Creative Media & Community Trust Corporation Reports 2022 Third Quarter Results
Third Quarter 2022 Highlights
Real Estate Portfolio
- Stabilized office portfolio(1) was 86.5% leased.
- Executed 58,666 square feet of leases with terms longer than 12 months.
-
Purchased an
Austin, Texas property for$1.9 million . We are currently working on multifamily pre-development on this and an already owned adjacent site.
Financial Results
-
Repurchased
$4.4 million of common stock at an average price of$7.10 per share. -
Repurchased
$66.7 million of Series L Preferred Stock at approximately 96.6% of stated value. -
Net loss attributable to common stockholders of
$11.7 million , or$0.50 per diluted share. -
Funds from operations (“FFO”) attributable to common stockholders(3) was
$(6.6) million , or$(0.28) per diluted share. -
Core FFO attributable to common stockholders(4) was
$(1.5) million , or$(0.07) per diluted share.
Management Commentary
“We had another quarter of robust leasing activity and continue to make progress on our multifamily value-add and development pipeline,” said
“CMCT has an attractive pipeline of multifamily development opportunities. We plan to start converting 4750 Wilshire Boulevard’s unleased space into luxury multifamily units by early 2023 and, in connection with the project, anticipate closing on equity contributions from coinvestors and a mortgage on the property at about the same time. We intend to leverage our distribution and development capabilities to execute on our pipeline using an asset-light approach, where we raise third party capital on an asset level basis, maintain a minority interest and earn a percentage of the profits. We believe this asset light approach is a compelling model for the Company that will contribute to strong returns on invested capital.
“We also took steps to improve our balance sheet and liquidity which we believe will position us to take advantage of potential market opportunities. We saw an increase in our preferred capital raising activity and expect to refinance our credit facility in the fourth quarter. In addition, we repurchased 621,088 shares of common stock in the quarter and repurchased
Third Quarter 2022 Results
Real Estate Portfolio
As of
Financial Results
Net loss attributable to common stockholders was
FFO attributable to common stockholders(3) was
Core FFO attributable to common stockholders(4) was
Segment Information
Our reportable segments during the three months ended
Office
Same-Store
Same-store(2) office Segment NOI(5) decreased to
At
| ______________________ |
|
1 We are no longer classifying approximately 110,000 square feet of vacant space at its property at |
Total
Office Segment NOI(5) decreased to
Hotel
|
|
|
Three Months Ended |
||||||
|
|
|
2022 |
|
2021 |
||||
|
Occupancy |
|
|
73.7 |
% |
|
|
66.6 |
% |
|
Average daily rate(a) |
|
$ |
164.33 |
|
|
$ |
137.29 |
|
|
Revenue per available room(b) |
|
$ |
121.03 |
|
|
$ |
91.46 |
|
|
______________________ |
||
|
(a) |
Calculated as trailing 3-month room revenue divided by the number of rooms occupied. |
|
|
(b) |
Calculated as trailing 3-month room revenue divided by the number of available rooms. |
|
Lending
Our lending segment primarily consists of our SBA 7(a) lending platform, which is a national lender that primarily originates loans to small businesses in the hospitality industry. Lending Segment NOI(5) was
Debt and Equity
In
On
During the three months ended
In addition, thus far in the fourth quarter of 2022, we have issued another 2,027,305 shares of Series A1 Preferred stock for aggregate net proceeds of approximately
Dividends
On
On
On
On
Acquisitions
In
During the first half of 2022, CMCT also acquired 3101 S Western in
About the Data
Descriptions of certain performance measures, including Segment NOI, Cash NOI, FFO attributable to common stockholders, and Core FFO are provided below. Refer to the subsequent tables for reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure.
