Business
Creative Media & Community Trust Corporation Reports 2023 Third 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 nine months ended September 30, 2023.\n\n\nThird Quarter 2023 Highlights\n\n\nReal Estate Portfolio\n\n\n\nSame-store office portfolio(2) was 83.9% leased.\n\n\n\nExecuted 29,291 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 $22.9 million, or $1.01 per diluted share.\n\n\n\nFunds from operations (“FFO”) attributable to common stockholders(3) was $(7.5) million, or $(0.33) per diluted share.\n\n\n\nCore FFO attributable to common stockholders(4) was $(7.1) million, or $(0.31) per diluted share.\n\n\n\nManagement Commentary\n\n\n“We made additional strides improving multifamily occupancy,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation. “Two of the three assets that we acquired this year are still in their lease-up phase following completion of construction. We believe the continued lease-up of these two assets will lead to improving funds from operations.”\n\n\n“We made significant additional progress in our value-add and development pipeline in the third quarter,” said Shaul Kuba, Chief Investment Officer of Creative Media & Community Trust Corporation.\n\n\n“In Culver City, we were very pleased to have just received entitlements to redevelop our existing single story office building on Washington Boulevard into a multi-story creative office building. This asset is located in a supply constrained, highly desirable sub market and is surrounded by top tier technology companies. We are now proceeding towards design and permitting of the building.”\n\n\nThird Quarter 2023 Results\n\n\nReal Estate Portfolio\n\n\nAs of September 30, 2023, our real estate portfolio consisted of 26 assets, all of which were fee-simple properties, including two office properties (one of which is being partially converted into multifamily units and one of which also includes a multifamily development site) 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 square feet, ...