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 ended March 31, 2022.
First Quarter 2022 Highlights
Real Estate Portfolio
- Stabilized office portfolio(1) was 88.2% leased.
- Executed 21,478 square feet of leases with terms longer than 12
months.
- Invested $22.4 million in an Echo Park, Los Angeles office
building alongside joint venture partner with plans to transform
into a creative office.1
- Invested $2.3 million in a Jefferson Park, Los Angeles property
with plans to develop a 45 unit apartment building.
Financial Results
- Net loss attributable to common stockholders of $2.8 million,
or $0.12 per diluted share.
- Funds from operations (“FFO”) attributable to common
stockholders(3) was $2.2 million, or $0.09 per diluted share.
- Core FFO attributable to common stockholders(4) was $2.3
million, or $0.10 per diluted share.
______________________
1 CMCT invested in an unconsolidated joint venture arrangement
with a CIM-managed separate account to purchase an office property
in the Echo Park neighborhood of Los Angeles, California for
approximately $51.0 million, of which CMCT owns approximately
44%.
Management Commentary
“We are pleased that our core FFO significantly improved from
the year-earlier period, driven by improving hotel trends as well a
large reduction in our cost structure,” said David Thompson, Chief
Executive Officer of Creative Media & Community Trust
Corporation.
“We are encouraged by these improving trends and believe there
is an opportunity to continue to grow funds from operations. In
addition, we have assembled an attractive multifamily and creative
office development pipeline to generate further growth for CMCT and
will seek to execute on these opportunities with partners in order
to increase diversification and supplement our returns.”
First Quarter 2022 Results
Real Estate Portfolio
As of March 31, 2022, our real estate portfolio consisted of 16
assets, all of which were fee-simple properties, including one
office property which the Company has an approximate 44% ownership
interest in through its investment in an unconsolidated joint
venture. The portfolio included twelve office properties and two
development sites (one being used as a parking lot), totaling
approximately 1.4 million rentable square feet, and one 503-room
hotel with an ancillary parking garage.
Financial Results
Net loss attributable to common stockholders was $2.8 million,
or $0.12 per diluted share of common stock, for the three months
ended March 31, 2022, compared to a loss of $8.2 million, or $0.55
per diluted share of common stock, for the same period in 2021.
FFO attributable to common stockholders(3) was $2.2 million, or
$0.09 per diluted share of common stock, for the three months ended
March 31, 2022, compared to a loss of $3.2 million, or $0.21 per
diluted share of common stock, for the same period in 2021.
Core FFO attributable to common stockholders(4) was $2.3
million, or $0.10 per diluted share of common stock, for the three
months ended March 31, 2022, compared to a loss of $3.1 million, or
$0.21 per diluted share of common stock, for the same period in
2021. The increase in FFO and Core FFO is primarily attributable to
an increase of $3.1 million in our segment net operating income,
primarily as a result of increases in both hotel segment and office
segment net operating income as well as a decrease in asset
management and other fees to related parties of $1.3 million and a
decrease in general and administrative expenses of $904,000.
Segment Information
Our reportable segments during the three months ended March 31,
2022 and 2021 consisted of two types of commercial real estate
properties, namely, office and hotel, as well as a segment for our
lending business. Total Segment net operating income (“NOI”)(5) was
$12.2 million for the three months ended March 31, 2022, compared
to $9.1 million for the same period in 2021.
Office
Same-Store
Same-store(2) office Segment NOI(5) decreased 1.1%, while
same-store(1) office Cash NOI(6), excluding lease termination
income, increased 4.0% for the three months ended March 31, 2022
compared to the same period in 2021. The increase in same-store(2)
office Cash NOI(6), excluding lease termination income, is
primarily due to contractual rent increases for leases at an office
property in Oakland, California which took effect during the first
quarter of 2022 and due to several new tenants who commenced rent
payments during the first quarter of 2022 at an office property in
Austin, Texas.
At March 31, 2022, the Company’s same-store(2) office portfolio
was 77.9% occupied, a decrease of 60 basis points year-over-year on
a same-store(2) basis, and 79.9% leased, an increase of 130 basis
points year-over-year on a same-store(2) basis. The annualized rent
per occupied square foot(7) on a same-store(2) basis was $55.05 at
March 31, 2022 compared to $51.91 at March 31, 2021. During the
three months ended March 31, 2022, the Company executed 14,971
square feet of recurring leases at our same-store(2) office
portfolio.