|
(1) |
Stabilized office portfolio: represents office properties where occupancy was not impacted by a redevelopment or repositioning during the period. |
|
|
(2) |
Same-store properties: are properties that we have owned and operated in a consistent manner and reported in our consolidated results during the entire span of the periods being reported. We excluded from our same-store property set this quarter any properties (i) acquired on or after |
|
|
(3) |
FFO attributable to common stockholders: represents net income (loss) attributable to common stockholders, computed in accordance with GAAP, which reflects the deduction of redeemable preferred stock dividends accumulated, excluding gain (or loss) from sales of real estate, impairment of real estate, and real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the |
|
|
(4) |
Core FFO attributable to common stockholders (“Core FFO”): represents FFO attributable to common stockholders (computed as described above), excluding gain (loss) on early extinguishment of debt, redeemable preferred stock deemed dividends, redeemable preferred stock redemptions, gain (loss) on termination of interest rate swaps, and transaction costs. |
|
|
We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. In addition, we believe that Core FFO is a useful metric for securities analysts, investors and other interested parties in the evaluation of our Company as it excludes from FFO the effect of certain amounts that we believe are non-recurring, are non-operating in nature as they relate to the manner in which we finance our operations, or transactions outside of the ordinary course of business. |
||
|
Like any metric, FFO and Core FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the changes in the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, and Core FFO excludes amounts incurred in connection with non-recurring special projects, prepaying or defeasing our debt, repurchasing our preferred stock, and adjusting the carrying value of our preferred stock classified in temporary equity to its redemption value, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate FFO and Core FFO in the same manner as we do, or at all; accordingly, our FFO and Core FFO may not be comparable to the FFOs and Core FFOs of other REITs. Therefore, FFO and Core FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. FFO and Core FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. FFO and Core FFO per share for the year-to-date period may differ from the sum of quarterly FFO and Core FFO per share amounts due to the required method for computing per share amounts for the respective periods. In addition, FFO and Core FFO per share is calculated independently for each component and may not be additive due to rounding. |
||
|
(5) |
Segment NOI: for our real estate segments represents rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and benefit (provision) for income taxes. For our lending segment, Segment NOI represents interest income net of interest expense and general overhead expenses. See ‘Cash NOI’ definition below for discussion of the benefits and limitations of Segment NOI as a supplemental measure of operating performance. |
|
|
(6) |
Cash NOI: for our real estate segments, represents Segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by generally accepted accounting principles (“GAAP”). For our lending segment, there is no distinction between Cash NOI and Segment NOI. We also evaluate the operating performance and financial results of our operating segments using cash basis NOI excluding lease termination income, or “Cash NOI excluding lease termination income.” |
|
|
