Creative Media & Community Trust Corporation
NASDAQ:CMCT
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Creative Media & Community Trust Corporation
CIM Commercial Trust Corp. engages in the acquisition, ownership, and operation of Class A and office assets. The company is headquartered in Dallas, Texas and currently employs 5 full-time employees. The firm focuses on acquisition, ownership, operation, and development of office, multifamily, retail, parking, infill industrial and limited-service hospitality real assets in communities. The firm serves industries, such as technology, media and entertainment. The firm's segments consist of two types of commercial real estate properties, namely office and hotel, as well as a segment for its lending business, which primarily originates loans to small businesses. The company is operated by affiliates of CIM Group, L.P. (CIM Group). CIM Group is an owner and operator of real assets with skills including in-house research, acquisition, credit analysis, development, finance, leasing, and property management capabilities, and its affiliates.
CIM Commercial Trust Corp. engages in the acquisition, ownership, and operation of Class A and office assets. The company is headquartered in Dallas, Texas and currently employs 5 full-time employees. The firm focuses on acquisition, ownership, operation, and development of office, multifamily, retail, parking, infill industrial and limited-service hospitality real assets in communities. The firm serves industries, such as technology, media and entertainment. The firm's segments consist of two types of commercial real estate properties, namely office and hotel, as well as a segment for its lending business, which primarily originates loans to small businesses. The company is operated by affiliates of CIM Group, L.P. (CIM Group). CIM Group is an owner and operator of real assets with skills including in-house research, acquisition, credit analysis, development, finance, leasing, and property management capabilities, and its affiliates.
Lending Business Sale: CMCT entered a definitive agreement to sell its lending division for an estimated $44 million, expecting about $31 million in net proceeds after debt and expenses.
Focus on Liquidity: Management stressed ongoing efforts to strengthen the balance sheet and improve liquidity, including significant refinancing and asset sales.
NOI Decline: Net operating income (NOI) fell to $7 million from $7.6 million year-over-year, mainly due to weaker office and lending segments.
Negative FFO: Core FFO was negative $10.5 million, slightly improved from negative $11.5 million last year, helped by lower preferred stock expenses.
Multifamily Gains: Multifamily NOI rose year-over-year, with strong occupancy improvement at key properties and optimism about future rent growth.
Hotel Disruption: Hotel segment NOI fell due to ongoing renovations, but management sees strength returning as upgrades wrap up.
Management Transition: CFO Barry Berlin will depart with the lending sale, and Brandon Hill will become CFO.
