earnings
confidence high
sentiment negative
materiality 0.80
CMCT Q1 net loss $12.7M; acquires 696 multifamily units, redeems Series L Preferred
Creative Media & Community Trust Corp
2023-Q1 EPS reported
-$0.56
revenue$28,912,000
- Net loss attributable to common stockholders of $12.7M ($0.56 per diluted share), up from $2.8M loss in Q1 2022.
- FFO $(4.8)M, or $(0.21) per share; Core FFO $(1.3)M, or $(0.06) per share.
- Acquired two multifamily buildings in Oakland (621 units) for $282.9M; invested $6.6M in Echo Park JV.
- Redeemed all Series L Preferred Stock for $83.8M; issued Series A1 preferred net $23.6M; completed SBA loan securitization net $43.3M.
- Same-store office occupancy 80.9% (down 370bps); leased 83.6% (down 330bps); executed 43,887 sq ft of leases.