Creative Media & Community Trust Corporation (formerly known
as CIM Commercial Trust Corporation) (NASDAQ: CMCT and TASE:
CMCT-L) (“we”, “our”, “CMCT”, or the “Company”), a real estate
investment trust (“REIT”) that primarily acquires, owns, and
operates Class A and creative office assets in vibrant and
improving metropolitan communities throughout the United States
(including improving and developing such assets), today reported
operating results for the three months and year ended December 31,
2021.
Fourth Quarter 2021 Highlights
Portfolio
- Same-store(1) office portfolio was 80.1% leased.
- Executed 37,625 square feet of leases with terms longer than 12
months.
Financial Results
- Net loss attributable to common stockholders of $4.3 million,
or $0.19 per diluted share.
- Funds from operations (“FFO”) attributable to common
stockholders(2) was $598,000, or $0.03 per diluted share.
- Core FFO attributable to common stockholders(3) was $801,000,
or $0.03 per diluted share.
Management Commentary
“We expect to start benefiting in 2022 from our dramatically
lower cost structure and the improved leasing environment, as
recently signed leases commence throughout the year,” said David
Thompson, Chief Executive Officer of Creative Media & Community
Trust Corporation.
“Our new management fee structure, that took effect on January
1, 2022, is expected to reduce our costs by approximately $5
million annually and we executed 37,625 square feet of leases in
the fourth quarter of 2021 and 19,095 square feet during the first
two months of 2022.
“CMCT is investing in and developing creative and inspiring
office in vibrant markets where tenants are seeking a modern design
aesthetic that emphasizes comfort, collaboration and flexibility –
the type of environment that supports the recruitment and retention
of talented professionals. We continue to see demand for space from
rapidly growing industries such as technology, media and
entertainment.
“We are also now focused on investing in and developing highly
amenitized, premier multifamily properties situated in dynamic
markets with similar business and employment characteristics to its
creative office investments and have assembled several multifamily
development sites that are actively proceeding.
“We have an attractive portfolio with significant same store
growth opportunity. To the extent that existing assets do not fit
our sharpened focus, we will opportunistically dispose of such
assets over time and redeploy the proceeds in premier multifamily
or creative office.”
Financial Highlights
Real Estate Portfolio
As of December 31, 2021, our real estate portfolio consisted of
14 assets, all of which were fee-simple properties. The portfolio
included 11 office properties and one development site, which is
being used as a parking lot, totaling approximately 1.3 million
rentable square feet, and one 503-room hotel with an ancillary
parking garage.
Financial Results
Net loss attributable to common stockholders was $4.3 million,
or $0.19 per diluted share of common stock, for the three months
ended December 31, 2021, compared to a net loss attributable to
common stockholders of $8.9 million, or $0.60 per diluted share of
common stock, for the three months ended December 31, 2020.
FFO attributable to common stockholders(2) was $598,000, or
$0.03 per diluted share of common stock, for the three months ended
December 31, 2021, compared to a loss of $3.2 million, or $0.21 per
diluted share of common stock, for the three months ended December
31, 2020.
Core FFO attributable to common stockholders(3) was $801,000, or
$0.03 per diluted share of common stock, for the three months ended
December 31, 2021, compared to a loss of $3.1 million, or $0.21 per
diluted share of common stock, for the three months ended December
31, 2020. The increase in FFO and Core FFO is primarily
attributable to an increase in hotel and lending segment net
operating income.
Segment Information
Our reportable segments during the three months ended December
31, 2021 and 2020 consisted of two types of commercial real estate
properties, namely, office and hotel, as well as a segment for our
lending business. Total segment NOI(4) was $12.1 million for the
three months ended December 31, 2021, compared to $7.4 million for
the three months ended December 31, 2020.
Office
Same-Store
Same-store(1) office segment NOI(4) decreased by 6.3% while same
store-store(1) office cash NOI(5), excluding lease termination
income, decreased by 9.8% for the three months ended December 31,
2021 compared to the three months ended December 31, 2020. The
decrease in same-store(1) office segment NOI(4) is primarily due to
lower revenues at an office property in Beverly Hills, California,
an office property in Los Angeles, California and an office
property in Oakland, California, all due to decreases in occupancy
as compared to the prior year, partially offset by an increase in
revenues at an office property in Austin, Texas due to an increase
in occupancy.
