Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q2 2023 Results Conference Call August 10, 2023 12:00 PM ET

Company Participants

Steve Altebrando - Portfolio Oversight

Shaul Kuba - Chief Investment Officer

David Thompson - CEO

Barry Berlin - CFO

Conference Call Participants

Brendan McCarthy - Sidoti

Craig Kucera - B. Riley

Operator

Good day, and welcome to the Creative Media & Community Trust Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Steve Altebrando, Portfolio Oversight. Please go ahead.

Steve Altebrando

Hello, everyone, and thank you for joining us. My name is Steve Altebrando, the Portfolio Oversight for CMCT. Also on the call today is Shaul Kuba, our Chief Investment Officer; David Thompson, our Chief Executive Officer; and Barry Berlin, our Chief Financial Officer. This call is being webcast and will be temporarily archived on the Investor Relations section of our website where you can also find our earnings release. Our earnings release includes a reconciliation of non-GAAP financial measures discussed during today's call.

During the course of this call, we will be making forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations and those differences may be material.

For a more detailed description of potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website. With that, I'll turn the call over to David Thompson.

David Thompson

Thanks, Steve, and thank you, everyone, for joining our call today. In the second quarter, we made good progress improving occupancy at our recently acquired multifamily assets. These acquisitions are part of our previously defined plan to grow the multifamily side of our portfolio to achieve more balance between creative office and multifamily assets. As a reminder, during the first quarter, we completed the acquisition of 2 multifamily assets in Oakland and 1 multifamily property in Los Angeles. These newer vintage, highly amenitized premier multifamily assets in high barrier-to-entry markets added 696 units to our portfolio.