Total
Office Segment NOI(5) increased to $8.0 million for the three
months ended March 31, 2022, from $7.8 million for the same period
in 2021. The increase is primarily due to income from the Company’s
unconsolidated joint venture entity which is included in
non-same-store office net operating income.
Hotel
Hotel Segment NOI(5) increased to income of $2.4 million for the
three months ended March 31, 2022, from a loss of $807,000 for the
same period in 2021, due to an increase in occupancy, average daily
rate, and food and beverage as a result of the easing of government
restrictions associated with the COVID-19 pandemic. Monthly
occupancy was 57%, 67% and 83% in January, February and March 2022,
respectively. Additionally, occupancy for April 2022 was 82%. The
following table sets forth the occupancy, average daily rate and
revenue per available room for our hotel for the specified
periods:
Three Months Ended March
31,
2022
2021
Occupancy
69.2
%
29.8
%
Average daily rate(a)
$
173.14
$
116.21
Revenue per available room(b)
$
119.78
$
34.60
______________________
(a)
Calculated as trailing 3-month
room revenue divided by the number of rooms occupied.
(b)
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(5) was $1.7 million for the three months ended March
31, 2022, compared to $2.1 million for the same period in 2021. The
decrease is primarily due to lower premium income as a result of
lower loan sale volume during the three months ended March 31, 2022
compared to the three months ended March 31, 2021.
Debt and Equity
During the three months ended March 31, 2022, we issued 391,605
shares of Series A Preferred Stock for aggregate net proceeds of
$8.9 million. Net proceeds represent gross proceeds offset by costs
specifically identifiable to the offering of Series A Preferred
Stock, such as commissions, dealer manager fees, and other offering
fees and expenses. Additionally, during the three months ended
March 31, 2022, we had net incremental borrowings of $30.0 million
on our revolving credit facility.
Dividends
On March 8, 2022, we declared a quarterly cash dividend of
$0.0850 per share of our common stock, which was paid on April 1,
2022 to stockholders of record at the close of business on March
19, 2022.
On March 8, 2022, we declared a quarterly cash dividend of
$0.34375 per share of our Series A Preferred Stock or portion
thereof for issuances during the second quarter of 2022. The
dividend is payable as follows: $0.114583 per share on May 16,
2022, June 15, 2022 and July 15, 2022 to stockholders of record at
the close of business on May 5, 2022, June 5, 2022 and July 5,
2022, respectively.
On March 8, 2022, we declared a quarterly cash dividend of
$0.35313 per share of our Series D Preferred Stock, or portion
thereof for issuances during the second quarter of 2022. The
dividend is payable as follows: $0.117708 per share on May 16,
2022, June 15, 2022 and July 15, 2022 to stockholders of record at
the close of business on May 5, 2022, June 5, 2022 and July 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.
(1)
Stabilized office portfolio: represents office
properties where occupancy was not impacted by a redevelopment or
repositioning during the period.
(2)
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 January 1, 2021; (ii) sold
or otherwise removed from our consolidated financial statements on
or before March 31, 2022; or (iii) that underwent a major
repositioning project we believed significantly affected its
results at any point during the period commencing on January 1,
2021 and ending on March 31, 2022. When determining our same-store
properties as of March 31, 2022, one property was excluded pursuant
to (i) and (iii) above and no properties were excluded pursuant to
(ii) above.
(3)
FFO
attributable to common stockholders: represents net
income (loss) attributable to common stockholders, computed in
accordance with GAAP, which reflects the deduction of redeemable
preferred stock dividends accumulated, excluding gain (or loss)
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”). See
‘Core FFO’ definition below for discussion of the benefits and
limitations of FFO as a supplemental measure of operating
performance.
(4)
Core FFO
attributable to common stockholders (“Core FFO”):
represents 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.
(5)
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 benefit (provision) for income
taxes. For our lending segment, Segment NOI represents interest
income net of interest expense and general overhead expenses. See
‘Cash NOI’ definition below for discussion of the benefits and
limitations of Segment NOI as a supplemental measure of operating
performance.
(6)
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. We also evaluate the operating
performance and financial results of our operating segments using
cash basis NOI excluding lease termination income, or “Cash NOI
excluding lease termination income”.
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.
