Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q4 2023 Earnings Conference Call March 28, 2024 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

Brendan McCarthy – Sidoti

Operator

Good day and welcome to the Creative Media & Community Trust Fourth Quarter 2023 Earnings 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 Mr. Steve Altebrando. Please go ahead, sir.

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 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 other 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. Despite a challenging 2023 for the real estate market, given the sharp rise in interest rates, we believe CMCT is well positioned to benefit from a real estate recovery given our strong asset base in top tier markets, our differentiated capital structure that can amplify appreciation for common shareholders and our expectation of savings on interest costs as short-term interest rates come down.

Even through a difficult year for the market, CMCT had a number of highlights since we last spoke. Our multifamily occupancy rate improved, our development pipeline made additional progress with construction continuing at our two new multifamily projects, our office leased percentage has remained stable, we saw continued strength at our hotel asset and our liquidity remains strong.