Company: CMCT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0000908311-25-000096
Chunk: 116

Company: Creative Media & Community Trust Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 116
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 for properties; (iii) credit facilities and term loans; (iv) the addition of senior recourse or non-recourse debt using target acquisitions as well as existing assets as collateral; (v) the sale of existing assets; and/or (vi) cash flows from operations. 

Rental Rate Trends

Office Statistics:    The following table sets forth occupancy rates and annualized rent per occupied square foot across our office portfolio as of the specified periods (includes 100% of our properties partially owned through Unconsolidated Joint Ventures):

 As of September 30, 20252024Occupancy (1)69.8 %72.2 %Annualized rent per occupied square foot (1)(2)$60.22 $60.31 

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(1)The information presented in this table represents historical information as of the date indicated without giving effect to any property sales occurring thereafter. 

(2)Represents gross monthly base rent under leases commenced as of the specified periods, multiplied by 12. 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. Total abatements, representing lease incentives in the form of free rent, for the twelve months ended September 30, 2025 and 2024 were approximately $1.4 million and $1.8 million, respectively. Giving effect to abatements, net annualized rent per occupied square foot was $57.10 and $59.52 as of September 30, 2025 and 2024, respectively (See Definitions for more detail).

Over the next four quarters, we expect to see expiring cash rents as set forth in the table below (includes 100% of our properties partially owned through Unconsolidated Joint Ventures):

 For the Three Months Ended December 31, 2025March 31, 2026June 30, 2026September 30, 2026Expiring Cash Rents:    Expiring square feet (1)5,825 19,457 38,817 14,589 Expiring rent per square foot (2)$74.68 $40.91 $56.88 $55.25 

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(1)Month-to-month tenants occupying a total of 4,930 square feet are included in the exp