Creative Media & Community Trust Corp Q1 FY2025 earnings call

• Strategic Initiatives: Fully repaid and retired recourse corporate level credit facility, placed property level financing on several assets with proceeds used to retire the facility. Focus on improving balance sheet/liquidity and accelerating towards premier multifamily assets.
• Segment Updates: Multifamily has progress in LA with lease-up and potential second phase, office has leasing activity, hotel completed room renovation with NOI increase, lending had NOI decrease.
• Financials: Core FFO improved by ~$1.9M from prior quarter due to higher net operating income and lower preferred dividends.

Multifamily: Focus on growing premier newer vintage multifamily portfolio. In LA, 701 South Hudson had occupancy at ~41% end of Q1, up from 22% year-end, with lease percentage at ~63% early May; potential second phase development on back surface lot. 1915 Park in LA is a 36-unit ground-up multifamily JV development with international pension fund, expected to start lease-up in Q3. Oakland had lower occupancy in seasonally slower winter months but pickup in Q2. Office: Executed ~30,000 sq ft of leases in Q1, office lease percentage was 71.4% end of Q1 (83% excluding Oakland office building). Hotel: Completed renovation of all 500+ rooms at Sheraton Grand Sacramento, Q1 NOI up 15% YOY, anticipate renovating public space later this year. Lending: NOI decreased ~$390,000 primarily due to loan payoffs and lower interest rates. Revenue contributions: Multifamily is a focus area for growth, office has leasing activity, hotel saw NOI increase, lending had NOI decrease.

• Refer to SEC filings for detailed risks, including economic headwinds, market dynamics affecting occupancy, interest rate changes impacting financials.