Creative Media & Stock Price, News & Analysis

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.

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.