At December 31, 2021, the Company’s same-store(1) office
portfolio was 78.0% occupied, a decrease of 110 basis points
year-over-year on a same-store(1) basis, and 80.1% leased, a
decrease of 20 basis points year-over-year on a same-store(1)
basis. The annualized rent per occupied square foot(6) on a
same-store(2) basis was $52.57 at December 31, 2021 compared to
$50.96 at December 31, 2020. During the three months ended December
31, 2021, the Company executed 10,828 square feet of recurring
leases at our same-store(1) office portfolio.
Total Office
Office segment NOI(4) decreased by 5.9% for the three months
ended December 31, 2021 compared to the three months ended December
31, 2020. The decrease is primarily due to lower revenues at an
office property in Beverly Hills, California, an office property in
Los Angeles, California and an office property in Oakland,
California, all due to decreases in occupancy as compared to the
prior year, partially offset by an increase in revenues at an
office property in Austin, Texas due to an increase in occupancy
and an increase in revenues related to another office property in
Austin, Texas that was purchased in November 2020.
Hotel
Hotel segment NOI(4) increased to $1.8 million for the three
months ended December 31, 2021, from $(393,000) for the three
months ended December 31, 2020, due to increases in occupancy, ADR,
and food, beverage, and other sundry services as a result of easing
travel restrictions related to COVID-19. The following table sets
forth the occupancy, average daily rate and revenue per available
room (RevPAR) for our hotel for the specified periods:
Three Months Ended December
31,
2021
2020
Occupancy
69.9
%
26.8
%
Average daily rate(a)
$
153.77
$
120.86
RevPAR(b)
$
107.55
$
32.39
- Calculated as trailing 3-month room revenue divided by the
number of rooms occupied.
- Calculated as trailing 3-month room revenue divided by the
number of available rooms.
Lending
Our lending segment primarily consists of our SBA 7(a) lending
platform, which is a national lender that primarily originates
loans to small businesses in the hospitality industry. Lending
segment NOI(4) increased by 363.5% for the three months ended
December 31, 2021, compared to the three months ended December 31,
2020. The increase is primarily due to an increase in premium
income from the sale of the guaranteed portion of our SBA 7(a)
loans, which benefited from an increase in the SBA guaranty support
from a maximum of 75% per loan to 90% per loan and higher market
premiums. In addition, there was an increase in interest income
resulting from an increase in our average outstanding lending
portfolio during the three months ended December 31, 2021 compared
to the three months ended December 31, 2020. As a result of the
conclusion of the enhanced government support provided by the CARES
Act, the SBA guaranty support has now reverted back to 75% from 90%
as of October 1, 2021 for loans approved after September 30, 2021.
This will likely cause future loan originations to decline and the
premiums achieved on sales of the guaranteed portion of our SBA
7(a) loans to decrease, in each case possibly by a material
amount.
Debt and Equity
During the three months ended December 31, 2021, we issued
391,788 shares of Series A Preferred Stock for aggregate net
proceeds of approximately $9.0 million. Net proceeds represent
gross proceeds offset by costs specifically identifiable to the
offering of Series A Preferred Stock. Additionally, during the
three months ended December 31, 2021, we paid down $15.0 million,
net of additional borrowings, on our 2018 revolving credit
facility.
Dividends
On December 9, 2021, we declared a quarterly cash dividend of
$0.0750 per share of our common stock, which was paid on January 5,
2022 to stockholders of record at the close of business on December
20, 2021.
On December 9, 2021, we declared an annual cash dividend of
$1.56035 per share of our Series L Preferred Stock, which was paid
on January 25, 2022 to stockholders of record at the close of
business on December 31, 2021.
