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Creative Media & Community Trust Corporation Reports 2024 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 months ended June 30, 2024.\n\n\nSecond Quarter 2024 Highlights\n\n\nReal Estate Portfolio\n\n\n\nSame-store office portfolio(2) was 83.5% leased.\n\n\n\n\nExecuted 52,346 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 $9.7 million, or $0.43 per diluted share.\n\n\n\n\nFunds from operations attributable to common stockholders (“FFO”)(3)1 was $(3.3) million, or $(0.14) per diluted share.\n\n\n\n\nCore FFO attributable to common stockholders(4)1 was $(2.1) million, or $(0.09) per diluted share.\n\n\n\nManagement Commentary\n\n\n“Our core FFO improved from the first quarter of 2024 due to improved net operating income across all of our real estate segments - multifamily, office and hotel,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation. “Our goal is to strengthen our balance sheet and improve our cash flow. In order to achieve this goal, we continue to actively evaluate asset sales and other ways to reduce both our recourse debt and overall debt.”\n\n\nSecond Quarter 2024 Results\n\n\nReal Estate Portfolio\n\n\nAs of June 30, 2024, our real estate portfolio consisted of 27 assets, all of which were fee-simple properties and five of which we own through investments in unconsolidated joint ventures (the “Unconsolidated Joint Ventures”). The Unconsolidated Joint Ventures own two office properties (one of which is being partially converted into multifamily units), one multifamily site currently under development, one multifamily property and one commercial development site. The portfolio includes 13 office properties, totaling approximately 1.3 million rentable square feet, three multifamily properties totaling 696 units, nine development sites (three of which are being used as parking lots) and one 503-room hotel with an ancillary parking garage.\n\n\nFinancial Results\n\n\nNet loss attributable to common stockholders was $9.7 million, or $0.43 per diluted share of common stock, for the three months ended June 30, 2024, compared to a net loss attributable to common stockholders of $23.8 million, or $1.05 per diluted shar...