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Creative Media & Community Trust Corporation (CMCT+0.55%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing includes the company's financial statements and highlights a net loss of $25.8 million for the year, a decrease from the previous year's loss of $51.5 million.
Revenues for the year totaled $124.5 million, an increase from $119.3 million in 2023. This was attributed to higher multifamily property income and stable hotel income.
The company reported total expenses of $148.7 million, down from $170.2 million in the prior year, primarily due to lower depreciation and amortization expenses.
Creative Media & Community Trust Corporation's real estate portfolio consists of 27 assets, including office, hotel, and multifamily properties, with an overall occupancy rate of 70.6% for office properties and 81.7% for multifamily properties.
The company continues to focus on acquiring, developing, and operating premier multifamily and creative office properties in vibrant communities across the United States.
The report also details the company's lending segment, which primarily originates loans under the SBA 7(a) program, with a focus on real estate collateralized loans.
The company has been addressing liquidity needs through various methods, including refinancing activities and managing its preferred stock redemptions.
Creative Media & Community Trust Corporation's stock is listed on Nasdaq and the Tel Aviv Stock Exchange, with ongoing efforts to maintain compliance with listing requirements.
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 annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.