The following is a summary of the Creative Media & Community Trust Corporation (CMCT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CMCT's Q1 revenue from the office increased by 9% to $7.4 million chiefly due to enhanced NOI at their Beverly Hills property, following the commencement of Rolls-Royce dealership's 20-year lease.

• There was no change in the hotel sector's NOI ($4.1 million) for both Q1 2024 and Q1 2023.

• Lending segment's NOI saw a year-on-year decline primarily due to the impact of the securitization executed last year.

• The multifamily segment contributed $900,000 towards NOI for the quarter.

• FFO recorded was negative $0.26 per diluted share compared to negative $0.21 in the corresponding period of the previous year, while the core FFO was negative $0.19 per diluted share compared to a positive $0.06 per share in the same period last year.

Business Progress:

• CMCT anticipates benefits from reduced rates on floating rate debt and lower preferred dividends with Federal Reserve's interest rates expected to fall over time.

• Office lease percentage sustained at 84% for this quarter with approximately 37,000 square feet of office leases executed.

• The grand opening of their Beverly Hills property is planned towards the year-end or beginning of the next year.

• Renovations for their hotel asset will commence in the latter part of the year.

• They plan to deliver two new multifamily assets in Los Angeles, one at 750 Wilshire later this year and another in mid-2025 at 1915 Park Avenue.

• Ways to bolster their financial position and improve cash flow, which may include potential sale of assets and debt reduction, are being evaluated by CMCT.

More details: Creative Media & Community Trust IR

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