Segment NOI and Cash NOI are not measures of operating results or cash flows from operating activities as measured by GAAP and should not be considered alternatives to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance or of our ability to pay dividends. Companies may not calculate Segment NOI or Cash NOI in the same manner. We consider Segment NOI and Cash NOI to be useful performance measures to investors and management because, when compared across periods, they reflect the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that Cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses. |
||
|
(7) |
Annualized rent per occupied square foot: represents gross monthly base rent under leases commenced as of the specified periods, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail. |
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which are intended to be covered by the safe harbors created thereby. Such forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “project,” “target,” “expect,” “intend,” “might,” “believe,” “anticipate,” “estimate,” “could,” “would,” “continue,” “pursue,” “potential,” “forecast,” “seek,” “plan,” or “should,” or “goal” or the negative thereof or other variations or similar words or phrases. Such forward-looking statements include, among others, statements about CMCT’s plans and objectives relating to future growth and outlook. Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the scope, severity and duration of the current pandemic of COVID-19, and actions taken to contain the pandemic or mitigate its impact, (ii) the adverse effect of COVID-19 on the financial condition, results of operations, cash flows and performance of CMCT and its tenants and business partners, the real estate market and the global economy and financial markets, among others, (iii) the timing, form, and operational effects of CMCT’s development activities, (iv) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (v) fluctuations in market rents, including as a result of COVID-19, (vi) the effects of inflation and higher interest rates on the operations and profitability of CMCT and (vii) general economic, market and other conditions. Additional important factors that could cause CMCT’s actual results to differ materially from CMCT’s expectations are discussed under the section “Risk Factors” in CMCT’s Annual Report on Form 10-K for the year ended
|
CREATIVE MEDIA & TRUST CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited and in thousands, except share and per share amounts) |
||||||||
|
|
|
|
|
|
||||
|
ASSETS |
|
|
|
|
||||
|
Investments in real estate, net |
|
$ |
503,790 |
|
|
$ |
497,984 |
|
|
Investment in unconsolidated entity - at fair value |
|
|
12,149 |
|
|
|
— |
|
|
Cash and cash equivalents |
|
|
14,794 |
|
|
|
22,311 |
|
|
Restricted cash |
|
|
12,006 |
|
|
|
11,340 |
|
|
Loans receivable, net |
|
|
66,627 |
|
|
|
73,543 |
|
|
Accounts receivable, net |
|
|
3,930 |
|
|
|
3,396 |
|
|
Deferred rent receivable and charges, net |
|
|
36,408 |
|
|
|
36,095 |
|
|
Other intangible assets, net |
|
|
4,665 |
|
|
|
5,251 |
|
|
Loan servicing asset, net and other assets |
|
|
11,228 |
|
|
|
10,946 |
|
|
TOTAL ASSETS |
|
$ |
665,597 |
|
|
$ |
660,866 |
|
|
LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY |
|
|
|
|
||||
|
LIABILITIES: |
|
|
|
|
||||
|
Debt, net |
|
$ |
216,442 |
|
|
$ |
201,145 |
|
|
Accounts payable and accrued expenses |
|
|
24,339 |
|
|
|
26,751 |
|
|
Intangible liabilities, net |
|
|
78 |
|
|
|
237 |
|
|
Due to related parties |
|
|
3,984 |
|
|
|
4,541 |
|
|
Other liabilities |
|
|
19,537 |
|
|
|
16,861 |
|
|
Total liabilities |
|
|
264,380 |
|
|
|
249,535 |
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
|
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, |
|
|
29,073 |
|
|
|
37,782 |
|
|
EQUITY: |
