today reported operating results for the three and six months ended June 30, 2023.\n\n\nSecond Quarter 2023 Highlights\n\n\nReal Estate Portfolio\n\n\n\nSame-store office portfolio(2) was 84.1% leased.\n\n\n\nExecuted 29,212 square feet of leases with terms longer than 12 months.\n\n\n\nFinancial Results\n\n\n\nNet loss attributable to common stockholders of $23.8 million, or $1.05 per diluted share.\n\n\n\nFunds from operations (“FFO”) attributable to common stockholders(3) was $(4.2) million, or $(0.19) per diluted share.\n\n\n\nCore FFO attributable to common stockholders(4) was $(3.9) million, or $(0.17) per diluted share.\n\n\n\nManagement Commentary\n\n\n“We intend to continue growing our portfolio of newer vintage, highly amenitized multifamily assets in high barrier-to-entry markets,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation.\n\n\n“After acquiring three multifamily properties totaling 696 units in the first quarter, we made strides improving occupancy at the two assets that are still in their initial lease-up phase following completion of construction. We believe the continued lease-up of these two assets will lead to improving funds from operations. Our office occupancy also improved quarter over quarter and we continue to see very strong performance from our one hotel asset.”\n\n\n“We made significant progress in our value-add and development pipeline in the second quarter,” said Shaul Kuba, Chief Investment Officer of Creative Media & Community Trust Corporation.\n\n\n“At our Austin and East Austin properties, we just received entitlements to develop multifamily units at both of these sites. We are now proceeding towards design and permitting.”\n\n\nSecond Quarter 2023 Results\n\n\nReal Estate Portfolio\n\n\nAs of June 30, 2023, our real estate portfolio consisted of 25 assets, all of which were fee-simple properties, including two office properties (one of which is being partially converted into multifamily units) and one multifamily property which the Company has an ownership interest in through investments in unconsolidated joint ventures. The portfolio included 13 office properties totaling approximately 1.3 million of rentable...