On December 9, 2021, we declared a quarterly cash dividend of
$0.34375 per share of our Series A Preferred Stock for the first
quarter of 2022. The dividend is payable as follows: $0.114583 per
share on February 15, 2022, March 15, 2022 and April 15, 2022 to
stockholders of record at the close of business on February 5,
2022, March 5, 2022 and April 5, 2022, respectively.
On December 9, 2021, we declared a quarterly cash dividend of
$0.35313 per share of our Series D Preferred Stock for the fist
quarter of 2022. The dividend is payable as follows: $0.117708 per
share on February 15, 2022, March 15, 2022 and April 15, 2022 to
stockholders of record at the close of business on February 5,
2022, March 5, 2022 and April 5, 2022, respectively.
About the Data
Descriptions of certain performance measures, including Segment
NOI, Cash NOI, FFO attributable to common stockholders, and Core
FFO are provided below. Refer to the subsequent tables for
reconciliation of these non-GAAP financial measures to the most
directly comparable GAAP financial measure.
- Same-store properties are
properties that we have owned and operated in a consistent manner
and reported in our consolidated results during the entire span of
the periods being reported. We excluded from our same-store
property set this quarter any properties (i) acquired on or after
October 1, 2020; (ii) sold or otherwise removed from our
consolidated financial statements on or before December 31, 2021;
or (iii) that underwent a major repositioning project we believed
significantly affected its results at any point during the period
commencing on October 1, 2020 and ending on December 31, 2021. When
determining our same-store properties as of December 31, 2021, one
property was excluded pursuant to (i), ten properties were excluded
pursuant to (ii) above, and no properties were excluded pursuant to
(iii) above.
- FFO attributable to common
stockholders: a non-GAAP measure representing net income
(loss) attributable to common stockholders, computed in accordance
with GAAP, which reflects the deduction of redeemable preferred
stock dividends accumulated, excluding gains (or losses) from sales
of real estate, impairment of real estate, and real estate
depreciation and amortization. We calculate FFO in accordance with
the standards established by the National Association of Real
Estate Investment Trusts (the “NAREIT”). Please see our
reconciliations of net income (loss) attributable to common
stockholders to FFO attributable to common stockholders starting on
page 9, and the discussion of the benefits and limitations of FFO
as a supplemental measure of operating performance.
- Core FFO attributable to common
stockholders (“Core FFO”): a non-GAAP measure
representing FFO attributable to common stockholders (computed as
described above), excluding gain (loss) on early extinguishment of
debt, redeemable preferred stock deemed dividends, redeemable
preferred stock redemptions, gain (loss) on termination of interest
rate swaps, and transaction costs. We believe that FFO is a widely
recognized and appropriate measure of the performance of a REIT and
that it is frequently used by securities analysts, investors and
other interested parties in the evaluation of REITs, many of which
present FFO when reporting their results. In addition, we believe
that Core FFO is a useful metric for securities analysts, investors
and other interested parties in the evaluation of our Company as it
excludes from FFO the effect of certain amounts that we believe are
non-recurring, are non-operating in nature as they relate to the
manner in which we finance our operations, or transactions outside
of the ordinary course of business. Like any metric, FFO and Core
FFO should not be used as the only measure of our performance
because it excludes depreciation and amortization and captures
neither the changes in the value of our real estate properties that
result from use or market conditions nor the level of capital
expenditures and leasing commissions necessary to maintain the
operating performance of our properties, and Core FFO excludes
amounts incurred in connection with non-recurring special projects,
prepaying or defeasing our debt, repurchasing our preferred stock,
and adjusting the carrying value of our preferred stock classified
in temporary equity to its redemption value, all of which have real
economic effect and could materially impact our operating results.
Other REITs may not calculate FFO and Core FFO in the same manner
as we do, or at all; accordingly, our FFO and Core FFO may not be
comparable to the FFOs and Core FFOs of other REITs. Therefore, FFO
and Core FFO should be considered only as a supplement to net
income (loss) as a measure of our performance and should not be
used as a supplement to or substitute measure for cash flows from
operating activities computed in accordance with GAAP. FFO and Core
FFO should not be used as a measure of our liquidity, nor is it
indicative of funds available to fund our cash needs, including our
ability to pay dividends. FFO and Core FFO per share for the
year-to-date period may differ from the sum of quarterly FFO and
Core FFO per share amounts due to the required method for computing
per share amounts for the respective periods. In addition, FFO and
Core FFO per share is calculated independently for each component
and may not be additive due to rounding.
