Creative Media & Community Trust Corporation (CMCT) reported a net loss of $6.3 million for the first quarter of 2025, compared to a net loss of $3.9 million in the same period of 2024, marking a 60.6% increase in losses. Total revenues decreased by 5% to $32.3 million, down from $34.0 million year-over-year. The decline in revenue was primarily attributed to a decrease in segment net operating income, which fell by $1.9 million, and an increase in interest expenses of $1.1 million. Total expenses remained relatively stable, totaling $37.3 million, a slight decrease from $37.3 million in the prior year.
In terms of operational performance, CMCT's real estate portfolio consisted of 27 assets, with a focus on multifamily and office properties. The company reported an occupancy rate of 70.2% for its 12 office properties and 80.2% for its four multifamily properties as of March 31, 2025. The hotel segment saw an increase in revenue, with hotel income rising to $12.7 million, up 7% from $11.9 million in the previous year, driven by improved occupancy and average daily rates. However, multifamily revenue decreased to $4.1 million, reflecting lower occupancy and rental rates.
Strategically, CMCT has been active in managing its capital structure, including a recent refinancing of a $35.5 million mortgage loan secured by an office property in Austin, Texas. This refinancing allowed the company to pay off its previous credit facility, which had an outstanding balance of $15 million. Additionally, CMCT has been focusing on its lending segment, which generated $2.4 million in revenue, although this was a decrease from $2.6 million in the prior year, primarily due to lower interest income from loan payoffs.
The company’s balance sheet as of March 31, 2025, showed total assets of $882.3 million, a decrease from $889.6 million at the end of 2024. Total liabilities increased to $566.9 million, up from $562.5 million, with debt net rising to $512.7 million. CMCT's equity also declined to $294.6 million from $306.3 million, reflecting the impact of net losses and preferred stock redemptions. Looking ahead, CMCT aims to strengthen its balance sheet and improve liquidity while focusing on its core strategy of investing in premier multifamily properties in vibrant communities.
About Creative Media & Community Trust Corp
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