Welcome to our dedicated page for Creative Media & Community Trust Corporation news (Ticker: CMCT), a resource for investors and traders seeking the latest updates and insights on Creative Media & Community Trust Corporation stock.
Creative Media & Community Trust Corporation (CMCT) is a dynamic entity dedicated to investing in, owning, and operating Class A and creative office spaces in urban areas across the United States. The company operates through three primary segments: Office, Hotel, and Multifamily Properties, and Lending.
In the Office segment, CMCT offers rental office spaces and other tenant services, including reimbursements, parking, and storage space rentals. The Hotel segment covers the operations of hotel properties, catering to guests with high-quality accommodations and amenities. Meanwhile, the Lending segment generates income from the yield on loans receivable, sales of government-guaranteed loan portions, and related fees.
The company's origins date back to 1994, when its founders concentrated on enhancing Southern California neighborhoods. Since then, CMCT has grown into a diverse team of over 990 professionals spread across the Americas. Their projects have significantly contributed to the communities they invest in by creating jobs, comfortable living spaces, and sustainable infrastructure.
CMCT remains steadfast in its mission to enhance communities through strategic real estate and infrastructure investments. The company continues to focus on creating value in real assets, benefiting the communities where it operates, and making a lasting impact.
For the latest updates and more information, please visit the company’s website.
Creative Media & Community Trust (NASDAQ: CMCT) has announced its Board of Directors' declaration of preferred stock dividends for Q4 2024. The dividends will be paid on January 15, 2025, to holders of record as of January 5, 2025. The quarterly dividend rates are: $0.34375 per share for Series A, $0.489375 per share for Series A1 (representing a 7.83% annualized rate), and $0.353125 per share for Series D Preferred Stock.
The company has decided to suspend its quarterly common stock dividend as it focuses on premier multifamily assets, balance sheet strengthening, and liquidity improvement. The Board will monitor progress toward these goals to determine when to reinstate the common stock dividend.
Creative Media & Community Trust (NASDAQ: CMCT) has secured a $92.2 million loan for its Sheraton Grand Sacramento Hotel. The floating rate, interest-only loan matures in December 2026, with three one-year extension options. The loan comprises an $84.3 million initial advance and up to $7.9 million in future funding.
The initial advance was used to reduce the company's corporate credit facility debt from $169.3 million to $97.3 million and fund the ongoing renovation of the hotel's 505 guest rooms and suites, expected to complete by end-2024. Additional improvements planned for 2025 include modernizing the hotel's ballroom, meeting space, and common areas, funded through a Marriott International management agreement extension.
Creative Media & Community Trust (NASDAQ: CMCT) reported Q3 2024 results with a net loss of $34.8 million, or $1.22 per diluted share. The company's same-store office portfolio was 72.9% leased, with 4,850 square feet of new leases executed. FFO was $(28.4) million, while Core FFO was $(11.5) million. In September 2024, CMCT suspended its Series A1 Preferred Stock offering and redeemed shares of Series A1 and Series A Preferred stock, issuing 60.5 million common shares. The company is focusing on premier multifamily assets and strengthening its balance sheet through refinancing initiatives.
CMCT announced that an international institutional investor has acquired a 49% interest in 1902 Park Ave., a Class A apartment property in Los Angeles' Echo Park neighborhood. The proceeds were used to repay the mortgage and distribute funds to CMCT and another CIM-advised fund. Both funds will earn management and potential incentive fees based on performance. The 75-unit apartment community is adjacent to 1910 W. Sunset Blvd., where CMCT is developing a 36-unit apartment community expected to complete in Q3 2025.
Creative Media & Community Trust (NASDAQ: CMCT) has scheduled its third quarter 2024 earnings release for Friday, November 8, 2024, before market opening. The company will host a conference call at 12:00 p.m. Eastern Time on the same day to discuss financial results and business updates. CEO David Thompson, CFO Barry Berlin, and Portfolio Oversight Steve Altebrando will host the call. Participants can join via webcast at creativemediacommunity.com or by phone. A 90-day archived replay will be available on the company's website.
