Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q2 2022 Results Conference Call August 9, 2022 12:00 PM ET

Company Participants

Steve Altebrando - Shareholder Relations

David Thompson - Chief Executive Officer

Shaul Kuba - Co-Founder, CIM Group

Nate DeBacker - Chief Financial Officer

Conference Call Participants

Craig Kucera - B. Riley Securities

John Moran - Robotti& Company

Operator

Good day, and welcome to Creative Media & Community Trust Second Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

Now, I'd like to turn the conference over to Mr. Steve Altebrando, Portfolio Oversight for CMCT. Please go ahead, sir.

Steve Altebrando

Good morning, everyone, and thank you for joining us. My name is Steve Altebrando, I'm the Portfolio Oversight for CMCT. Also on the call today is David Thompson, our Chief Executive Officer; Shaul Kuba, Co-Founder, CIM Group and CMCT Board member and Nate DeBacker, 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 and latest investor presentation. Our earnings release includes reconciliations 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 our 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 for joining our call today. This morning, we announced our second quarter 2022 earnings. We are pleased that we generated a large increase in our FFO on a year-over-year basis, accelerated leasing activity, made significant progress on our value-add assets, and we continue to add to our development pipeline.

Starting with our earnings. Our core FFO per share was $0.11 in the second quarter compared to $0.06 in the prior year period. The significant year-over-year improvement was primarily driven by improving results at our one owned hotel as well as a significant reduction in our cost structure.