Creative Media & Community Trust Corporation (NASDAQ: CMCT
and TASE: CMCT-L) (“we,” “our,” “CMCT,” or the “Company”) today
reported operating results for the three months and year ended
December 31, 2022.
Fourth Quarter 2022 Highlights
Real Estate Portfolio
- Same-store(1) office portfolio was 84.8%1 leased.
- Executed 37,566 square feet of leases with terms longer than 12
months.
Financial Results
- As previously announced on December 23, 2022, we redeemed all
remaining outstanding shares of our Series L Preferred Stock in
cash on January 25, 2023 for a total cost of $83.8 million.
- Net loss attributable to common stockholders of $8.9 million,
or $0.39 per diluted share.
- Funds from operations (“FFO”) attributable to common
stockholders(2) was $(3.7) million, or $(0.16) per diluted
share.
- Core FFO attributable to common stockholders(3) was $4.4
million, or $0.11 per diluted share.
____________________
1
We are no longer classifying
approximately 110,000 square feet of vacant space at its property
at 4750 Wilshire Boulevard in Los Angeles, California as rentable
office square footage as of September 30, 2022 in connection with
the planned conversion of that space from rentable office space to
multifamily units.
Management Commentary
“In 2022, we saw strong leasing activity that increased our
leased percentage, we reduced our corporate overhead by 28% and we
recast our credit facility for another five years including
extension options,” said David Thompson, Chief Executive Officer of
Creative Media & Community Trust Corporation.
“And 2023 is off to a very fast start as we execute on our
strategy to grow our multifamily portfolio by acquiring newer
vintage, highly amenitized residences in high barrier-to-entry
markets. In the first quarter, we acquired interests in three
multifamily properties totaling 696 units in the Bay Area and Los
Angeles.”
“We also advanced our asset-light growth model by partnering
with three international institutional investors to convert the
unleased portion of one of our Los Angeles office buildings into
luxury multifamily. CMCT will retain 20% ownership and will earn a
base management fee and potentially a promote based on performance.
The renovation started in the first quarter. In addition, CMCT has
an attractive pipeline of ground-up multifamily development
opportunities based on land we already own; we expect to start
construction on 76 units across two assets in 2023. Finally, we
created additional liquidity by completing a securitization of our
lending portfolio generating $43.3 million of net proceeds in
March.”
Fourth Quarter 2022 Results
Real Estate Portfolio
As of December 31, 2022, our real estate portfolio consisted of
19 assets, all of which were fee-simple properties, including one
office property in which the Company has an approximate 44%
ownership interest through its investment in an unconsolidated
joint venture. The portfolio of 19 assets included 13 office
properties and four development sites (one 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 $8.9 million,
or $0.39 per diluted share of common stock, for the three months
ended December 31, 2022, compared to a net loss attributable to
common stockholders of $4.3 million, or $0.19 per diluted share of
common stock, for the three months ended December 31, 2021.
FFO attributable to common stockholders(2) was $(3.7) million,
or $(0.16) per diluted share of common stock, for the three months
ended December 31, 2022, compared to $598,000, or $0.03 per diluted
share of common stock, for the three months ended December 31,
2021. Core FFO attributable to common stockholders(3) was $4.4
million, or $0.11 per diluted share of common stock, for the three
months ended December 31, 2022, compared to $801,000, or $0.03 per
diluted share of common stock, for the three months ended December
31, 2021. The decrease in FFO is primarily attributable to an
increase in redeemable preferred stock redemptions of $8.0 million,
driven by $7.9 million recognized in connection with the Series L
Redemption announced in December 2022, and an increase in interest
expense of $915,000. These amounts were partially offset by a
decrease in redeemable preferred stock dividends of $3.2 million,
due to a change in timing of the declaration of preferred stock
dividends as well as a decrease in asset management and other fees
to related parties of $1.4 million. As redeemable preferred stock
redemptions are not included in the calculation of Core FFO, Core
FFO increased by $3.6 million compared to the prior year
period.
Segment Information
Our reportable segments during the three months ended December
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”)(4) was
$11.7 million for the three months ended December 31, 2022,
compared to $12.1 million for the three months ended December 31,
2021.
Office
Same-Store
Same-store(2) office segment NOI(4) increased by 4.6% while same
store-store(1) office cash NOI(5), excluding lease termination
income, increased by 6.4% for the three months ended December 31,
2022 compared to the three months ended December 31, 2021. The
increase in same-store(1) office segment NOI(4) is primarily due to
a decrease in real estate tax expenses at an office property in
Austin, Texas, partially offset by a decrease in rental revenues at
an office property in San Francisco, California due to a decrease
in occupancy.
