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- **Lending Sale**: $44M sale nets $31M, reducing debt by $169M.
- **Multifamily Growth**: 701 South Hudson occupancy up 13pts to 81%, with 36 new units launching in LA.
- **Office Recovery**: 73.6% leased, 159K sq.ft. leased YTD (+69% YoY).
- **Negative FFO**: -$10.5M, but improving trends in multifamily and office.
- **Leadership Transition**: Brandon Hill to replace Barry Berlin as CFO.

**【Management Opening Remarks】**
- Steve Altebrando introduced the executives and outlined the call's purpose, emphasizing forward-looking statements and the availability of the earnings release.

**【CEO Commentary】**
- **Strategic Initiatives**: Sold lending business for $44M (net $31M after expenses) and reduced recourse debt by $169M through asset refinancings.
- **Financial Performance**: Core FFO was negative $10.5M, with NOI declines in Office (-$500K) and Hotel (-$3.35M), offset by gains in Multifamily (+$600K) and Lending (+$360K).
- **2026 Outlook**: Improved cash flow from office leasing, hotel renovations, and multifamily rent growth.
- **Leadership Transition**: Barry Berlin stepping down as CFO; Brandon Hill to assume role post-transaction.

**【Portfolio Oversight Update】**
- **Multifamily**: 701 South Hudson occupancy rose to 81% (from 68%), with plans for new units in Oakland. 1915 Park set to deliver 36 units.
- **Office**: 73.6% leased (86.6% excluding Oakland), with 159K sq.ft. leased YTD (+69% YoY).
- **Hotel**: Public space renovation nearing completion; 2026 expected to benefit from renovations and rising demand.

**【CFO Financial Commentary】**
- **Segment NOI**: $7M (vs. $7.6M prior year), driven by declines in Office (-$400K), Lending (-$374K), and Hotel (-$123K), offset by Multifamily gains (+$284K).
- **Core FFO**: Negative $10.5M (vs. -$11.5M prior year), improved by reduced preferred stock expenses and multifamily NOI growth.
- **Expense Trends**: Higher depreciation (+$922K) and interest expense (+$782K) offset NOI gains.


Creative Media & Community Trust Corporation(CMCT)-20251114-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CMCT

CMCT fundamentals

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