- Segment net operating income (“segment
NOI”): for our real estate segments represents rental
and other property income and expense reimbursements less property
related expenses and excludes non-property income and expenses,
interest expense, depreciation and amortization, corporate related
general and administrative expenses, gain (loss) on sale of real
estate, gain (loss) on early extinguishment of debt, impairment of
real estate, transaction costs, and provision for income taxes. For
our lending segment, segment NOI represents interest income net of
interest expense and general overhead expenses. Please see our
reconciliations of office, hotel, lending, and total cash NOI to
segment NOI and net income (loss) attributable to common
stockholders starting on page 11.
- Cash net operating income (“cash
NOI”): for our real estate segments represents segment
NOI adjusted to exclude the effect of the straight lining of rents,
acquired above/below market lease amortization and other
adjustments required by generally accepted accounting principles
(“GAAP”). For our lending segment, there is no distinction between
cash NOI and segment NOI. Please see our reconciliations of office,
hotel, lending, and total cash NOI to segment NOI and net income
(loss) attributable to common stockholders starting on page 11.
Segment NOI and Cash NOI are not measures of operating results or
cash flows from operating activities as measured by GAAP and should
not be considered alternatives to income from continuing
operations, or to cash flows as a measure of liquidity, or as an
indication of our performance or of our ability to pay dividends.
Companies may not calculate Segment NOI or Cash NOI in the same
manner. We consider Segment NOI and Cash NOI to be useful
performance measures to investors and management because, when
compared across periods, they reflect the revenues and expenses
directly associated with owning and operating our properties and
the impact to operations from trends in occupancy rates, rental
rates and operating costs, providing a perspective not immediately
apparent from income from continuing operations. Additionally, we
believe that Cash NOI is helpful to investors because it eliminates
straight line rent and other non-cash adjustments to revenue and
expenses.
- Annualized rent per occupied square
foot represents gross monthly base rent under leases
commenced as of the specified periods, multiplied by twelve. This
amount reflects total cash rent before abatements. Where
applicable, annualized rent has been grossed up by adding
annualized expense reimbursements to base rent. Annualized rent for
certain office properties includes rent attributable to
retail.
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 (the “Exchange
Act”), which are intended to be covered by the safe harbors created
thereby. Such forward-looking statements can be identified by the
use of forward-looking terminology such as “may,” “will,”
“project,” “target,” “expect,” “intend,” “might,” “believe,”
“anticipate,” “estimate,” “could,” “would,” “continue,” “pursue,”
“potential,” “forecast,” “seek,” “plan,” or “should,” or “goal” or
the negative thereof or other variations or similar words or
phrases. Such forward-looking statements include, among others,
statements about CMCT’s plans and objectives relating to future
growth and outlook. Such forward-looking statements are based on
particular assumptions that management of CMCT has made in light of
its experience, as well as its perception of expected future
developments and other factors that it believes are appropriate
under the circumstances. Forward-looking statements are necessarily
estimates reflecting the judgment of CMCT’s management and involve
a number of risks and uncertainties that could cause actual results
to differ materially from those suggested by the forward-looking
statements. These risks and uncertainties include those associated
with (i) the scope, severity and duration of the current pandemic
of COVID-19, and actions taken to contain the pandemic or mitigate
its impact, (ii) the adverse effect of COVID-19 on the financial
condition, results of operations, cash flows and performance of
CMCT and its tenants and business partners, the real estate market
and the global economy and financial markets, among others, (iii)
the timing, form, and operational effects of CMCT’s development
activities, (iv) the ability of CMCT to raise in place rents to
existing market rents and to maintain or increase occupancy levels,
(v) fluctuations in market rents, including as a result of
COVID-19, (vi) the effects of inflation and higher interest rates
on the operations and profitability of CMCT and (vii) general
economic, market and other conditions. Additional important factors
that could cause CMCT’s actual results to differ materially from
CMCT’s expectations are discussed under the section “Risk Factors”
in CMCT’s Annual Report on Form 10-K for the year ended December
31, 2021. The forward-looking statements included herein are based
on current expectations and there can be no assurance that these
expectations will be attained. Assumptions relating to the
foregoing involve judgments with respect to, among other things,
future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to
predict accurately and many of which are beyond CMCT’s control.
Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could be inaccurate and, therefore, there can be no assurance that
the forward-looking statements included herein will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by CMCT or
any other person that CMCT’s objectives and plans will be achieved.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made. CMCT does not undertake to update
them to reflect changes that occur after the date they are
made.
CREATIVE MEDIA & COMMUNITY
TRUST CORPORATION AND SUBSIDIARIES
Consolidated Balance
Sheets
(Unaudited and in thousands,
except share and per share amounts)
December 31,
2021
2020
ASSETS
Investments in real estate, net
$
497,984
$
506,040
Cash and cash equivalents
22,311
33,636
Restricted cash
11,340
10,013
Loans receivable, net
73,543
83,135
Accounts receivable, net
3,396
1,737
Deferred rent receivable and charges,
net
36,095
35,956
Other intangible assets, net
5,251
6,313
Other assets
10,946
8,787
TOTAL ASSETS
$
660,866
$
685,617
LIABILITIES, REDEEMABLE PREFERRED
STOCK, AND EQUITY
LIABILITIES:
Debt, net
$
201,145
$
324,313
Accounts payable and accrued expenses
26,751
20,327
Intangible liabilities, net
237
587
Due to related parties
4,541
6,706
Other liabilities
16,861
9,733
Total liabilities
249,535
361,666
COMMITMENTS AND CONTINGENCIES
REDEEMABLE PREFERRED STOCK: Series A
cumulative redeemable preferred stock, $0.001 par value; 36,000,000
shares authorized; 1,633,965 and 1,631,965 shares issued and
outstanding, respectively, as of December 31, 2021 and 2,008,256
and 2,007,856 shares issued and outstanding, respectively, as of
December 31, 2020; liquidation preference of $25.00 per share,
subject to adjustment
37,782
45,837
EQUITY:
Series A cumulative redeemable preferred
stock, $0.001 par value; 36,000,000 shares authorized; 6,492,632
and 6,271,337 shares issued and outstanding, respectively, as of
December 31, 2021 and 4,484,376 and 4,377,762 shares issued and
outstanding, respectively, as of December 31, 2020; liquidation
preference of $25.00 per share, subject to adjustment
156,431
108,729
Series D cumulative redeemable preferred
stock, $0.001 par value; 32,000,000 shares authorized; 56,857
shares issued and outstanding as of December 31, 2021 and 19,145
shares issued and outstanding as of December 31, 2020; liquidation
preference of $25.00 per share, subject to adjustment
1,396
473
Series L cumulative redeemable preferred
stock, $0.001 par value; 9,000,000 shares authorized; 8,080,740 and
5,387,160 shares issued and outstanding, respectively, as of
December 31, 2021 and 8,080,740 and 5,387,160 shares issued and
outstanding as of December 31, 2020; liquidation preference of
$28.37 per share, subject to adjustment
152,834
152,834
Common stock, $0.001 par value;
900,000,000 shares authorized; 23,369,331 and 14,827,410 shares
issued and outstanding as of December 31, 2021 and December 31,
2020, respectively
24
15
Additional paid-in capital
866,746
794,127
Distributions in excess of earnings
(804,227
)
(778,519
)
Total stockholders’ equity
373,204
277,659
Noncontrolling interests
345
455
Total equity
373,549
278,114
TOTAL LIABILITIES, REDEEMABLE PREFERRED
STOCK, AND EQUITY
$
660,866
$
685,617
CREATIVE MEDIA & COMMUNITY
TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of
Operations
(Unaudited and in thousands,
except per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
REVENUES:
Rental and other property income
$
13,342
$
13,407
$
52,838
$
54,823
Hotel income
6,648
1,729
16,722
11,882
Interest and other income
5,135
2,693
21,366
10,503
Total Revenues
25,125
17,829
90,926
77,208
EXPENSES:
Rental and other property operating
11,909
8,715
39,272
37,544
Asset management and other fees to related
parties
2,249
2,385
9,030
9,793
Expense reimbursements to related
parties—corporate
458
177
2,050
2,243
Expense reimbursements to related
parties—lending segment
702
910
1,921
3,491
Interest
1,923
2,709
9,413
11,415
General and administrative
1,451
1,634
6,844
6,772
Transaction costs
143
—
143
—
Depreciation and amortization
4,945
5,678
20,112
21,406
Loss on early extinguishment of debt
—
—
—
281
Total Expenses
23,780
22,208
88,785
92,945
INCOME (LOSS) BEFORE PROVISION (BENEFIT)
FOR INCOME TAXES
1,345
(4,379
)
2,141
(15,737
)
Provision (benefit) for income taxes
676
9
2,992
(722
)
NET INCOME (LOSS)
669
(4,388
)
(851
)
(15,015
)
Net (income) loss attributable to
noncontrolling interests
(3
)
(2
)
1
(1
)
NET INCOME (LOSS) ATTRIBUTABLE TO THE
COMPANY
666
(4,390
)
(850
)
(15,016
)
Redeemable preferred stock dividends
declared or accumulated
(4,953
)
(4,389
)
(18,763
)
(18,002
)
Redeemable preferred stock deemed
dividends
—
(77
)
(253
)
(377
)
Redeemable preferred stock redemptions
(60
)
(5
)
(113
)
(72
)
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
$
(4,347
)
$
(8,861
)
$
(19,979
)
$
(33,467
)
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS PER SHARE:
Basic
$
(0.19
)
$
(0.60
)
$
(1.04
)
$
(2.27
)
Diluted
$
(0.19
)
$
(0.60
)
$
(1.04
)
$
(2.27
)
WEIGHTED AVERAGE SHARES OF COMMON STOCK
OUTSTANDING:
Basic
23,349
14,805
19,187
14,748
Diluted
23,349
14,805
19,187
14,748
CREATIVE MEDIA & COMMUNITY
TRUST CORPORATION AND SUBSIDIARIES
Funds from Operations
(Unaudited and in thousands,
except per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Numerator:
Net loss attributable to common
stockholders
$
(4,347
)
$
(8,861
)
$
(19,979
)
$
(33,467
)
Depreciation and amortization
4,945
5,678
20,112
21,406
Impairment of real estate
—
—
—
—
Gain on sale of depreciable assets
—
—
—
—
FFO attributable to common
stockholders
$
598
$
(3,183
)
$
133
$
(12,061
)
Redeemable preferred stock dividends
declared on dilutive shares (a)
—
—
(1
)
(1
)
Dilutive FFO attributable to common
stockholders
$
598
$
(3,183
)
$
132
$
(12,062
)
Denominator:
Basic weighted average shares of common
stock outstanding
23,349
14,805
19,187
14,748
Diluted weighted average shares and common
stock equivalents outstanding
23,369
14,805
19,203
14,748
FFO attributable to common stockholders
per share
Basic
$
0.03
$
(0.21
)
$
0.01
$
(0.82
)
Diluted
$
0.03
$
(0.21
)
$
0.01
$
(0.82
)
(a)
For the three months and the years ended
December 31, 2021 and 2020, the effect of certain shares of
redeemable preferred stock were excluded from the computation of
diluted FFO attributable to common stockholders and the diluted
weighted average shares and common stock equivalents outstanding as
such inclusion would be anti-dilutive.
