Creative Media & Community Trust Corporation (CMCT) reported a net loss attributable to common stockholders of $(11.9) million, or $(20.73) per diluted share, for the three months ended March 31, 2025. This compares to a net loss of $(12.3) million, or $(125.46) per diluted share, for the same period in 2024.
Funds from Operations (FFO) attributable to common stockholders improved to $(5.4) million, or $(9.42) per diluted share, in Q1 2025, from $(5.9) million, or $(60.42) per diluted share, in Q1 2024. This improvement was largely due to decreased redeemable preferred stock dividends and redemptions.
Core FFO, however, decreased to $(5.1) million, or $(8.85) per diluted share, in Q1 2025 from $(4.4) million, or $(45.15) per diluted share, in Q1 2024, reflecting underlying pressure from lower segment net operating income and higher interest expense. Total segment NOI was $11.8 million, down from $13.6 million year-over-year.
The office segment's same-store NOI decreased to $7.1 million from $7.9 million, primarily due to lower occupancy at an Oakland property (70.2% vs 83.4%). The hotel segment's NOI increased to $4.7 million from $4.1 million, driven by higher occupancy (80.0% vs 79.0%) and Average Daily Rate ($220.57 vs $211.06).
Multifamily segment NOI was a loss of $620,000, compared to income of $917,000 in the prior year, mainly due to an unrealized loss on investment in real estate and lower occupancy (80.2% vs 86.2%). The lending segment's NOI decreased to $590,000 from $789,000 due to loan payoffs and lower interest rates.
CMCT completed a $35.5 million variable-rate mortgage on an Austin office property on April 3, 2025, using proceeds to repay and terminate its 2022 Credit Facility. This strategic refinancing strengthens the balance sheet and improves liquidity.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.