Real Estate Portfolio - The company's real estate portfolio as of March 31, 2024, consists of 27 assets, including 13 office properties totaling approximately 1.3 million rentable square feet, 3 multifamily properties with 696 units, 9 development sites, and 1 hotel with 503 rooms[1] Financial Performance - Net loss attributable to common stockholders for Q1 2024 was 0.54 per diluted share, compared to a net loss of 0.56 per diluted share, in Q1 2023[6] - Core FFO attributable to common stockholders for Q1 2024 was (0.19) per diluted share, compared to (0.06) per diluted share, in Q1 2023[7] - Total segment net operating income (NOI) for Q1 2024 was 13.0 million in Q1 2023[9] - Net loss attributable to common stockholders for Q1 2024 was 12.715 million in Q1 2023[32] - FFO (Funds from Operations) attributable to common stockholders for Q1 2024 was (4.794) million in Q1 2023[36] - Net loss attributable to common stockholders was 0.54 per diluted share for Q1 2024[56] - Funds from operations (FFO) attributable to common stockholders was (0.26) per diluted share for Q1 2024[56] - Core FFO attributable to common stockholders was (0.19) per diluted share for Q1 2024[57] Office Portfolio Performance - The company's same-store office portfolio was 83.0% occupied at March 31, 2024, an increase of 210 basis points year-over-year, with an annualized rent per occupied square foot of 56.10 in Q1 2023[9] - Same-store office portfolio was 83.7% leased in Q1 2024[56] - Executed 36,961 square feet of leases with terms longer than 12 months in Q1 2024[56] - Same-store office segment NOI increased to 6.8 million in Q1 2023[60] - Same-store office Cash NOI increased to 7.4 million in Q1 2023[60] - The increase in NOI and Cash NOI was driven by higher rental revenues at office properties in Beverly Hills and Los Angeles due to increased occupancy[60] Hotel Segment Performance - Hotel segment NOI remained consistent at 211.06, and RevPAR at 917,000 in Q1 2024 from 2,737[12] Lending Segment Performance - Lending segment NOI decreased to 1.4 million in Q1 2023, primarily due to increased interest expense from new SBA 7(a) loan-backed notes[13][15] Capital and Dividends - The company issued 853,879 shares of Series A1 Preferred Stock in Q1 2024 for aggregate net proceeds of 5.0 million on its revolving credit facility[2] - A quarterly cash dividend of 7.759 million, up from 2.4 million in Q1 2024 compared to Q1 2023[59] Revenue and Expenses - Total revenues for Q1 2024 increased to 28.912 million in Q1 2023, reflecting growth in rental, hotel, and interest income[32] - Rental and other property income rose to 14.886 million in Q1 2023[32] - Interest expenses increased to 6.236 million in Q1 2023[32] - Depreciation and amortization expenses decreased to 9.502 million in Q1 2023[32] - Interest expense increased by 2.7 million in Q1 2024 compared to Q1 2023[59] Balance Sheet - Total assets as of March 31, 2024, were 891.200 million at the end of 2023[29] - Total liabilities increased marginally to 514.431 million in Q4 2023[29] - Cash and cash equivalents increased to 19.290 million at the end of 2023[29] Segment NOI and Cash NOI - Segment net operating income increased by 14.5 million, with same-store office contributing $8.3 million[46]
CMCT(CMCT) - 2024 Q1 - Quarterly Results