(7)
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 & TRUST
CORPORATION AND SUBSIDIARIES
Consolidated Balance
Sheets
(Unaudited and in thousands,
except share and per share amounts)
March 31, 2022
December 31, 2021
ASSETS
Investments in real estate, net
$
497,444
$
497,984
Investment in unconsolidated entity - at
fair value
22,528
—
Cash and cash equivalents
17,055
22,311
Restricted cash
13,568
11,340
Loans receivable, net
79,404
73,543
Accounts receivable, net
2,952
3,396
Deferred rent receivable and charges,
net
35,758
36,095
Other intangible assets, net
5,010
5,251
Loan servicing asset, net and other
assets
14,546
10,946
TOTAL ASSETS
$
688,265
$
660,866
LIABILITIES, REDEEMABLE PREFERRED
STOCK, AND EQUITY
LIABILITIES:
Debt, net
$
228,198
$
201,145
Accounts payable and accrued expenses
16,030
26,751
Intangible liabilities, net
168
237
Due to related parties
5,812
4,541
Other liabilities
21,616
16,861
Total liabilities
271,824
249,535
COMMITMENTS AND CONTINGENCIES
REDEEMABLE PREFERRED STOCK: Series A
cumulative redeemable preferred stock, $0.001 par value; 36,000,000
shares authorized; 1,693,649 and 1,693,649 shares issued and
outstanding, respectively, as of March 31, 2022 and 1,633,965 and
1,631,965 shares issued and outstanding, respectively, as of
December 31, 2021; liquidation preference of $25.00 per share,
subject to adjustment
38,981
37,782
EQUITY:
Series A cumulative redeemable preferred
stock, $0.001 par value; 36,000,000 shares authorized; 6,824,553
and 6,551,917 shares issued and outstanding, respectively, as of
March 31, 2022 and 6,492,632 and 6,271,337 shares issued and
outstanding, respectively, as of December 31, 2021; liquidation
preference of $25.00 per share, subject to adjustment
163,507
156,431
Series D cumulative redeemable preferred
stock, $0.001 par value; 32,000,000 shares authorized; 56,857
shares issued and outstanding as of March 31, 2022 and 56,857
shares issued and outstanding as of December 31, 2021; liquidation
preference of $25.00 per share, subject to adjustment
1,396
1,396
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 March
31, 2022 and December 31, 2021; 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 shares issued and
outstanding as of March 31, 2022 and 23,369,331 shares issued and
outstanding as of December 31, 2021.
24
24
Additional paid-in capital
866,272
866,746
Distributions in excess of earnings
(806,923
)
(804,227
)
Total stockholders’ equity
377,110
373,204
Noncontrolling interests
350
345
Total equity
377,460
373,549
TOTAL LIABILITIES, REDEEMABLE PREFERRED
STOCK, AND EQUITY
$
688,265
$
660,866
CREATIVE MEDIA & TRUST
CORPORATION AND SUBSIDIARIES
Consolidated Statements of
Operations
(Unaudited and in thousands,
except per share amounts)
Three Months Ended March
31,
2022
2021
REVENUES:
Rental and other property income
$
14,096
$
13,349
Hotel income
7,404
1,732
Interest and other income
3,282
3,798
Total Revenues
24,782
18,879
EXPENSES:
Rental and other property operating
11,492
8,290
Asset management and other fees to related
parties
921
2,259
Expense reimbursements to related
parties—corporate
422
605
Expense reimbursements to related
parties—lending segment
469
731
Interest
2,170
2,632
General and administrative
1,815
2,622
Depreciation and amortization
5,004
5,037
Total Expenses
22,293
22,176
Income from unconsolidated entity
120
—
INCOME (LOSS) BEFORE PROVISION FOR INCOME
TAXES
2,609
(3,297
)
Provision for income taxes
307
374
NET INCOME (LOSS)
2,302
(3,671
)
Net (income) loss attributable to
noncontrolling interests
(5
)
1
NET INCOME (LOSS) ATTRIBUTABLE TO THE
COMPANY
2,297
(3,670
)
Redeemable preferred stock dividends
declared or accumulated
(5,018
)
(4,466
)
Redeemable preferred stock deemed
dividends
(15
)
(57
)
Redeemable preferred stock redemptions
(75
)
(13
)
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
$
(2,811
)
$
(8,206
)
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS PER SHARE:
Basic
$
(0.12
)
$
(0.55
)
Diluted
$
(0.12
)
$
(0.55
)
WEIGHTED AVERAGE SHARES OF COMMON STOCK
OUTSTANDING:
Basic
23,349
14,808
Diluted
23,351
14,808
CREATIVE MEDIA & TRUST
CORPORATION AND SUBSIDIARIES
Funds from Operations
(Unaudited and in thousands,
except per share amounts)
Three Months Ended March
31,
2022
2021
Numerator:
Net loss attributable to common