CMCT (NASDAQ: CMCT and TASE: CMCT) has completed the conversion of the top two floors of a three-story office building at 4750 Wilshire Blvd., Los Angeles, into 68 luxury apartment residences. The project, now known as 701 S. Hudson Ave., retains approximately 30,000 square feet of ground floor creative office space, which is 100% leased as of September 2024. The apartments feature studio, one- and two-bedroom layouts with modern amenities, including a resort-style pool, fitness facilities, and co-working spaces. Located in the Brookside neighborhood, the property is centrally positioned near key business hubs and popular retail districts. This conversion aligns with CMCT's strategy to invest in premier apartments and creative office space in high barrier to entry markets, utilizing an asset-light development approach with co-investors including Kanden Realty & Development, Taisei , and a third institutional investor.
CMCT (NASDAQ: CMCT and TASE: CMCT) has announced strategic actions to accelerate its focus towards premier multifamily assets and strengthen its balance sheet. Key points include:
1. Shifting from asset sales to refinancing due to market conditions
2. Plans to repay recourse corporate-level credit facility
3. Suspension of Series A1 Preferred Stock offering
4. Redemption of ~2.2M Series A and ~2.6M Series A1 Preferred Stock shares
5. Change in preferred stock dividend payment schedule from monthly to quarterly
6. Declaration of $0.04 per share quarterly common dividend, payable in common stock
These actions aim to improve CMCT's common equity ratio, enhance liquidity, and position the company for opportunities in a recovering real estate market.
Creative Media & Community Trust (NASDAQ: CMCT) reported its Q2 2024 results, showing improvements in core FFO and segment net operating income. Key highlights include:
- Net loss of $9.7 million, or $0.43 per diluted share
- FFO of $(3.3) million, or $(0.14) per diluted share
- Core FFO of $(2.1) million, or $(0.09) per diluted share
- Same-store office portfolio 83.5% leased
- Executed 52,346 square feet of leases with terms longer than 12 months
The company's real estate portfolio consists of 27 assets, including 13 office properties, three multifamily properties, nine development sites, and one hotel. Segment NOI increased to $16.2 million, up from $12.0 million in Q2 2023. CMCT continues to focus on strengthening its balance sheet and improving cash flow through potential asset sales and debt reduction strategies.
Creative Media & Community Trust (NASDAQ: CMCT; TASE: CMCT) has announced its plans to release second quarter 2024 earnings results on Thursday, August 8, 2024, before the stock market opens. A conference call is scheduled for 12:00 p.m. Eastern Time on the same day to discuss the financial results and business updates.
The call will be hosted by CEO David Thompson, CFO Barry Berlin, and Portfolio Oversight Steve Altebrando. Interested parties can participate via webcast at www.creativemediacommunity.com or by phone at 1-844-763-8274 (Domestic) or 1-412-717-9224 (International). An archived replay of the call will be available for 90 days on the company's website.
CMCT (NASDAQ: CMCT, TASE: CMCT) announced its Board of Directors has declared dividends on its Series A, Series A1, and Series D Preferred Stock for Q3 2024. The declared dividends are as follows:
For Series A: $0.34375 per share per quarter ($0.114583 monthly) with record dates on August 5, September 5, and October 5, 2024, and payment dates on August 15, September 16, and October 15, 2024.
For Series A1: $0.489375 per share per quarter ($0.163125 monthly), reflecting a 7.83% annualized rate, with the same record and payment dates.
For Series D: $0.353125 per share per quarter ($0.117708 monthly), with the same record and payment dates.
This quarterly dividend reflects steady income for shareholders.
FAQ
What is the current stock price of Creative Media & Community Trust Corporation (CMCT)?
What is the market cap of Creative Media & Community Trust Corporation (CMCT)?
What does Creative Media & Community Trust Corporation do?
What are the main segments of CMCT's operations?
What services are provided under the Office segment?
What does CMCT's Hotel segment entail?
How does CMCT generate income in its Lending segment?
When was Creative Media & Community Trust Corporation founded?
How many employees does CMCT have?
What is CMCT’s mission?
Where does CMCT operate?
What kind of impact has CMCT had on communities?