At December 31, 2022, the Company’s same-store(1) office
portfolio was 82.2% occupied, an increase of 450 basis points
year-over-year on a same-store(1) basis, and 84.8% leased, an
increase of 490 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 $55.49 at December 31, 2022 compared to
$52.57 at December 31, 2021. During the three months ended December
31, 2022, the Company executed 31,615 square feet of recurring
leases at our same-store(1) office portfolio.
Total
Office segment NOI(4) increased by 4.1% for the three months
ended December 31, 2022 compared to the three months ended December
31, 2021. The increase is primarily driven by the increase in
same-store(2) office segment NOI(4) described above.
Hotel
Hotel segment NOI(4) increased to $3.1 million for the three
months ended December 31, 2022, from $1.8 million for the three
months ended December 31, 2021, due to increases in occupancy and
average daily rate as a result of the hospitality industry
continuing to recover from the impact of COVID-19.
Three Months Ended December
31,
2022
2021
Occupancy
71.5
%
69.9
%
Average daily rate(a)
$
178.72
$
153.77
RevPAR(b)
$
127.84
$
107.55
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(4) decreased by 52.0% for the three months ended
December 31, 2022, compared to the three months ended December 31,
2021. The decrease is primarily due to lower premium income as a
result of lower loan sale volume and a reduction in the market
premium achieved during the three months ended December 31, 2022,
compared to the three months ended December 31, 2021. Loan
origination volumes were elevated during 2021, a year when the SBA
temporarily increased guaranteed percentages for SBA 7(a) loan
originations.
Debt and Equity
In December 2022, we refinanced our 2018 Credit Facility and
replaced it with a new 2022 Credit Facility, entered into with a
bank syndicate, that includes a $56.2 million term loan as well as
a revolver allowing the Company to borrow up to $150.0 million,
both of which are collectively subject to a borrowing base
calculation. The 2022 credit facility is secured by properties in
the Company’s real estate portfolio. During the three months ended
December 31, 2022, we paid down an aggregate of $28.8 million on
our credit facilities.
As previously announced on December 23, 2022, we redeemed all
remaining outstanding shares of our Series L Preferred Stock in
cash on January 25, 2023 at its stated value of $28.37 per share.
The total cost to complete the Series L Redemption, including
transaction costs of $93,000 (or $0.03 per share), was $83.8
million. Additionally, on January 25, 2023 we paid the accrued and
unpaid dividends on the redeemed shares of Series L Preferred Stock
through December 31, 2022 of $1.56 per share (or $4.6 million
accrued and unpaid dividends in the aggregate).
During the three months ended December 31, 2022, we issued
3,106,636 shares of Series A1 Preferred Stock for aggregate net
proceeds of approximately $69.3 million. Net proceeds represent
gross proceeds offset by costs specifically identifiable to the
offering of Series A1 Preferred Stock.
Dividends
On December 15, 2022, we declared a quarterly cash dividend of
$0.085 per share of our common stock, which was paid on January 9,
2023 to stockholders of record at the close of business on December
27, 2022.
On December 15, 2022, we declared an annual cash dividend of
$1.56 per share of our Series L Preferred Stock, which was paid on
January 25, 2023 to stockholders of record at the close of business
on December 29, 2022.
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 October 1, 2021; (ii) sold
or otherwise removed from our consolidated financial statements on
or before December 31, 2022; or (iii) that underwent a major
repositioning project we believed significantly affected its
results at any point during the period commencing on October 1,
2021 and ending on December 31, 2022. When determining our
same-store properties as of December 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. These statements include the plans and objectives of
management for future operations, including plans and objectives
relating to future growth of CMCT’s business and availability of
funds. 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 also 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 timing, form, and operational effects of CMCT’s
development activities, (ii) the ability of CMCT to raise in place
rents to existing market rents and to maintain or increase
occupancy levels, (iii) fluctuations in market rents, (iv) the
effects of inflation and higher interest rates on the operations
and profitability of CMCT and (v) 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, 2022. 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 expressed or implied 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,
except as may be required by applicable securities law.
