Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q1 2024 Results Conference Call May 16, 2024 12:00 PM ET

Company Participants

Steve Altebrando - Portfolio Oversight
David Thompson - Chief Executive Officer
Barry Berlin - Chief Financial Officer

Conference Call Participants

Stephan Guillaume - Sidoti
John Massocca - B. Riley

Operator

Good day, and welcome to the Creative Media and Community Trust Corporation First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

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

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 are 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 this call. During this call 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. Following our last call seven weeks ago, where we gave some insights into our intra-quarter occupancy and development activity, we are pleased to report our first quarter 2024 results.

Overall, we saw improvement from the fourth quarter of 2023, which was primarily due to higher net operating income in our office and hotel segments, the latter of which was largely due to seasonality. Even with the improvement from last quarter, our cash flow continues to be impacted by elevated short-term interest rates.