|
|
|
|
||||
|
Series A cumulative redeemable preferred stock, |
|
|
178,287 |
|
|
|
156,431 |
|
|
Series A1 cumulative redeemable preferred stock, |
|
|
69,490 |
|
|
|
— |
|
|
Series D cumulative redeemable preferred stock, |
|
|
1,396 |
|
|
|
1,396 |
|
|
Series L cumulative redeemable preferred stock, |
|
|
83,745 |
|
|
|
152,834 |
|
|
Common stock, |
|
|
23 |
|
|
|
24 |
|
|
Additional paid-in capital |
|
|
862,360 |
|
|
|
866,746 |
|
|
Distributions in excess of earnings |
|
|
(823,523 |
) |
|
|
(804,227 |
) |
|
Total stockholders’ equity |
|
|
371,778 |
|
|
|
373,204 |
|
|
Noncontrolling interests |
|
|
366 |
|
|
|
345 |
|
|
Total equity |
|
|
372,144 |
|
|
|
373,549 |
|
|
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY |
|
$ |
665,597 |
|
|
$ |
660,866 |
|
|
CREATIVE MEDIA & TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited and in thousands, except per share amounts) |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
REVENUES: |
|
|
|
|
|
|
|
|
||||||||
|
Rental and other property income |
|
$ |
14,194 |
|
|
$ |
12,838 |
|
|
$ |
42,484 |
|
|
$ |
39,496 |
|
|
Hotel income |
|
|
7,965 |
|
|
|
5,212 |
|
|
|
24,476 |
|
|
|
10,074 |
|
|
Interest and other income |
|
|
2,694 |
|
|
|
6,199 |
|
|
|
9,078 |
|
|
|
16,231 |
|
|
Total Revenues |
|
|
24,853 |
|
|
|
24,249 |
|
|
|
76,038 |
|
|
|
65,801 |
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
||||||||
|
Rental and other property operating |
|
|
13,334 |
|
|
|
9,958 |
|
|
|
37,557 |
|
|
|
27,363 |
|
|
Asset management and other fees to related parties |
|
|
916 |
|
|
|
2,262 |
|
|
|
2,757 |
|
|
|
6,781 |
|
|
Expense reimbursements to related parties—corporate |
|
|
511 |
|
|
|
533 |
|
|
|
1,459 |
|
|
|
1,592 |
|
|
Expense reimbursements to related parties—lending segment |
|
|
539 |
|
|
|
55 |
|
|
|
1,612 |
|
|
|
1,219 |
|
|
Interest |
|
|
2,193 |
|
|
|
2,185 |
|
|
|
6,766 |
|
|
|
7,490 |
|
|
General and administrative |
|
|
1,907 |
|
|
|
1,625 |
|
|
|
4,975 |
|
|
|
5,393 |
|
|
Transaction costs |
|
|
201 |
|
|
|
— |
|
|
|
201 |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
5,093 |
|
|
|
5,061 |
|
|
|
15,071 |
|
|
|
15,167 |
|
|
Total Expenses |
|
|
24,694 |
|
|
|
21,679 |
|
|
|
70,398 |
|
|
|
65,005 |
|
|
(Loss) income from unconsolidated entity |
|
|
(204 |
) |
|
|
— |
|
|
|
176 |
|
|
|
— |
|
|
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
(45 |
) |
|
|
2,570 |
|
|
|
5,816 |
|
|
|
796 |
|
|
Provision for income taxes |
|
|
187 |
|
|
|
946 |
|
|
|
815 |
|
|
|
2,316 |
|
|
NET (LOSS) INCOME |
|
|
(232 |
) |
|
|
1,624 |
|
|
|
5,001 |
|
|
|
(1,520 |
) |
|
Net (income) loss attributable to noncontrolling interests |
|
|
(5 |
) |
|
|
— |
|
|
|
(19 |
) |
|
|
4 |
|
|
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY |
|
|
(237 |
) |
|
|
1,624 |
|
|
|
4,982 |
|
|
|
(1,516 |
) |
|
Redeemable preferred stock dividends declared or accumulated |
|
|
(6,584 |
) |
|
|
(4,723 |
) |
|
|
(16,763 |
) |
|
|
(13,810 |
) |
|
Redeemable preferred stock deemed dividends |
|
|
— |
|
|
|
(90 |
) |
|
|
(19 |
) |
|
|
(253 |
) |
|
Redeemable preferred stock redemptions |
|
|
(4,863 |
) |
|
|
(27 |
) |
|
|
(5,044 |
) |
|
|
(53 |
) |
|
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|
$ |
(11,684 |
) |
|
$ |
(3,216 |
) |
|
$ |
(16,844 |
) |
|
$ |
(15,632 |
) |
|
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
(0.50 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.88 |
) |
|
Diluted |
|
$ |
(0.50 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.88 |
) |
|
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
23,209 |
|
|
|
23,349 |
|
|
|
23,303 |
|
|
|
17,784 |
|
|
Diluted |
|
|
23,209 |
|
|
|
23,350 |
|
|
|
23,303 |
|
|
|
17,784 |
|
|