CREATIVE MEDIA & COMMUNITY
TRUST CORPORATION AND SUBSIDIARIES
Consolidated Balance
Sheets
(Unaudited and in thousands,
except share and per share amounts)
December 31,
2022
2021
ASSETS
Investments in real estate, net
$
502,006
$
497,984
Investment in unconsolidated entity
12,381
—
Cash and cash equivalents
46,190
22,311
Restricted cash
11,290
11,340
Loans receivable, net
62,547
73,543
Accounts receivable, net
3,780
3,396
Deferred rent receivable and charges,
net
37,543
36,095
Other intangible assets, net
4,461
5,251
Other assets
10,050
10,946
TOTAL ASSETS
$
690,248
$
660,866
LIABILITIES, REDEEMABLE PREFERRED STOCK,
AND EQUITY
LIABILITIES:
Debt, net
$
184,267
$
201,145
Accounts payable and accrued expenses
107,220
26,751
Intangible liabilities, net
20
237
Due to related parties
3,155
4,541
Other liabilities
17,856
16,861
Total liabilities
312,518
249,535
COMMITMENTS AND CONTINGENCIES
REDEEMABLE PREFERRED STOCK: Series A
cumulative redeemable preferred stock, $0.001 par value; 35,438,752
and 35,776,705 shares authorized as of December 31, 2022 and
December 31, 2021, respectively; 693,741 shares issued and
outstanding as of December 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
15,697
37,782
EQUITY:
Series A cumulative redeemable preferred
stock, $0.001 par value; 35,438,752 and 35,776,705 shares
authorized as of December 31, 2022 and December 31, 2021,
respectively; 8,126,597 and 7,565,349 shares issued and
outstanding, respectively, as of December 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
189,048
156,431
Series A1 cumulative redeemable preferred
stock, $0.001 par value; 27,990,070 shares authorized; 5,966,077
and 5,956,147 shares issued and outstanding, respectively, as of
December 31, 2022 and no shares issued, outstanding, or authorized
as of December 31, 2021; liquidation preference of $25.00 per
share, subject to adjustment
147,514
—
Series D cumulative redeemable preferred
stock, $0.001 par value; 26,992,000 and 32,000,000 shares
authorized as of December 31, 2022 and December 31, 2021,
respectively; 56,857 and 48,857 shares issued and outstanding,
respectively, as of December 31, 2022 and 56,857 shares issued and
outstanding as of December 31, 2021; liquidation preference of
$25.00 per share, subject to adjustment
1,200
1,396
Series L cumulative redeemable preferred
stock, $0.001 par value; 919,260 and 6,306,420 shares authorized as
of December 31, 2022 and December 31, 2021, respectively; No shares
issued and outstanding, respectively, as of December 31, 2022 and
8,080,740 and 5,387,160 shares issued and outstanding as of
December 31, 2021; liquidation preference of $28.37 per share,
subject to adjustment
—
152,834
Common stock, $0.001 par value;
900,000,000 shares authorized; 22,737,853 and 23,369,331 shares
issued and outstanding as of December 31, 2022 and December 31,
2021, respectively
23
24
Additional paid-in capital
861,721
866,746
Distributions in excess of earnings
(837,846
)
(804,227
)
Total stockholders’ equity
361,660
373,204
Noncontrolling interests
373
345
Total equity
362,033
373,549
TOTAL LIABILITIES, REDEEMABLE PREFERRED
STOCK, AND EQUITY
$
690,248
$
660,866
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,
2022
2021
2022
2021
REVENUES:
Rental and other property income
$
13,742
$
13,342
$
56,226
$
52,838
Hotel income
8,956
6,648
33,432
16,722
Interest and other income
3,170
5,135
12,248
21,366
Total Revenues
25,868
25,125
101,906
90,926
EXPENSES:
Rental and other property operating
12,969
11,909
50,526
39,272
Asset management and other fees to related
parties
813
2,249
3,570
9,030
Expense reimbursements to related
parties—corporate
466
458
1,925
2,050
Expense reimbursements to related
parties—lending segment
317
702
1,929
1,921
Interest
2,838
1,923
9,604
9,413
General and administrative
1,894
1,451
6,869
6,844
Transaction costs
22
143
223
143
Depreciation and amortization
5,277
4,945
20,348
20,112
Total Expenses
24,596
23,780
94,994
88,785
(Loss) income from unconsolidated
entity
(12
)
—
164
—
INCOME BEFORE PROVISION FOR INCOME
TAXES
1,260
1,345
7,076
2,141
Provision for income taxes
316
676
1,131
2,992
NET INCOME (LOSS)
944
669
5,945
(851
)
Net (income) loss attributable to
noncontrolling interests
(8
)
(3
)
(27
)
1
NET INCOME (LOSS) ATTRIBUTABLE TO THE
COMPANY
936
666
5,918
(850
)
Redeemable preferred stock dividends
