Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Creative Media & Community Trust Corporation (CMCT)
NASDAQ:CMCT
Holding CMCT?
Track your performance easily
Earnings Data
Report Date
Mar 24, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
―Last Year’s EPS
―Same Quarter Last Year
Based on 0 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Nov 08, 2024
|% Change Since: -67.86%
|Next Earnings Date:Mar 24, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mix of strategic advancements in multifamily assets and co-investments, but was overshadowed by significant challenges in the office segment, decreased NOI, and negative FFO results.Company Guidance
During the third quarter 2024 earnings call for CMCT, the company outlined several strategic initiatives aimed at strengthening its financial position and adapting to current market conditions. The executives emphasized their ongoing effort to shift focus towards premier multifamily assets while reducing traditional office holdings, a strategy they have pursued for over two years. Key actions include refinancing assets such as the Sheraton Grand Hotel and Los Angeles office properties to repay and retire the corporate-level credit facility, and reinvesting proceeds into acquiring additional multifamily properties. CMCT completed an office-to-multifamily conversion at 4750 Wilshire and is advancing a 36-unit multifamily development in Echo Park, slated for completion in Q3 2025. The company also executed a co-investment at 1902 Park Avenue, enhancing cash flow through management fees. Despite facing challenges such as elevated short-term interest rates and decreased occupancy, CMCT's multifamily segment showed improvement with a 92% occupancy rate, excluding new developments, compared to 79.3% at the end of 2023. Their office lease percentage, however, declined from 83.5% to 72.9% due to lower occupancy in Oakland. Financial highlights included a segment NOI of $7.6 million, down from $11.2 million the previous year, with decreases in the Office and Hotel segments partly offset by increases in the Multifamily and Lending segments. The company also redeemed approximately 4.8 million shares of preferred stock, resulting in a reduction of net income available to common stockholders by about $16 million but aiming to improve liquidity and FFO by reducing preferred dividends by nearly $8 million annually.Strategic Shift to Multifamily Assets
CMCT is shifting focus from traditional office assets to premier multifamily properties, including refinancing efforts and completed an office to multifamily conversion at 4750 Wilshire.
Co-Investment in Class A Apartment Property
CMCT closed a co-investment at 1902 Park Avenue, providing a cash distribution and recurring management fees.
Progress in Development Pipeline
Completion of office to multifamily conversion at 4750 Wilshire and progress on a 36-unit multifamily development in Echo Park.
Occupancy Improvement in Multifamily Segment
Multifamily segment occupancy increased to 92%, up from 79.3% at the end of 2023.
---
CMCT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
CMCT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 08, 2024 | $0.39 | $0.38 | -2.56% |
| Aug 08, 2024 | $2.14 | $2.12 | -0.93% |
| May 15, 2024 | $2.85 | $2.86 | +0.35% |
| Mar 27, 2024 | $3.90 | $3.96 | +1.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Creative Media & Community Trust Corporation (CMCT) report earnings?
Creative Media & Community Trust Corporation (CMCT) is schdueled to report earning on Mar 24, 2025, TBA Not Confirmed.
What is Creative Media & Community Trust Corporation (CMCT) earnings time?
Creative Media & Community Trust Corporation (CMCT) earnings time is at Mar 24, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CMCT EPS forecast?
Currently, no data Available
---