Creative Media & Stock Price, News & Analysis

Creative Media & Community Trust Corporation (CMCT) announced its participation in the Sidoti Spring 2022 Small Cap Virtual Conference on March 23 and March 24, 2022. Key representatives, including Shaul Kuba and Steve Altebrando from CIM Group, will discuss CMCT's focused strategy on acquiring, operating, and developing creative office and multifamily properties. The presentation is scheduled for March 23 at 4:00 p.m. ET, with a webcast available at this link.

Creative Media & Community Trust Corporation (NASDAQ: CMCT) announced its operating results for Q4 2021, reporting a net loss of $4.3 million ($0.19 per diluted share) compared to $8.9 million ($0.60 per diluted share) in Q4 2020. Funds from operations (FFO) increased to $598,000 ($0.03 per diluted share) from a loss of $3.2 million the previous year. The same-store office portfolio was 80.1% leased, with a decrease in occupancy year-over-year. The company expects to benefit from a lower cost structure and growing demand for office space in 2022.

Creative Media & Community Trust Corporation (NASDAQ: CMCT) will release its fourth quarter 2021 earnings on March 16, 2022. A conference call is set for 1:00 p.m. ET, featuring insights from CEO David Thompson and other executives. Interested parties can join via the webcast or phone, with replay options available. CMCT aims to develop premier multifamily and creative office assets in vibrant U.S. communities, focusing on technology, media, and entertainment sectors. Further details can be found on their website.

Creative Media & Community Trust Corporation (CMCT), previously known as CIM Commercial Trust Corporation, has announced a name change reflecting its focus on developing creative offices and residential properties. CEO David Thompson highlighted a significant opportunity in the hybrid workplace trend, noting that creative office leasing has reached 96% of pre-pandemic levels, commanding a 43% rent premium over traditional spaces. CMCT is targeting prime markets like Los Angeles and Austin for new developments, including a recent $51 million acquisition in Echo Park aimed at transforming it into a creative office.

CMCT (NASDAQ: CMCT) has declared a quarterly cash dividend of $0.085 per share, marking a 13% increase from the previous quarter, equating to a 4.6% annual yield. Payment is set for April 1, 2022, to shareholders recorded by March 19, 2022. Additionally, dividends for Series A and Series D Preferred Stock are also declared, with payments scheduled from May 16, 2022 through July 15, 2022. This growth aligns with reduced management fees and a favorable leasing environment.

CMCT (NASDAQ: CMCT) has announced a $51 million investment to acquire a 44% stake in the 1910 W. Sunset Blvd. property, transforming it into a premier creative office space in Echo Park, Los Angeles. This eight-story building, the tallest in the area, spans approximately 99,000 square feet and features on-site parking and retail amenities. CMCT plans a capital improvement program to modernize the facility, catering to tech, media, and entertainment tenants.

CIM Commercial Trust Corporation (CMCT) has signed a long-term lease with Lisson Gallery for a 5,000-square-foot building at 1037 N. Sycamore Ave, Los Angeles. This will be Lisson's first location in L.A., expected to open in Autumn 2022. CMCT acquired the property in July 2021 and has made renovations to enhance its appeal. The Sycamore District, where the space is located, is emerging as a cultural hub, attracting media and art-focused businesses. The long-term lease symbolizes confidence in this revitalized area.

CIM Commercial Trust Corporation (NASDAQ: CMCT) announced significant leasing progress at its Penn Field property in Austin, Texas, now approximately 97% leased, up from 85% in Q3 2021. This improvement includes a recent 10-year lease with a major tech firm, which has increased occupancy to 99%. CMCT acquired the 228,000-square-foot property in 2007, with in-place rents rising over threefold. Additionally, a new $15 million office building is projected to add $0.03 per share in annualized funds from operations.

CIM Commercial Trust Corporation (NASDAQ: CMCT) announced a significant management fee reduction of approximately 55%, leading to an annualized cost savings of $0.21 per share. Effective January 1, 2022, this fee waiver aims to align the interests of management with stockholders. Additionally, management plans to recommend a dividend increase starting in the first quarter of 2022. CEO David Thompson emphasized the company's focus on growth and leveraging CIM Group's resources for acquisition opportunities.