declared or accumulated
(1,795
)
(4,953
)
(18,558
)
(18,763
)
Redeemable preferred stock deemed
dividends
—
—
(19
)
(253
)
Redeemable preferred stock redemptions
(8,082
)
(60
)
(13,126
)
(113
)
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
$
(8,941
)
$
(4,347
)
$
(25,785
)
$
(19,979
)
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS PER SHARE:
Basic
$
(0.39
)
$
(0.19
)
$
(1.11
)
$
(1.04
)
Diluted
$
(0.39
)
$
(0.19
)
$
(1.11
)
$
(1.04
)
WEIGHTED AVERAGE SHARES OF COMMON STOCK
OUTSTANDING:
Basic
22,707
23,349
23,153
19,187
Diluted
22,712
23,349
23,154
19,187
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,
2022
2021
2022
2021
Numerator:
Net loss attributable to common
stockholders
$
(8,941
)
$
(4,347
)
$
(25,785
)
$
(19,979
)
Depreciation and amortization
5,277
4,945
20,348
20,112
FFO attributable to common
stockholders
$
(3,664
)
$
598
$
(5,437
)
$
133
Redeemable preferred stock dividends
declared on dilutive shares (a)
(9
)
—
(15
)
(1
)
Dilutive FFO attributable to common
stockholders
$
(3,673
)
$
598
$
(5,452
)
$
132
Denominator:
Basic weighted average shares of common
stock outstanding
22,707
23,349
23,153
19,187
Effect of dilutive securities-contingently
issuable shares (a)
5
20
4
16
Diluted weighted average shares and common
stock equivalents outstanding
22,712
23,369
23,157
19,203
FFO attributable to common stockholders
per share
Basic
$
(0.16
)
$
0.03
$
(0.23
)
$
0.01
Diluted
$
(0.16
)
$
0.03
$
(0.24
)
$
0.01
____________________ (a)
For the three months and the years ended December 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 & 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,
2022
2021
2022
2021
Numerator:
Net loss attributable to common
stockholders
$
(8,941
)
$
(4,347
)
$
(25,785
)
$
(19,979
)
Depreciation and amortization
5,277
4,945
20,348
20,112
FFO attributable to common
stockholders
$
(3,664
)
$
598
$
(5,437
)
$
133
Redeemable preferred stock deemed
dividends
—
—
19
253
Redeemable preferred stock redemptions
8,082
60
13,126
113
Transaction costs
22
143
223
143
Core FFO attributable to common
stockholders
$
4,440
$
801
$
7,931
$
642
Redeemable preferred stock dividends
declared on dilutive shares (a)
4,269
—
11,723
(1
)
Dilutive Core FFO attributable to common
stockholders
$
8,709
$
801
$
19,654
$
641
Denominator:
Basic weighted average shares of common
stock outstanding
22,707
23,349
23,153
19,187
Effect of dilutive securities-contingently
issuable shares (a)
54,095
20
37,711
17
Diluted weighted average shares and common
stock equivalents outstanding
76,802
23,369
60,864
19,204
Core FFO attributable to common
stockholders per share:
Basic
$
0.20
$
0.03
$
0.34
$
0.03
Diluted
$
0.11
$
0.03
$
0.32
$
0.03
____________________
(a)
For the three months and the
years ended December 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 & COMMUNITY
TRUST CORPORATION AND SUBSIDIARIES
Reconciliation of Net
Operating Income
(Unaudited and in
thousands)
Three Months Ended December
31, 2022
Same-Store
Office
Non-Same- Store Office
Total Office
Hotel
Lending
Total
Cash net operating income (loss) excluding
lease termination income
$
6,976
$
3
$
6,979
$
3,097
$
1,752
$
11,828
Cash lease termination income
—
—
—
—
—
—
Cash net operating income (loss)
6,976
3
6,979
3,097
1,752
11,828
Deferred rent and amortization of
intangible assets, liabilities, and lease inducements
(91
)
9
(82
)
(1
)
—
(83
)
Segment net operating income (loss)
6,885
12
6,897
3,096
1,752
11,745
Asset management and other fees to related
parties
(813
)
Expense reimbursements to related parties
— corporate
(466
)
Interest expense
(2,646
)
General and administrative
(1,260
)
Transaction costs
(22
)
Depreciation and amortization
(5,277
)
Income before provision for income
taxes
1,260
Provision for income taxes
(316
)
Net income
944
Net income attributable to noncontrolling
interests
(8
)
Net income attributable to the Company
$
936
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)
6,559
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
)
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230331005093/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
Creative Media and Commu... (NASDAQ:CMCT)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Creative Media and Commu... (NASDAQ:CMCT)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024