Welcome to our dedicated page for Creative Media & news (Ticker: CMCT), a resource for investors and traders seeking the latest updates and insights on Creative Media & stock.
Creative Media & Community Trust Corp (CMCT) is a real estate investment trust focused on Class A office properties, hotel operations, and community-focused urban development. This page serves as the definitive source for CMCT news, offering investors and stakeholders timely updates on corporate developments and strategic initiatives.
Access official press releases, earnings reports, and analysis of CMCT's activities in commercial real estate and lending markets. Track the company's progress in revitalizing urban communities through its diversified portfolio of high-value assets and financial services operations.
Key updates include announcements on property acquisitions, leasing milestones, hospitality expansions, and community partnership programs. Our curated news collection provides transparency into CMCT's operational performance and market positioning within the competitive REIT sector.
Bookmark this page for direct access to verified CMCT updates, ensuring you stay informed about financial results, leadership changes, and growth strategies. Regularly updated with the latest developments impacting CMCT's stakeholders and urban communities nationwide.
Creative Media & Community Trust (NASDAQ: CMCT) has announced a significant 1-for-25 reverse stock split of its common stock, scheduled to take effect on April 15, 2025 at 12:01 a.m. Eastern Time. The company's stock will continue trading on the Nasdaq Global Market under the symbol 'CMCT' but with a new CUSIP number (12564W102).
Stockholders will receive one share for every twenty-five shares held, with cash payments provided for fractional shares based on the closing price on April 15, 2025. No action is required from stockholders holding shares in book-entry form or through intermediaries. Trading on the Tel Aviv Stock Exchange will be temporarily suspended on April 15, 2025, to accommodate necessary adjustments.
Creative Media & Community Trust (NASDAQ: CMCT) has successfully completed the full repayment and retirement of its recourse credit facility, following the closure of a mortgage on Penn Field, a 16-acre creative office campus in Austin, Texas. This achievement is part of the company's September 2024 strategic plan to focus on premier multifamily properties and strengthen its balance sheet.
The company has executed four non-recourse financings since announcing its refinancing plan:
- Sheraton Grand Hotel (Sacramento): $88.8M floating rate debt
- Wilshire Portfolio (Beverly Hills/Brentwood): $105.0M fixed rate debt
- 8944 Lindblade (Culver City): $4.6M floating rate debt
- 3601 South Congress/Penn Field (Austin): $35.5M floating rate debt
These financings were used to pay off the $169.3 million balance on its recourse credit facility and provided additional reserves for office leasing and hotel renovation funding.
Creative Media & Community Trust (NASDAQ: CMCT) has announced quarterly preferred stock dividend declarations for Q1 2025. The dividends will be paid on April 15, 2025 to stockholders of record as of April 5, 2025.
The quarterly cash dividend of $0.4425 per share represents an annualized dividend rate of 7.08%, calculated as 2.5% plus the federal funds rate of 4.58%. For Series A1 Preferred Stock, cumulative cash dividends are set at the greater of 6.00% of the Series A1 Stated Value (divided by four) or the Federal Funds Rate plus 2.50%, with a maximum quarterly cap of 2.50% of the Series A1 Stated Value.
Creative Media & Community Trust (NASDAQ: CMCT) reported its Q4 2024 results, highlighting key developments in its real estate portfolio. The company reported a net loss of $16.6 million, or $1.78 per diluted share. The same-store office portfolio was 71.0% leased, with 175,654 square feet of leases executed.
Notable financial activities included closing an $84.3 million variable-rate mortgage on their hotel property (with potential $7.9 million future advance) and a $105.0 million fixed-rate mortgage on three Los Angeles office properties. These refinancings enabled repayment of $154.3 million on their 2022 Credit Facility.
The company's portfolio comprises 27 assets, including 12 office properties, 4 multifamily properties, 9 development sites, and a 505-room hotel. The multifamily segment showed 81.7% occupancy with monthly rent per occupied unit at $2,468. The hotel segment experienced decreased NOI due to renovation-related occupancy impacts.
Creative Media & Community Trust (NASDAQ: CMCT) has scheduled its fourth quarter 2024 earnings release for Friday, March 7, 2025, before market opening. The company will host a conference call at 11:30 a.m. Eastern Time on the same day to discuss financial results and business updates.
The earnings call will feature presentations from CEO David Thompson, CFO Barry Berlin, and Portfolio Oversight Steve Altebrando.
Creative Media & Community Trust (NASDAQ: CMCT) has announced a one-for-ten reverse stock split effective January 6, 2025, at 12:01 a.m. Eastern Standard Time. The stock will begin trading on a split-adjusted basis on the Nasdaq Global Market the same day.
Every ten shares of CMCT common stock will be combined into one share. Stockholders who would hold fractional shares will receive cash payments based on the closing price on January 6, 2025. No action is required for stockholders holding shares in book-entry form or through intermediaries.
The trading symbol will remain 'CMCT' with a new CUSIP number of 125525527. Trading on the Tel Aviv Stock Exchange will be suspended on January 6, 2025, to implement necessary adjustments.
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.
