Creative Media & Community Trust Corporation is a REIT that owns, operates and develops multifamily and creative office assets in U.S. communities, with one hotel in Northern California. Its news commonly covers quarterly operating results, office leasing trends, multifamily development activity, asset sales, balance-sheet actions and preferred stock dividends or redemptions.
CMCT updates also address capital-structure changes, including reverse stock splits and exchanges of preferred stock into common stock, as well as shareholder voting and governance matters. The company is operated by affiliates of CIM Group, L.P., which provides real estate acquisition, development, leasing, finance and property-management capabilities.
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.
Creative Media & Community Trust Corporation (NASDAQ: CMCT) reported its Q3 2022 results, showing an office portfolio leased at 86.5%. The company executed leases for 58,666 square feet and acquired a property in Austin for $1.9 million. However, net loss attributable to common stockholders increased to $11.7 million, or $0.50 per diluted share. Funds from operations (FFO) was $(6.6) million. The company repurchased $4.4 million in common stock and $66.7 million in Series L Preferred Stock. Management remains optimistic about multifamily developments set to begin in early 2023.
Creative Media & Community Trust (NASDAQ: CMCT) will announce its third-quarter 2022 earnings results on November 14, 2022, after market hours. A conference call is set for 12:00 p.m. ET on November 15, 2022, featuring key executives including CEO David Thompson and CFO Barry Berlin, to discuss the financial results and business outlook. The call can be accessed via a webcast on their official website and is available for replay until November 25, 2022.
CMCT (NASDAQ: CMCT) announced the declaration of a quarterly cash dividend of $0.085 per share, payable on October 17, 2022, to stockholders of record as of October 3, 2022. Additionally, dividends for Series A, Series A1, and Series D Preferred Stocks were declared, amounting to $0.34375, $0.375, and $0.353125 per share, respectively. Payments for these preferred stocks will occur in three installments from November 15, 2022 to January 17, 2023 for each series.
Creative Media & Community Trust (CMCT) has signed a long-term lease with O’Gara Coach for an 18,000-square-foot retail space at 9460 Wilshire Blvd in Beverly Hills. The location will be a flagship showroom for Rolls-Royce Motor Cars. This strategic lease is part of CMCT's plan to enhance its retail space and is indicative of the area's luxury market potential. O’Gara Coach, known for its luxury vehicle offerings, will occupy its new showroom in 2023, further solidifying CMCT's position in the vibrant Beverly Hills retail corridor, which is over 90% leased.
Creative Media & Community Trust Corporation (CMCT) reported a net loss of $2.3 million, or $0.10 per diluted share, for the second quarter of 2022. Despite the loss, Funds from Operations (FFO) increased to $2.6 million, reflecting significant operational improvements, particularly in hotel performance. The real estate portfolio was 87.2% leased, with 39,392 square feet leased during the quarter. CMCT acquired a property in Jefferson Park for $5.7 million, aiming to develop 114 residential units while managing a pipeline of investments through an asset-light approach.