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Creative Media & Community Trust Corporation (CMCT+15.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $28.6 million, an increase from $28.1 million in the same quarter the previous year. The increase is attributed to higher rental revenues at multifamily properties.
Total expenses for the quarter were $37.9 million, down from $45.4 million in the same quarter of the previous year. The decrease is primarily due to a reduction in depreciation and amortization expenses.
The company reported a net loss of $10.6 million for the quarter, compared to a net loss of $16.6 million in the previous year. The decrease in net loss is attributed to lower depreciation and amortization expenses.
Funds from operations (FFO) attributable to common stockholders were $(28.4) million for the quarter, a decrease from $(7.5) million in the previous year. The decrease is due to an increase in redeemable preferred stock redemptions.
Office segment revenues were $13.8 million, a slight decrease from $14.0 million in the previous year, due to lower occupancy at an office property in Oakland, California.
Hotel segment revenues decreased to $7.1 million from $7.9 million in the previous year, impacted by ongoing renovations.
Multifamily segment revenues increased to $4.8 million from $3.3 million in the previous year, due to higher occupancy and rent per unit.
Lending segment revenues were $2.7 million, up from $2.6 million in the previous year, due to higher loan sale volume.
Interest expense increased to $8.8 million from $8.6 million, primarily due to a higher average outstanding principal balance on the credit facility.
The company is in the process of obtaining refinancing for its hotel in Sacramento, California, and three properties in Los Angeles, California, to address potential future events of default under its 2022 Credit Facility.
As of September 30, 2024, the company had outstanding 86,689,854 shares of common stock, par value $0.001 per share.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Creative Media & Community Trust Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.