CREATIVE MEDIA & TRUST CORPORATION AND SUBSIDIARIES Funds from Operations (Unaudited and in thousands, except per share amounts) |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Numerator: |
|
|
|
|
|
|
|
|
||||||||
|
Net loss attributable to common stockholders |
|
$ |
(11,684 |
) |
|
$ |
(3,216 |
) |
|
$ |
(16,844 |
) |
|
$ |
(15,632 |
) |
|
Depreciation and amortization |
|
|
5,093 |
|
|
|
5,061 |
|
|
|
15,071 |
|
|
|
15,167 |
|
|
FFO attributable to common stockholders |
|
$ |
(6,591 |
) |
|
$ |
1,845 |
|
|
$ |
(1,773 |
) |
|
$ |
(465 |
) |
|
Redeemable preferred stock dividends declared on dilutive shares (a) |
|
|
(6 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
Diluted FFO attributable to common stockholders |
|
$ |
(6,597 |
) |
|
$ |
1,845 |
|
|
$ |
(1,780 |
) |
|
$ |
(465 |
) |
|
Denominator: |
|
|
|
|
|
|
|
|
||||||||
|
Basic weighted average shares of common stock outstanding |
|
|
23,209 |
|
|
|
23,349 |
|
|
|
23,303 |
|
|
|
17,784 |
|
|
Effect of dilutive securities—contingently issuable shares (a) |
|
|
13 |
|
|
|
3 |
|
|
|
5 |
|
|
|
1 |
|
|
Diluted weighted average shares and common stock equivalents outstanding |
|
|
23,222 |
|
|
|
23,352 |
|
|
|
23,308 |
|
|
|
17,785 |
|
|
FFO attributable to common stockholders per share: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
(0.28 |
) |
|
$ |
0.08 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
Diluted |
|
$ |
(0.28 |
) |
|
$ |
0.08 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.03 |
) |
|
______________________ |
||
|
(a) |
For the three and nine months ended |
|
|
CREATIVE MEDIA & TRUST CORPORATION AND SUBSIDIARIES Core Funds from Operations (Unaudited and in thousands, except per share amounts) |
||||||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
Numerator: |
|
|
|
|
|
|
|
|
||||||||
|
Net loss attributable to common stockholders |
|
$ |
(11,684 |
) |
|
$ |
(3,216 |
) |
|
$ |
(16,844 |
) |
|
$ |
(15,632 |
) |
|
Depreciation and amortization |
|
|
5,093 |
|
|
|
5,061 |
|
|
|
15,071 |
|
|
|
15,167 |
|
|
FFO attributable to common stockholders |
|
$ |
(6,591 |
) |
|
$ |
1,845 |
|
|
$ |
(1,773 |
) |
|
$ |
(465 |
) |
|
Redeemable preferred stock redemptions |
|
|
4,863 |
|
|
|
27 |
|
|
|
5,044 |
|
|
|
53 |
|
|
Redeemable preferred stock deemed dividends |
|
|
— |
|
|
|
90 |
|
|
|
19 |
|
|
|
253 |
|
|
Transaction costs |
|
|
201 |
|
|
|
— |
|
|
|
201 |
|
|
|
— |
|
|
Core FFO attributable to common stockholders |
|
$ |
(1,527 |
) |
|
$ |
1,962 |
|
|
$ |
3,491 |
|
|
$ |
(159 |
) |
|
Redeemable preferred stock dividends declared on dilutive shares (a) |
|
|
(6 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
Diluted Core FFO attributable to common stockholders |
|
$ |
(1,533 |
) |
|
$ |
1,962 |
|
|
$ |
3,484 |
|
|
$ |
(159 |
) |
|
Denominator: |
|
|
|
|
|
|
|
|
||||||||
|
Basic weighted average shares of common stock outstanding |
|
|
23,209 |
|
|
|
23,349 |
|
|
|
23,303 |
|
|
|
17,784 |
|
|
Effect of dilutive securities-contingently issuable shares (a) |
|
|
13 |
|
|
|
3 |
|
|
|
25 |
|
|
|
1 |
|
|
Diluted weighted average shares and common stock equivalents outstanding |
|
|
23,222 |
|
|
|
23,352 |
|
|
|
23,328 |
|
|
|
17,785 |
|
|
Core FFO attributable to common stockholders per share: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
(0.07 |
) |
|
$ |
0.08 |
|
|
$ |
0.15 |
|
|
$ |
(0.01 |
) |
|
Diluted |
|
$ |
(0.07 |
) |
|
$ |
0.08 |
|
|
$ |
0.15 |
|
|
$ |
(0.01 |
) |
|
______________________ |
||
|
(a) |
For the three and nine months ended |
|
|
CREATIVE MEDIA & TRUST CORPORATION AND SUBSIDIARIES Reconciliation of Net Operating Income (Unaudited and in thousands) |
||||||||||||||||||||||||
|
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
Same-Store Office |
|
Non-Same- Store Office |
|
Total Office |
|
Hotel |
|
Lending |
|
