Company: CMCT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000908311-25-000038
Chunk: 192

Company: Creative Media & Community Trust Corp
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 192
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 properties partially owned through Unconsolidated Joint Ventures):

 As of March 31, 20252024Occupancy (1)70.2 %83.4 %Annualized rent per occupied square foot (1)(2)$61.14 $58.17 

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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 March 31, 2025 and 2024 were approximately $1.0 million and $2.7 million, respectively. Giving effect to abatements, net annualized rent per occupied square foot was $58.00 and $56.32 as of March 31, 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 June 30, 2025September 30, 2025December 31, 2025March 31, 2026Expiring Cash Rents:    Expiring square feet (1)36,702 44,080 3,857 36,185 Expiring rent per square foot (2)$74.36 $62.89 $47.19 $38.36 

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(1)Month-to-month tenants occupying a total of 4,193 square feet are included in the expiring leases in the first quarter listed.

(2)Represents gross monthly base rent, as of March 31, 2025, under leases expiring during the periods above, 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. 

During the three months ended March 31, 2025, we executed leases with terms longer than 12