Company: CMCT
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000908311-25-000017
Chunk: 157

Company: Creative Media & Community Trust Corp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 157
---
,406)$(2,183)7.0 %General and administrative$(4,267)$(5,453)$1,186 (21.7)%Transaction costs$(1,382)$(4,421)$3,039 (68.7)%Depreciation and amortization$(27,373)$(52,484)$25,111 (47.8)%Loss on early extinguishment of debt$(1,416)$— $(1,416)NM*Gain on sale of real estate$— $1,104 $(1,104)(100.0)%Provision for income taxes$(798)$(1,228)$430 (35.0)%______________________

(*)Percentage changes in excess of 100% are deemed to be not meaningful (“NM”)

Revenues

Office Revenue:  Office revenue includes rental revenue, expense reimbursements and lease termination income from office properties. Office revenue decreased to $54.3 million for the year ended December 31, 2024 from $55.0 million for the year ended December 31, 2023. The decrease is primarily due to a decrease in rental revenues at an office property in Oakland, California due to lower occupancy. This was partially offset by higher rental revenues at an office property in Beverly Hills, 

62

California due to increased rental rates and higher rental revenues at an office property in Los Angeles, California from increased occupancy. 

Hotel Revenue:  Hotel revenue decreased to $39.4 million for the year ended December 31, 2024, compared to $41.1 million for the year ended December 31, 2023. The decrease is due to a decrease in occupancy during 2024 as compared to the prior year. Hotel occupancy in 2024 was negatively impacted by ongoing construction related to the Rooms Renovation Project from September 2024 through December 2024. 

Multifamily Revenue: Multifamily revenue increased to $19.5 million for the year ended December 31, 2024, compared to $11.2 million for the year ended December 31, 2023. The increase is primarily due to higher occupancy and increased rent per occupied unit, net of rent concessions, at our consolidated multifamily properties during the year ended December 31, 2024. 

Lending Revenue:  Lending revenue represents revenue from our lending subsidiaries, including interest income on loans and other loan related fee income. Lending revenue decreased to