CREATIVE MEDIA & COMMUNITY
TRUST CORPORATION AND SUBSIDIARIES
Core Funds from
Operations
(Unaudited and in thousands,
except per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Numerator:
Net loss attributable to common
stockholders
$
(4,347
)
$
(8,861
)
$
(19,979
)
$
(33,467
)
Depreciation and amortization
4,945
5,678
20,112
21,406
Impairment of real estate
—
—
—
—
Gain on sale of depreciable assets
—
—
—
—
FFO attributable to common
stockholders
$
598
$
(3,183
)
$
133
$
(12,061
)
Loss on early extinguishment of debt
—
—
—
281
Redeemable preferred stock deemed
dividends
—
77
253
377
Redeemable preferred stock redemptions
60
5
113
72
Transaction costs
143
—
143
—
Core FFO attributable to common
stockholders
$
801
$
(3,101
)
$
642
$
(11,331
)
Redeemable preferred stock dividends
declared on dilutive shares (a)
—
—
(1
)
(1
)
Dilutive Core FFO attributable to common
stockholders
$
801
$
(3,101
)
$
641
$
(11,332
)
Denominator:
Basic weighted average shares of common
stock outstanding
23,349
14,805
19,187
14,748
Diluted weighted average shares and common
stock equivalents outstanding
23,369
14,805
19,204
14,748
Core FFO attributable to common
stockholders per share:
Basic
$
0.03
$
(0.21
)
$
0.03
$
(0.77
)
Diluted
$
0.03
$
(0.21
)
$
0.03
$
(0.77
)
(a)
For the three months and the years ended
December 31, 2021 and 2020, the effect of certain shares of
redeemable preferred stock were excluded from the computation of
diluted FFO attributable to common stockholders and the diluted
weighted average shares and common stock equivalents outstanding as
such inclusion would be anti-dilutive.
CREATIVE MEDIA & COMMUNITY
TRUST CORPORATION AND SUBSIDIARIES
Reconciliation of Net
Operating Income
(Unaudited and in
thousands)
Three Months Ended December
31, 2021
Same-Store
Office
Non-Same-Store Office
Total Office
Hotel
Lending
Total
Cash net operating income (loss) excluding
lease termination income
$
6,449
$
45
$
6,494
$
1,814
$
3,648
$
11,956
Cash lease termination income
150
—
150
—
—
150
Cash net operating income (loss)
6,599
45
6,644
1,814
3,648
12,106
Deferred rent and amortization of
intangible assets, liabilities, and lease inducements
(18
)
(1
)
(19
)
(2
)
—
(21
)
Straight line lease termination income
—
—
—
—
—
—
Segment net operating income (loss)
6,581
44
6,625
1,812
3,648
12,085
Asset management and other fees to related
parties
(2,249
)
Expense reimbursements to related parties
— corporate
(458
)
Interest expense
(1,993
)
General and administrative
(952
)
Transaction costs
(143
)
Depreciation and amortization
(4,945
)
Income before provision for income
taxes
1,345
Provision for income taxes
(676
)
Net income
669
Net income attributable to noncontrolling
interests
(3
)
Net income attributable to the Company
$
666
Three Months Ended December
31, 2020
Same-Store
Office
Non-Same-Store Office
Total Office
Hotel
Lending
Total
Cash net operating income (loss) excluding
lease termination income
$
7,148
$
20
$
7,168
$
(391
)
$
787
$
7,564
Cash lease termination income
—
—
—
—
—
—
Cash net operating income (loss)
7,148
20
7,168
(391
)
787
7,564
Deferred rent and amortization of
intangible assets, liabilities, and lease inducements
(206
)
(1
)
(207
)
(2
)
—
(209
)
Segment net operating income (loss)
7,020
19
7,039
(393
)
787
7,433
Interest and other income
6
Asset management and other fees to related
parties
(2,385
)
Expense reimbursements to related parties
— corporate
(177
)
Interest expense
(2,491
)
General and administrative
(1,087
)
Depreciation and amortization
(5,678
)
Loss before provision for income taxes
(4,379
)
Provision for income taxes
(9
)
Net loss
(4,388
)
Net income attributable to noncontrolling
interests
(2
)
Net loss attributable to the Company
$
(4,390
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220316005437/en/
For Creative Media & Community Trust Corporation Media
Relations: Bill Mendel, 212-397-1030 bill@mendelcommunications.com
or
Shareholder Relations: Steve Altebrando, 646-652-8473
shareholders@cimcommercial.com
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