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 Corporation (CMCT) reported its fourth quarter and annual results for 2022, revealing a net loss of $8.9 million or $0.39 per diluted share. The company executed 37,566 square feet of leases and achieved an 84.8% leased rate in its office portfolio. Funds from Operations (FFO) was $(3.7) million or $(0.16) per diluted share, while Core FFO reached $4.4 million or $0.11 per diluted share. Management highlighted strong leasing activity and a focus on expanding their multifamily portfolio, having acquired interests in 696 units in early 2023.
Creative Media & Community Trust (NASDAQ: CMCT) announced it will release its fourth quarter 2022 earnings results on March 31, 2023. A conference call discussing the results will be held at 12:00 p.m. Eastern Time, featuring key executives including CEO David Thompson and CFO Barry Berlin.
The call can be accessed through a webcast on the company’s website, with a replay available for 90 days post-call. CMCT specializes in multifamily and creative office real estate, primarily focusing on vibrant markets across the United States.
CMCT (NASDAQ: CMCT) announced a quarterly cash dividend of $0.085 per share, set for payment on April 11, 2023, to stockholders of record by March 30, 2023. CMCT, a real estate investment trust, focuses on acquiring and developing multifamily and creative office properties in the U.S., catering to technology and media sectors. The company also manages a hotel in Northern California and operates a lending platform under the SBA's 7(a) loan program. This dividend reflects CMCT's commitment to providing value to its shareholders amidst market fluctuations.
CMCT (NASDAQ & TASE: CMCT) has appointed Shaul Kuba as Chief Investment Officer to lead its expansion of premier multifamily and creative office assets. Recently, CMCT announced the acquisition of 696 apartment units in Los Angeles and the Bay Area, alongside a pipeline for 1,500+ units. Utilizing an asset-light strategy with CIM Group, CMCT aims for strong returns by raising third-party capital. Kuba, a co-founder of CIM Group, is expected to enhance CMCT's investment activities, sharpening its focus on next-generation assets.
CMCT (NASDAQ: CMCT) has partnered with Kanden Realty, Taisei Corporation, and an institutional investor to convert 4750 Wilshire Boulevard in Los Angeles into luxury apartments and office space. The project's renovation, initiated in Q1 2023, will transform the upper floors into 68 upscale apartments, while preserving 30,000 square feet of leased office space on the ground floor. This initiative aims to enhance housing availability in a desirable area, supporting modern hybrid work. The collaboration reflects CMCT's strategy to emphasize high-quality multifamily and creative office assets in competitive markets.
CMCT (NASDAQ:CMCT) is expanding its multifamily portfolio by acquiring 696 apartment units across three properties, emphasizing its focus on premier multifamily and creative office assets in high-barrier markets. Planned acquisitions include the 75-unit Parkview Apartments in Echo Park, Los Angeles, and the 288-unit Eleven Fifty Clay in Oakland, expected to close in mid-February and late March, respectively. CMCT's development pipeline also exceeds 1,500 units, indicating potential growth. This asset-light strategy aims to generate fee income and returns on investments, enhancing shareholder value.
CMCT's Board of Directors has declared preferred stock dividends for Series A, A1, and D Preferred Stock for Q1 2023. The quarterly cash dividend for Series A is $0.34375, payable in three installments: $0.114583 on February 15, March 15, and April 17. Series A1's dividend is set at $0.395625, yielding an annualized rate of 6.33%, with payments of $0.131875 on the same dates. Series D's dividend stands at $0.353125, also payable monthly. These dividends demonstrate CMCT's commitment to returning value to shareholders.
CMCT (NASDAQ: CMCT) has announced a full cash redemption of its Series L Preferred Stock on
Creative Media & Community Trust Corporation (CMCT) announced the cash redemption of its 5.5% Series L Preferred Stock at a price of $28.37 per share, plus accrued dividends, with a redemption date set for January 25, 2023. This decision aligns with CMCT's commitment to its Series L Preferred Stock terms. CMCT, focused on owning and developing multifamily and creative office assets, operates primarily in the U.S., targeting vibrant communities and rapidly growing industries.
CMCT (NASDAQ: CMCT) has secured a new $206 million credit facility, maturing in December 2025, which replaces the prior facility due in October 2023. CEO David Thompson expressed confidence in the facility's potential to enhance the company's capital position for future opportunities. CMCT is a real estate investment trust focused on multifamily and creative office assets across the U.S., aiming to leverage its diversified capital sources as it enters the new year.
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