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Leasing Activity: Executed approximately 140,000 square feet of leases through July 2025, a 55% increase from the prior year.
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Core FFO: Negative $7.2 million for the second quarter of 2025.
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Net Operating Income (NOI): Decreased to $9.8 million from $11.8 million in the prior quarter.
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Office Segment NOI: Declined by $1.6 million from the prior quarter.
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Hotel Segment NOI: $4.2 million for the quarter, down from $4.7 million in Q1.
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Multifamily Segment NOI: Increased by approximately $800,000 from the prior quarter.
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Lending Segment NOI: Declined by approximately $640,000.
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Interest Expense: Increased by $1.3 million.
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FFO: Negative $7.9 million or negative $10.42 per diluted share.
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Debt Maturities: Extended for multifamily properties in the Bay Area.
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Reverse Stock Split: 1-for-25 reverse stock split completed on April 15, 2025.
Release Date: August 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Creative Media & Community Trust Corp (NASDAQ:CMCT) executed approximately 140,000 square feet of leases through the end of July 2025, representing a 55% increase from the prior year period.
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The company successfully secured property-level financing, allowing it to fully repay and retire a $169 million recourse credit facility.
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CMCT extended the debt maturity on its multifamily property at 1150 Clay in the Bay Area to the summer of 2026 and modified another multifamily property, Channel House, pushing its maturity to January 2027.
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The company completed renovations of all 500-plus guestrooms at its hotel asset, the Sheridan Grand Sacramento, leading to a sharp year-over-year increase in Q1 NOI.
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CMCT’s multifamily segment saw an increase in NOI by approximately $800,000 from the prior quarter, primarily due to decreased unrealized losses and lower costs at consolidated properties.
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Core FFO was negative $7.2 million, and overall net operating income decreased to $9.8 million from $11.8 million in the prior quarter.
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Office segment NOI declined by $1.6 million from the prior quarter due to real estate tax benefits, timing of tenant reimbursement revenue, and tenant vacancies.
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Hotel NOI decreased to $4.2 million for the quarter compared to $4.7 million in Q1, impacted by planned renovations.
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Multifamily segment NOI was $189,000 during Q2 2025 compared to $2.3 million in the prior year, driven by an unrealized loss on investment in real estate and decreased revenues.
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Lending division NOI declined to a loss of $47,000 compared to NOI of $743,000 in the prior year, primarily due to decreased interest income and increased credit losses.
