Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q1 2022 Earnings Conference Call May 11, 2022 11:00 AM ET
Company Participants
Steve Altebrando - Shareholder Relations
David Thompson - Chief Executive Officer
Shaul Kuba - Co-Founder, CIM Group
Nathan DeBacker - Chief Financial Officer
Conference Call Participants
Craig Kucera - B. Riley Securities
Operator
Good day and welcome to the Creative Media & Community Trust Corporation First Quarter 20212 Earnings Call. All participants will be in 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. 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 David Thompson, our Chief Executive Officer; Shaul Kuba, Co-Founder of 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 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 will turn the call over to David.
David Thompson
Thanks, Steve and thank you for joining our call today. This morning we announced our first quarter 2022 earnings. Our core FFO per share of $0.10 in the first quarter compared to a loss of $0.21 in the prior year period. The significant improvement was primarily driven by improving results at our hotel asset, as well as a significant reduction in our cost structure. Our total segment net operating income increased by approximately 34% from the prior year. This is despite disruption early in the quarter from the Omicron variant that particularly impacted our hotel. Occupancy at that hotel was 57% in January, which increased to 67% in February and then 83% in March. Occupancy remains strong and stable into April at 82% last month.