stockholders
$
(2,811
)
$
(8,206
)
Depreciation and amortization
5,004
5,037
FFO attributable to common
stockholders
$
2,193
$
(3,169
)
Redeemable preferred stock dividends
declared on dilutive shares (a)
(1
)
—
Diluted FFO attributable to common
stockholders
$
2,192
$
(3,169
)
Denominator:
Basic weighted average shares of common
stock outstanding
23,349
14,808
Effect of dilutive securities—contingently
issuable shares (a)
24
—
Diluted weighted average shares and common
stock equivalents outstanding
23,373
14,808
FFO attributable to common stockholders
per share:
Basic
$
0.09
$
(0.21
)
Diluted
$
0.09
$
(0.21
)
______________________
(a)
For the three months ended March
31, 2022 and 2021, 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 & TRUST
CORPORATION AND SUBSIDIARIES
Core Funds from
Operations
(Unaudited and in thousands,
except per share amounts)
Three Months Ended March
31,
2022
2021
Numerator:
Net loss attributable to common
stockholders
$
(2,811
)
$
(8,206
)
Depreciation and amortization
5,004
5,037
FFO attributable to common
stockholders
$
2,193
$
(3,169
)
Loss on early extinguishment of debt
—
—
Redeemable preferred stock redemptions
75
13
Redeemable preferred stock deemed
dividends
15
57
Core FFO attributable to common
stockholders
$
2,283
$
(3,099
)
Redeemable preferred stock dividends
declared on dilutive shares (a)
(1
)
—
Diluted Core FFO attributable to common
stockholders
$
2,282
$
(3,099
)
Denominator:
Basic weighted average shares of common
stock outstanding
23,349
14,808
Effect of dilutive securities-contingently
issuable shares (a)
24
—
Diluted weighted average shares and common
stock equivalents outstanding
23,373
14,808
Core FFO attributable to common
stockholders per share:
Basic
$
0.10
$
(0.21
)
Diluted
$
0.10
$
(0.21
)
______________________
(a)
For the three months ended March
31, 2022 and 2021, the effect of certain shares of redeemable
preferred stock were excluded from the computation of diluted Core
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 & TRUST
CORPORATION AND SUBSIDIARIES
Reconciliation of Net
Operating Income
(Unaudited and in
thousands)
Three Months Ended March 31,
2022
Same-Store
Office
Non-Same- Store Office
Total Office
Hotel
Lending
Total
Cash net operating income excluding lease
termination income
$
7,791
$
297
$
8,088
$
2,397
$
1,748
$
12,233
Cash lease termination income
121
—
121
—
—
121
Cash net operating income (loss)
7,912
297
8,209
2,397
1,748
12,354
Deferred rent and amortization of
intangible assets, liabilities, and lease inducements
(209
)
14
(195
)
(3
)
—
(198
)
Straight line lease termination income
—
—
—
—
—
—
Segment net operating income (loss)
7,703
311
8,014
2,394
1,748
12,156
Asset management and other fees to related
parties
(921
)
Expense reimbursements to related
parties—corporate
(422
)
Interest expense
(2,063
)
General and administrative
(1,137
)
Depreciation and amortization
(5,004
)
Income before benefit for income taxes
2,609
Provision for income taxes
(307
)
Net income
2,302
Net loss attributable to noncontrolling
interests
(5
)
Net income attributable to the Company
$
2,297
Three Months Ended March 31,
2021
Same-Store
Office
Non-Same- Store Office
Total Office
Hotel
Lending
Total
Cash net operating income (loss) excluding
lease termination income
$
7,492
$
(5
)
$
7,487
$
(805
)
$
2,106
$
8,788
Cash lease termination income
25
—
25
—
—
25
Cash net operating income (loss)
7,517
(5
)
7,512
(805
)
2,106
8,813
Deferred rent and amortization of
intangible assets, liabilities, and lease inducements
197
—
197
(2
)
—
195
Straight line lease termination income
78
—
78
—
—
78
Segment net operating income (loss)
7,792
(5
)
7,787
(807
)
2,106
9,086
Asset management and other fees to related
parties
(2,259
)
Expense reimbursements to related
parties—corporate
(605
)
Interest expense
(2,441
)
General and administrative
(2,041
)
Depreciation and amortization
(5,037
)
Loss on early extinguishment of debt
—
Loss before provision for income taxes
(3,297
)
Provision for income taxes
(374
)
Net loss
(3,671
)
Net income attributable to noncontrolling
interests
1
Net loss attributable to the Company
$
(3,670
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510006340/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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