Creative Media & Community Trust Corporation - CMCT STOCK NEWS

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 January 25, 2023, at a price of USD 28.37 per share plus unpaid dividends. This involves 2,951,876 outstanding shares. Conversion of the redemption price from USD to ILS will occur on January 19, 2023. Additionally, CMCT plans to delist the Series L Preferred Stock from Nasdaq after filing Form 25 on the same date. Dividends on these shares ceased on December 31, 2022.

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.

CMCT (NASDAQ: CMCT) has declared a quarterly cash dividend of $0.085 per share, payable on January 9, 2023, to stockholders of record by December 27, 2022. Additionally, an annual cash dividend of $1.56035 per share for Series L Preferred Stock will be paid on January 25, 2023, to holders of record by December 29, 2022. CMCT focuses on premier multifamily and creative office properties in the U.S., enhancing shareholder income through consistent dividend payouts.

Creative Media & Community Trust Corporation (CMCT) has appointed John Hope Bryant to its Board of Directors. Mr. Bryant is the CEO of Bryant Group Ventures and The Promise Homes Company, the largest minority-controlled owner of single-family rental homes in the U.S. Since founding TPHC in 2017, he has established a significant presence in the real estate market. Additionally, he is involved in philanthropic activities as the Founder and CEO of Operation HOPE, Inc., focusing on financial literacy and economic empowerment.