Company: CMCT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0000908311-25-000096
Chunk: 17

Company: Creative Media & Community Trust Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 17
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 and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. 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.

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The following table sets forth a historical reconciliation of net loss attributable to common stockholders to FFO attributable to common stockholders (in thousands): Nine Months Ended September 30, 20252024Net loss attributable to common stockholders(1)$(43,913)$(56,737)Depreciation and amortization20,169 19,357 Non-controlling interests’ proportionate share of depreciation and amortization(180)(240)Impairment of real estate221 — Gain on sale of real estate(679)— FFO attributable to common stockholders(1)$(24,382)$(37,620)

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(1)During the nine months ended September 30, 2025 and 2024, we recognized $300,000 and $17.5 million, respectively, of redeemable preferred stock redemptions. Such amounts are included in, and have the effect of increasing, net loss attributable to common stockholders and decreasing FFO attributable to common stockholders because redeemable preferred stock redemptions are not an adjustment prescribed by NAREIT.

FFO attributable to common stockholders, which is a non-GAAP measure, was $(24.4) million for the nine months ended September 30, 2025, an increase of $13.2 million compared to $(37.6) million for the nine months ended September 30, 2024. The increase in FFO was primarily due to a decrease in redeemable preferred stock dividends of $7.6 million and a decrease in redeemable preferred stock redemptions of $17.2 million, partially offset by a decrease of $8.9 million in segment net operating income (discussed in more detail in the following Summary Segment Results) and an increase in interest expense of $3.2 million.

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Summary Segment Results

During the nine months ended September 30, 2025 and September 30, 2024, we operated in four segments: office, hotel and multifamily properties and lending. Set forth and described below are summary segment results for our operating segments (dollar amounts in thousands).

 Nine Months Ended September 30,Change 202