Total |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash net operating income excluding lease termination income |
|
$ |
7,050 |
|
|
$ |
(228 |
) |
|
$ |
6,822 |
|
|
$ |
2,378 |
|
|
$ |
1,191 |
|
$ |
10,391 |
|
|
|
Cash lease termination income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Cash net operating income (loss) |
|
$ |
7,050 |
|
|
$ |
(228 |
) |
|
$ |
6,822 |
|
|
$ |
2,378 |
|
|
$ |
1,191 |
|
|
$ |
10,391 |
|
|
Deferred rent and amortization of intangible assets, liabilities, and lease inducements |
|
|
(382 |
) |
|
|
79 |
|
|
|
(303 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(304 |
) |
|
Segment net operating income (loss) |
|
|
6,668 |
|
|
|
(149 |
) |
|
|
6,519 |
|
|
|
2,377 |
|
|
|
1,191 |
|
|
|
10,087 |
|
|
Interest and other income |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
||||||||||
|
Asset management and other fees to related parties |
|
|
|
|
|
|
|
|
|
|
|
|
(916 |
) |
||||||||||
|
Expense reimbursements to related parties—corporate |
|
|
|
|
|
|
|
|
|
|
|
|
(511 |
) |
||||||||||
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
(2,059 |
) |
||||||||||
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
(1,353 |
) |
||||||||||
|
Transaction costs |
|
|
|
|
|
|
|
|
|
|
|
|
(201 |
) |
||||||||||
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
(5,093 |
) |
||||||||||
|
Loss before benefit for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
(45 |
) |
||||||||||
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
(187 |
) |
||||||||||
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
(232 |
) |
||||||||||
|
Net loss attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
||||||||||
|
Net loss attributable to the Company |
|
|
|
|
|
|
|
|
|
|
|
$ |
(237 |
) |
||||||||||
|
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
|
Same-Store Office |
|
Non-Same- Store Office |
|
Total Office |
|
Hotel |
|
Lending |
|
Total |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash net operating income excluding lease termination income |
|
$ |
6,963 |
|
|
$ |
728 |
|
$ |
7,691 |
|
|
$ |
880 |
|
|
$ |
4,869 |
|
$ |
13,440 |
|
||
|
Cash lease termination income |
|
|
246 |
|
|
|
— |
|
|
|
246 |
|
|
|
— |
|
|
|
— |
|
|
|
246 |
|
|
Cash net operating income |
|
$ |
7,209 |
|
|
$ |
728 |
|
|
$ |
7,937 |
|
|
$ |
880 |
|
|
$ |
4,869 |
|
|
$ |
13,686 |
|
|
Deferred rent and amortization of intangible assets, liabilities, and lease inducements |
|
|
(320 |
) |
|
|
— |
|
|
|
(320 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
(323 |
) |
|
Straight line lease termination income |
|
|
(104 |
) |
|
|
— |
|
|
|
(104 |
) |
|
|
— |
|
|
|
— |
|
|
|
(104 |
) |
|
Segment net operating income (loss) |
|
|
6,785 |
|
|
|
728 |
|
|
|
7,513 |
|
|
|
877 |
|
|
|
4,869 |
|
|
|
13,259 |
|
|
Asset management and other fees to related parties |
|
|
|
|
|
|
|
|
|
|
|
|
(2,262 |
) |
||||||||||
|
Expense reimbursements to related parties—corporate |
|
|
|
|
|
|
|
|
|
|
|
|
(533 |
) |
||||||||||
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
(2,080 |
) |
||||||||||
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
(753 |
) |
||||||||||
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
(5,061 |
) |
||||||||||
|
Income before benefit for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
2,570 |
|
||||||||||
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
(946 |
) |
||||||||||
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
1,624 |
|
||||||||||
|
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
||||||||||
|
Net income attributable to the Company |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,624 |
|
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221114006058/en/
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