Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q1 2023 Earnings Conference Call May 2, 2023 12:00 PM ET

Company Participants

Steve Altebrando - Portfolio Oversight

David Thompson - Chief Executive Officer

Shaul Kuba - Chief Investment Officer

Barry Berlin - Chief Financial Officer

Conference Call Participants

Eric Speron - First Foundation

Gaurav Mehta - EF Hutton

Operator

Good afternoon, and welcome to the Creative Media & Community Trust First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

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

Steve Altebrando

Good morning, everyone, and thank you for joining us.

My name is Steve Altebrando, 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 make 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.

We made tremendous strides in the quarter, executing on our previously announced plan to grow the multifamily side of our portfolio to achieve more balance between creative office and multifamily. During the first quarter, we completed the acquisition of two multifamily assets in Oakland and one multifamily property in Los Angeles. These newer vintage, highly-amenitized, premier multifamily assets in high barrier-to-entry markets added 696 units to our growing portfolio.