Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q4 2022 Results Conference Call March 31, 2023 12:00 PM ET

Company Participants

Steve Altebrando - VP, Equity Capital Markets

Shaul Kuba - Chief Investment Officer

David Thompson - Chief Executive Officer

Barry Berlin - Chief Financial Officer

Conference Call Participants

Gaurav Mehta - E.F. Hutton

Craig Kucera - B. Riley Securities

John Moran - Robotti & Co

Brendan McCarthy - Sidoti

Operator

Hello, and welcome to the Creative Media & Community Trust Q4 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

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

Steve Altebrando

Good morning, 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 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. This morning, we announced our fourth quarter 2022 earnings. We're pleased to report that CMCT generated core FFO of $0.11. We continue to see a strong rebound in our hotel asset, and we also saw an improvement in our office NOI from the prior quarter.

In addition, our office lease percentage increased in 2022, despite headwinds nationally for the office sector and the high number of lease expirations we had coming into the year. We believe this speaks to the quality of our portfolio and leasing team. We have quality assets in highly desirable markets and submarkets such as Beverly Hills, Culver City, Hollywood and Austin.